Understanding the Intrigue Surrounding Steel Patek Philippes and the Phillips Decade One Auction

The watch world is abuzz with anticipation. On November 8^th and 9^th 2025, Phillips will host the Decade One (2015–2025) Auction, and collectors are counting down the days.

Head-turners like the one-of-20 F.P. Journe Tourbillon Souverain “Régence Circulaire” with hand-engraved dial, and J. Player & Sons “Hyper Complication” are expected to yield some of Decade One’s highest bids, as are the handful of rainbow sapphire bezel Rolexes and rainbow Royal Oak offered at this auction.

Celebrating the 10th anniversary of Phillips Watches, this auction has extensive indie representation, in the form of beauties by Daniel Roth, De Bethune, Lederer, Simon Brette, Urwerk, Vianney Halter and more, while eye-catching indie standouts include a vintage Derek Pratt-era Urban Jurgensen minute repeating perpetual calendar.

The rising eastern beacon of mechanical watchmaking is also well represented by rarities from Credor, Grand Seiko, Hajime Asaoka, Kikuchi Nakagawa and Otsuka Lotec.

The pièce unique Ferdinand Berthoud Naissance d’Une Montre 3 (my favorite watch of the year, which is made entirely by hand without machines or computers) in stainless steel too is bound to elicit some oohs and aahs.

“As always, Phillips is presenting treasures that will have collectors and enthusiasts watching very closely,” says James Ip, co-founder of SRK Haute Horlogerie.

The rare watch specialist believes that the Naissance d’Une Montre 3 will hammer around its upper estimate (CHF 800,000), and that young watchmaker Simon Brette’s Chronomètre Artisans Edition Titane will surpass its estimate (CHF 120,000), given his brand’s high demand today.

“I’m also confident that the F.P. Journe Tourbillon Souverain ‘Régence Circulaire’ will do well.”

But the undisputed main event of Decade One? A stainless-steel Patek Philippe Ref. 1518—one of only four known examples. When another surfaced in 2016, it fetched CHF 11 million, setting a world record at the time as the first wristwatch to break the eight-figure mark. This November, estimates for its sibling stand between CHF 8 and 16 million.

First introduced in the 1940s, the Ref. 1518 holds a unique place in horological history as the world’s first perpetual calendar chronograph wristwatch. The upcoming sale marks a rare opportunity to own one of the most coveted Pateks ever made, and the excitement is palpable.

The record-setting 2016 hammer was brought down by Aurel Bacs, the legendary auctioneer and Phillips senior consultant, who will once again preside over the Decade One sale. In an earlier conversation, Bacs highlighted to me that some collectors “have no qualms with spending millions of dollars on a watch they desire,” adding that money “merely gives a notion of value, but doesn’t necessarily define true worth.”

His words perfectly capture the fervor surrounding steel Pateks—watches that consistently command higher prices than their gold, platinum, or even Tiffany Blue counterparts.

Even those who can’t afford to bid are clamoring for seats at the Geneva sale, eager to witness the spectacle of this unicorn Ref. 1518 in person.

From Precious Metal to Industrial Chic

For much of its history, Patek Philippe has been synonymous with precious metals—yellow and rose gold, and later platinum. Yet, on the rare occasions when the maison produced pieces in steel, it inadvertently sparked one of the most enduring collecting obsessions in watchmaking.

Between the 1930s and 1950s, the brand accepted a small number of special commissions for steel chronographs and complicated watches. Clients in warmer regions such as Italy and South America often preferred the material’s durability and understated character. Among these, the Ref. 1463 chronograph and Ref. 565 Calatrava are notable examples. But it was the steel Ref. 1518, made in 1943, that became the holy grail—a paradox of elegance and utilitarianism that continues to fascinate collectors to this day.

The Rise of the Steel Era

When Patek Philippe unveiled the Nautilus Ref. 3700 (which is also up for bids at this auction) in 1976, it did more than launch an icon; it challenged the very idea of what luxury could look like. A stainless steel sports watch designed for daily wear, the Ref. 3700 upended conventions and paved the way for the Aquanaut in 1997, which was another steel creation that blended informality with exclusivity.

By the 1990s and early 2000s, auction houses and collectors alike began to romanticize the rarity of steel Pateks. Prices for complicated steel models often surpassed their gold equivalents, transforming these pieces into symbols of insider sophistication. Owning one wasn’t about ostentation; it was about understanding.

The Nautilus Ref. 5711 would go on to epitomize this trend. Worn by celebrities such as Brad Pitt and Jay-Z, and celebrated by industry figures like Jean-Claude Biver and Aurel Bacs, the model became one of the most desirable modern Pateks. Though originally retailing for around USD 30,000, its secondary-market value soared beyond USD 150,000—and after its discontinuation in 2021, prices climbed even higher.

Steel as the New Prestige

Today, stainless-steel Pateks continue to captivate collectors. Often dubbed the “Anti-Patek” Pateks, these watches embody a quiet confidence: an appreciation for the brand’s storied past and the contrarian glamor of steel.

Even the famed Tiffany Blue Ref. 5711 drives home the point. Created in 2021 to celebrate Patek Philippe’s partnership with Tiffany & Co., the 170-piece limited edition retailed at roughly USD 52,000. The first example to reach auction, sold through Phillips in New York, achieved an astounding USD 6.5 million. Despite its celebratory Tiffany Blue dial, the record-breaker wasn’t gold—but steel.

When watch fans reach the echelon of Patek Philippe collecting, steel is no longer just a material. It’s a statement—one that quietly says: I know exactly what I’m collecting.

And if you’re dead set on acquiring a steel Patek, but aren’t keen on joining the tussle for the Ref. 1518, the Phillips Decade One auction invites you to take your pick from other steel models like the Refs. 3712, 3700, 1544 and 570. A yellow gold example and a pink dial-on-pink gold example of the Ref. 1519 will also go under the hammer then.