Getty Image / Valentin Flauraud / AFP
A Patek Philippe ref. 1518 wristwatch just set a new world record. It became the most expensive wristwatch ever sold at auction this week when it sold for $17.8 million in the Phillips’ ‘Watches: Decade One’ auction in Geneva.
The previous record for the most expensive wristwatch sold at auction was $11.4 million. That was back in 2016 and it was also at an auction for a Patek Philippe ref. 1518.
Patek Philippe ref. 1518 Sells For World Record $17.8 Million
There are just four known/existing models of the Patek Philippe ref. 1518 in steel, making it arguably the rarest and most sought-after unicorn watch for the world’s wealthiest collectors.
Of course, spending that much money on a watch breaks the brains of most people breathing air on planet earth. The media lifetime earnings in the U.S. is $1.7 million and $2.8 million for a worker with a bachelor’s degree. Spending nearly $18 million on a watch is just not something most people could/would ever consider.
Phillips Watches released this clip three weeks ago leading up to the ‘Watches: Decade One’ auction. They showcase this 1-of-4 watch and what they believe makes it so special:
This was the world’s first serially produced wristwatch when Patek Philippe introduced it back in 1941. Combining the perpetual calendar and chronograph became a signature complicate for Patek henceforth.
Watch specialist Mike Nouveau shared footage from inside the auction room on the floor where the bidding took place. I am somewhat surprised there were this many live bids, though they are likely proxy bidders. It is hard to imagine the billionaires who would be bidding on this Patek Philippe ref. 1518 steel would be in the room for the action.
@mikenouveau The Patek Philippe 1518 in steel is the holy grail of vintage watch collecting. The last one sold for $11,000,000. Today the only available steel 1518 on the market is up on the auction block at Phillips. Let’s see if it can break the record. #patek #patekphilippe #auction #vintagewatch #rarewatch
Bidding began at $8 million. That person must’ve been feeling VERY optimistic as the total sale price was over 2x the opening bid amount.
Full results from the Phillips’ Watches: Decade One’ auction can be seen here on their website. In total, I count 12 items that sold for over $1M.
In 2019, someone paid $31 million for a Patek. But that was a charity auction situation and is excluded from traditional auction sales records.