The Legendary Stainless Steel Patek Philippe Ref. 1518 Returns to Auction

This November, Phillips in Association with Bacs & Russo will offer the very first stainless-steel Patek Philippe Ref. 1518 ever made—engraved with “Number 1” inside its caseback—at the Decade One (2015–2025) Auction in Geneva. Estimated at CHF 8,000,000 to 16,000,000, this watch is a cornerstone of watch-collecting history.

Introduced in 1941, the Patek Philippe Ref. 1518 was a trailblazer, marking the debut of the world’s first perpetual calendar chronograph wristwatch. Launched during the tumult of World War II, it was a bold statement of technical prowess and aesthetic refinement. Combining a perpetual calendar with a chronograph was a feat of mechanical ingenuity, setting a new standard for what a wristwatch could achieve.

Of the estimated 281 Ref. 1518s produced, most were cased in 18k yellow gold, with a select few in 18k pink gold coveted by enthusiasts. However, the four known stainless-steel examples are the rarest of all, revered as the “unicorns” of watch collecting. The watch offered this season, with case number 508’473 and movement number 863’193, is the most celebrated of these, distinguished not only by its pristine condition but also by its historical significance as the first steel 1518 ever crafted, as confirmed by its Extract from the Archives.

This very watch made headlines in November 2016 at Phillips’ Geneva Watch Auction: FOUR, where it fetched CHF 11,002,000—a record that crowned it the most expensive wristwatch ever sold at auction at the time and the first to break the eight-figure barrier. It remains the most expensive vintage Patek Philippe wristwatch ever auctioned. Its sale redefined the watch market, ushering in a new era of collector enthusiasm and paving the way for other monumental sales, such as Paul Newman’s Rolex Daytona Ref. 6239, which sold for USD $17.8 million at Phillips in 2017.

Aurel Bacs, Senior Consultant at Phillips in Association with Bacs & Russo, reflected on its significance: “This is the one that captured the world’s attention in 2016. It redefined the market and ushered in a new era in watch collecting. Its return to auction marks a moment of rare opportunity.”

Housed in a 35mm stainless-steel case crafted by Georges Croisier, this Ref. 1518 features a beautifully preserved dial by Stern Frères. Manufactured in 1943 and sold to Budapest retailer Joseph Lang on 22 February 1944, it exemplifies the exacting standards of Patek Philippe’s craftsmanship. The “Number 1” engraving inside the caseback underscores its status as the inaugural steel example, a detail that elevates its allure among collectors.

As Alexandre Ghotbi, Deputy Chairman and Head of Watches for Europe & Middle East at Phillips, aptly stated, “Collectors understand that this isn’t just a watch. It’s a benchmark. A collector’s item that transcends its category and belongs in the same conversation as a Ferrari 250 GTO or a Rothko.”

The return of the stainless steel Patek Philippe Ref. 1518 to the Phillips saleroom on 8–9 November 2025, during the Decade One (2015–2025) Auction, is a historic moment for collectors. Its rarity, provenance, and condition make it a singular offering, unlikely to appear again for decades.