Editor’s Note
A rare 1943 Patek Philippe wristwatch, one of only four stainless steel examples from a limited run, has sold for a staggering $17.6 million at auction. The sale, concluded in under ten minutes, underscores the intense demand for exceptional horological artifacts.
A Patek Philippe stainless steel wristwatch made in 1943 has now been auctioned for $17.6 million (approximately ₹156 crore). This model had a total production run of 280 watches, of which only four are made of stainless steel, with the rest being gold. The watch sold in just nine and a half minutes during a bidding war among five parties.
Patek Philippe’s wristwatch was sold for over $11 million in an auction nine years ago, in 2016, making it one of the world’s most expensive wristwatches. Now, the same watch has set a new record. Auctioneer Phillips announced on Sunday that the watch sold for $17.6 million in a new auction, setting a new record.
According to a report by news agency AFP, the watch was made in 1943 and its product name is Patek Philippe Perpetual Calendar Chronograph Reference 1518. While 280 watches of this model were made, only four are stainless steel, with the rest being gold. The stainless steel version is in higher demand compared to the gold version, which is why it commanded the highest price at auction. The watch just auctioned was the first of the four stainless steel watches to be made.
Its record as the world’s most expensive wristwatch was broken in 2017 when Hollywood star Paul Newman’s Rolex Daytona surpassed it, fetching $17.8 million. Subsequently, in 2019, the Patek Philippe Grandmaster Chime overtook it, selling for $31 million. However, after the auction held this past weekend, the sale of this stainless steel Reference 1518 has solidified its status as “one of the most historically significant wristwatches of all time.” Auctioneers have confirmed this.
Several renowned collectors, dealers, and watchmakers were present in the room at a hotel in Geneva to witness this auction.