Friday, 18 May 2018

A $11,136,642 Stainless Steel Watch! …. We’ll have 2!

This $11 Million Patek Philippe Timepiece Is the World's Most Expensive Wristwatch

Phillips in Association with Bacs & Russo Geneva Watch Auction Four sale in Geneva set a new record over the weekend for a wristwatch at auction. Bidding started at 3-million Swiss francs (just over US$3-million) for the Patek Philippe Ref. 1518 in stainless steel, a rare perpetual calendar chronograph with moon phases. A little over 10 minutes later, bidding ended at 9.6-million Swiss francs, approximately $9.7-million. With the buyers’ premium included, the final price was 11,002,000 Swiss francs, or $11,136,642.

This beats the previous record of 7.3-million Swiss francs (about $7.38-million) paid for a wristwatch sold at auction last year – a Patek Philippe Ref. 5016, at the Only Watch charity auction in 2015. The Patek Philippe Ref. 1518 was the top lot in today’s sale and, according to Paul Boutros, head of watches for the Americas for Phillips Bacs & Russo, “a once in a lifetime event” for collectors. “I have waited a lifetime to see a 1518 in stainless steel,” he says. “It is number one of only four known to exist.” Made beginning in 1941, the 1518 was the world’s first perpetual calendar chronograph wristwatch ever to be produced in a series by any manufacturer. It is number one in a series of only four that are known to exist. Seven bidders were fighting for the watch. It was sold to a private collector.

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