One of the most sought-after Patek Philippe watches has been listed for private sale by the Monaco Legend Group and it is expected to fetch more than $20 million: the Patek Philippe Perpetual Calendar Chronograph Ref. 1518 in stainless steel.
The Patek Philippe 1518 watch, the first serially produced perpetual calendar chronograph, was first manufactured between 1941 and 1954. While Patek Philippe manufactured 281 pieces of this model, they were made from different materials. This watch is one of the steel variants, manufactured in 1943, and is the only one of only four known examples that was originally sold on a steel bracelet. Here’s the thing—scarcity creates value, and that’s the case with this old vintage Patek Philippe 1518.
This isn’t the first time this particular watch has been sold. It first appeared at public auction in 1989 at the Orion auction in Monaco. At the time, the watch passed from Gerolamo Etro, founder of enowned luxury textile and fashion house Etro, to Ernst Schuster, a well-known Ferrari and watch enthusiast. The watch has passed hands through several auctions, being acquired by its current owner in 2010.
As a rare and limited edition model, the Patek Philippe 1518 is uncommon at auction events. It takes about five years for a high-end model like this to re-appear due to its desirability. The last time a Patek Philippe 1518 was sold publicly was in 2016, where a similar model was sold for $11.6 million.
This watch model ages like fine wine and will most certainly fetch a higher price than the one that was sold in 2016.
