In brief
- The first Patek Philippe 1518 in steel was sold for 14,190,000 Swiss francs, equivalent to 17,631,075 dollars or 15,238,641 euros according to Phillips, during the Decade One auction in Geneva, on 8 and 9 November 2025.
- It is the most expensive vintage Patek Philippe wristwatch ever sold at auction.
- The same watch was sold for 11,002,000 Swiss francs by Phillips in November 2016: an increase of approximately 29% in nine years.
- Manufactured in 1943, it is the very first of the four known 1518 models in steel, out of an estimated total production of 281 pieces.
- The bidding lasted 9 minutes and 28 seconds among five bidders; it was sold over the telephone.
Among watch auction records, the Patek Philippe 1518 in steel holds a unique distinction: it broke the record in its category twice, first in 2016 and again in 2025, with the exact same piece. Its price is documented down to the franc by Phillips, currency by currency. Here is what it cost, and why.
How much did the steel Patek Philippe 1518 cost?
The Decade One sale (2015-2025), organised by Phillips in Association with Bacs & Russo to mark the tenth anniversary of its watch department, took place at the Hôtel Président in Geneva on 8 and 9 November 2025. Lot 23, estimated at 8 to 16 million Swiss francs, was knocked down for 14,190,000 Swiss francs, including fees, representing 17,631,075 dollars and 15,238,641 euros according to conversions published by the auction house.
Phillips stated that bidding lasted nine minutes and twenty-eight seconds between five bidders in the room and on the telephone, with the watch ultimately going to a telephone buyer. The auction house presented it as the most expensive vintage Patek Philippe wristwatch ever sold at auction. The entire sale totalled 66,815,725 Swiss francs, with 100% of lots sold.
The steel 1518 in figures
| Feature | Details |
|---|---|
| Model | Patek Philippe reference 1518, perpetual calendar chronograph |
| Year of manufacture | 1943 |
| Case | steel, 35 mm, by Georges Croisier, number 508’473 |
| Dial | by Stern Frères |
| Movement | number 863’193 |
| Special feature | a “1” stamped under the case number: the first 1518 in steel |
| Rarity | 4 known steel examples out of approximately 281 produced |
| First sale | 11,002,000 CHF, Phillips Geneva, November 2016 |
| 2025 sale | Phillips Geneva, Decade One, 8 and 9 November 2025, Lot 23 |
| Price | 14,190,000 CHF ($17,631,075, €15,238,641) |
| Source | Phillips press releases from August and November 2025 |
Why the 1518 fascinates collectors
Launched in 1941, at the height of the war, Reference 1518 was the first wristwatch model to combine a chronograph with a perpetual calendar, Phillips notes. Patek Philippe produced approximately 281 units, almost all in yellow gold; rose gold versions are already highly sought after. The four steel examples form a class of their own, representing pieces that most collectors will never see.
This particular model is the most famous of the four. Manufactured in 1943, it was sold on 22 February 1944 to a Budapest retailer, Joseph Lang, according to the Patek Philippe extract from the archives. The figure “1” engraved beneath its case number indicates that it is the very first 1518 in steel to leave the workshops.
Two sales, two records
In November 2016, during the Geneva Watch Auction: FOUR by Phillips, the watch reached 11,002,000 Swiss francs. At the time, it became the most expensive wristwatch ever sold at auction and the first to surpass ten million. Nine years later, it gained approximately 29% to reach 14,190,000 Swiss francs. In the same 2025 auction, a 1947 “pink on pink” 1518, one of roughly 15 known with a pink gold case and dial, fetched 3,569,000 Swiss francs: four times less than the steel version.
Comparing other watch records
The steel 1518 holds fourth place in our ranking of the most expensive watches in the world. It follows the Patek Philippe Grandmaster Chime 6300A (31 million Swiss francs, Christie’s, 2019), the Henry Graves Supercomplication (23,237,000 Swiss francs, Sotheby’s, 2014), and Paul Newman’s Rolex Daytona (17,752,500 dollars, Phillips, 2017), falling short of the latter by 121,425 dollars in converted value. It ranks ahead of the Grande Sonnerie 6301A (15.7 million Swiss francs, Christie’s, 2024) and the Résonance “Souscription” No. 007 by F.P. Journe, which sold for approximately 13.9 million dollars at Phillips in New York in June 2026.
Excluding charity auctions, it is thus one of the two most expensive wristwatches ever sold, and the most expensive of all vintage Patek Philippe timepieces. To see how the manufacture compares with its chief rival, see also Rolex or Patek Philippe: which luxury watch to choose.
Prices verified and updated on 13 October 2026. Sources: Phillips in Association with Bacs & Russo (announcement press release of 25 August 2025, Decade One results press release of 9 November 2025, New York auction press release of June 2026), Patek Philippe, Christie’s, Sotheby’s.
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