18 November, 2016

Patek Triples Estimates in Auction

Read time 3-4 mins

In 2016, a stainless steel Patek Philippe had sold to become what was the worlds most expensive wristwatch when the hammer slammed down at an unprecedented £7.7m which tripled pre-sale estimates.

How The Bidding Unfolded

Bidding on the watch opened at £2.4m before an intense bidding war raged on for almost 15 minutes with seven bidders all trying to get their hands on the rare timepiece.

The Story Behind the Watch

The Patek Philippe Reference 1518 was the worlds first perpetual calendar watch to be produced in a series and only 281 were produced across the 3 different case variations, yellow or rose gold and stainless steel.

The stainless steel variant is so rare that even the Patek Philippe Museum itself does not own or display one and there are only four examples of it worldwide. This particular watch is the last of the four to appear at auction and it is the first time in more than a decade that one has been offered for sale.

The watch is equipped with a perpetual calendar chronograph which adjusts for leap years and includes the phases of the moon as well as a tachymeter scale.

The Winner Bidder

The winning bid of £7.7m came from a private collector and, including buyer’s premium, the final price was a bank-breaking £8,857,176, beating the previous record of £5.6m. The previous record was held by a Patek Philippe 5016, which sold at the same auction in November last year.

Final Words

After the world record-breaking lot had sold at the Phillips auction in Geneva, their senior consultant Aurel Bacs stated that it is “strong testimony that the watch market is universally accepted as an important pillar of the international art collector community”.

If you want to take a closer look at Patek Philippe then check out our article 'Luxury Watchmaking Spotlight: Patek Philippe' here

This Patek was recently overtaken as the most expensive wristwatch bought at auction when Paul Newman's Rolex Daytona sold for a record-breaking $17.75m. Check out our article "The Most expensive Watches Bought at Auction - 2017"

 
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The worlds most expensive watch - Patek Phillipe