AuctionsExclusive: The Pinnacle Of Holy Grails, A Patek 1518 In Steel Is Coming To Auction In November

There are just four known examples of the Patek ref. 1518 in a stainless steel case. The reference, the first perpetual calendar chronograph wristwatch produced in series beginning in 1941, was housed overwhelmingly in precious metals. The vast majority of the 281 known ref. 1518s were made in yellow gold, making rose gold case examples, particularly those with a matching pink dial, exceedingly rare and valuable. That's made the four watches that were housed in steel an elite handful of unicorns for collectors. 

"This is as anachronistic as it could possibly ever be,'' Aurel Bacs, the Phillips auctioneer and Senior Consultant at Phillips in association with Bacs & Russo. "This is like a Queen or a King dressed in casual streetwear. It just doesn't rationally make sense."

Indeed, what makes the 35 millimeter diameter steel case 1518 so remarkable is that it represents the first and only time that Patek produced a perpetual calendar chronograph using the lowly metal alloy, known for its durability. None of the 1518's Patek successors, from the 2499, which is most desirable in platinum, to the later 3970, were ever produced in anything but precious metals. 

Way back in 2014, Hodinkee founder Ben Clymer, in the first edition of a now legendary and much imitated series called "Reference Points," zeroed in on Patek's perpetual calendar chronographs, while calling the steel 1518, quite simply, "the holy grail.''

And when this particular stainless steel-cased 1518 last came up for auction nearly a decade ago, Ben offered up the definitive look at the watch, meticulously documenting the story of each of the four known examples, their ownership history, and the legendary figures that have bought and sold these extraordinary objects. Bacs agrees and says the 1518 in steel's place in horological history can't be overstated. "It is utterly rare. And utterly significant. And why is it so significant?  Take any triple calendar or perpetual calendar chronograph today, this is the Adam and Eve moment,'' he says.

The 1518 in steel features a case crafted by Georges Croisier and a dial by Stern Frères. The watch coming to auction at Phillips is stamped with case number 508'473 and movement number 863'193. On the inside caseback and under the case number is the digit '1,' indicating that this was almost certainly the very first steel 1518 ever made.

What's also extraordinary is that by the time the watch comes to auction in November in Geneva at a special sale to celebrate the tenth anniversary of the Phillips watch department, half of the steel 1518s in existence might very well be available to buy at the same time. As Rich Fordon documented back in February, Monaco Legend Group is selling another outstanding example of the 1518 in steel, in a private sale. The asking price for that one, the only steel 1518 originally sold on a bracelet, is "in excess of $20 million.''

Adding to the potential challenges to the sale is the geopolitical uncertainty that has gripped the global economy, with wars in the Middle East and Ukraine, as well as the upheaval of international trade amid tariffs imposed by the U.S. on goods imported from trading partners, including Switzerland. Bacs says, "We at Phillips believe the market should establish the price and the value of the watch and not the vendor.''

The Phillips auction featuring the Patek 1518 in steel will take place on November 8 and 9 in Geneva. For more information, click here. If you're looking for more information about steel 1518s, take a look at the related articles linked below.