A Patek Philippe Reference 1518 just made horologic history when it fetched more than $11.1 million at the Geneva Watch Auction: Four presented by Phillips in association with Bacs and Russo on November 12 and 13. The premier price makes it the most expensive wristwatch to be bought from the block.
The first of only four of this extremely limited line to be made of stainless steel, the chronograph dates back to 1943 and features perpetual calendar and moon-phase complications, a tachymeter scale, and Arabic numeral hour markers. The timepiece is a testament to the manufacture’s reputation for appreciation as its estimated value was set at less than $3 million before a 13-minute bidding battle ensued. Along with the event’s prize performer, another 176 watches, including a 1518 example in pink gold and another in yellow gold, contributed to more than $27.5 million in combined sales during the two days. (phillips.com)