The World's First Steel Patek Philippe Chronograph from 1943 Sells for $14.19 Million

The auction house Phillips in Geneva once again served as the stage for setting monumental records within the world of collectible timepieces. A profoundly rare Patek Philippe Perpetual Calendar Chronograph, bearing the reference number 1518 and dating back to 1943, achieved a staggering final price of 12 million Swiss francs. This figure translates directly to 14.19 million US dollars, instantly establishing a new global benchmark for any vintage Patek Philippe wristwatch ever sold under the hammer.

The Ref. 1518 holds an unparalleled position in horological history, primarily because it was the first serially produced wristwatch to combine a perpetual calendar with a chronograph function. While the model is historically significant, the material of this particular piece elevates its status considerably. Only four examples of this legendary reference are known to exist cased in stainless steel, granting them an almost mythical quality among serious collectors. Furthermore, this specific 1943 specimen is widely accepted to be the inaugural watch from this extremely limited steel run, a fact substantiated by the presence of the engraving “1” found on the interior of the case back.

The bidding process was characterized by intense competition, demonstrating the high stakes involved. Five determined bidders vied fiercely for the coveted lot until the hammer ultimately fell following a final telephone bid. This spectacular result unequivocally reaffirms the undisputed authority of the 1518 model within the global collecting community, for whom owning such a historical artifact represents the pinnacle of horological acquisition.

The remarkable sale significantly surpassed previous benchmarks for the reference. The prior record for a Patek Philippe Ref. 1518 was set just a few years earlier, in 2016, at the very same auction house, where it fetched 11 million Swiss francs. The jump in valuation underscores the escalating demand for ultra-rare vintage pieces, particularly those with unique provenance and material composition.

The general production run of the Ref. 1518, which spanned from 1941 to 1954, accounted for approximately 280 total examples. The vast majority of these were housed in yellow gold, with only about one-fifth being crafted in rose gold. The four steel versions, however, generate exceptional interest. This is due to the fact that during the 1940s, steel was customarily reserved for utilitarian instruments, making its use for such a highly complex complication an extremely unusual and prestigious choice. Other rare iterations of the model have also commanded impressive prices, such as a rose gold version featuring a pink dial that sold for 9.57 million dollars.

Recent auction results consistently show Patek Philippe maintaining its dominance across the auction landscape. While the all-time record for any wristwatch remains with the Patek Philippe Grandmaster Chime Ref. 6300A-010, which sold for 31 million francs in 2019, the sale of the steel 1518 powerfully reiterates the historical importance of these timepieces. The value of such an object is derived not merely from its initial function, but from the unique journey it has undertaken through time, solidifying its exceptional status in the annals of watchmaking.