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Geneva, Switzerland--A stainless-steel Patek Philippe Ref. 1518 sold for CHF 12 million, or CHF 14.2 million ($17.6 million), at Phillips' Geneva Watch Auction on November 8, 2025. According to a report by Hodinkee, it is now the most expensive vintage Patek Philippe wristwatch sold at auction. The price sits just below the $17.8 million record for any vintage wristwatch, set by Paul Newman's Rolex Daytona Ref. 6239 in 2017.

[Image via iStock.com/Mininyx Doodle]

The watch, case number 508'473 and movement 863'193, is widely regarded as the earliest known steel example of the reference. Per the report, only four steel 1518s are publicly known. Archive records show it was made in 1943 and sold in Budapest on February 22, 1944.

The auction house restricted bidding on Lot 23 to in-room and phone participants. The report stated that a bidder in the room immediately opened at CHF 8 million. Five bidders competed over the next 10 minutes, and the winning bid came from a phone participant at CHF 12 million. The room included watchmaker F.P. Journe, dealer Davide Parmegiani, and Dr. Helmut Crott, a former owner of the reference. Phillips last sold this example in 2016.

Introduced in 1941, the Ref. 1518 was the first serially produced perpetual calendar chronograph wristwatch. Most were made in yellow or pink gold. A steel version from the early 1940s is highly uncommon for a watch of this complexity. As per the report, the rarity, early production status, and technical importance of the reference continue to drive demand at the top of the vintage market.

Learn more in this Hodinkee report.