A rare and historic piece has surfaced on the market: one of only four known examples of the Patek Philippe 1518 in steel, and the only one originally sold on a bracelet.
Now available for private sale via Monaco Legend Group, it is often regarded as the holy grail of watch collecting, and is expected to fetch in excess of $20 million.
First produced between 1941 and 1954, the Patek Philippe 1518 watch is considered one of the most important watches in horological history, with just 281 models made across all metals – the steel being the most covetable.
The 1518 is notable for being the first-ever serially produced perpetual calendar chronograph, a groundbreaking achievement for Patek Philippe.
It is powered by a modified Valjoux movement, which combines the complex features of a chronograph and perpetual calendar within a 35mm case.
This example, with case serial number 508475(3), has a fascinating history. It was first discovered in a store on New York’s 47th Street in the 1980s, and despite being priced at just $4,500, it was sold and resold among notable collectors, including Gerolamo Etro of the eponymous luxury fashion house, Etro.
The last appearance of a steel 1518 was in 2016, when Case serial number 508473(1) was offered at auction via Phillips, earning a huge CHF 11,002,000.
At the time, this was the second most expensive Patek Philippe watch ever sold at auction, second only to the Henry Graves Supercomplication, making that particular model the most expensive Patek Philippe wristwatch ever.
Davide Parmegiani, Chairman of Monaco Legend Group who has sold all four examples of 1518s in steel at least once, believes that this 1518, priced above $20 million, is poised to break records again.
Speaking to Hodinkee, Parmegiani describes it as the “250 GTO of vintage watches” – a timeless icon that will only increase in value over time. Given its condition and provenance, this steel 1518 stands out as one of the finest examples available, making it a truly once-in-a-lifetime opportunity for any serious collector.
The Steel Patek Philippe 1518 watch is available for private sale now.