The sale set a world record for any wristwatch at auction
The Patek Philippe reference 1518 is a stainless steel perpetual calendar chronograph. It sold for $11.1 million, a world record for a wristwatch at auction. The bidding war lasted 13 minutes, and the result was three times the presale estimate.
The auction featured 177 watches, and total results were $27.8 million.
“It was a privilege for me to offer the stainless steel Patek Philippe reference 1518,” said Phillips senior consultant Aurel Bacs in a statement. “It was breathtaking to stand in front of a packed saleroom with over 400 people and another 500 passionate watch enthusiasts from around the world following the auction online or over the phones—it was simply electric. Its world record result is a strong testimony that the watch market is universally accepted as an important pillar of the international art collector community, and that Phillips’ strategy focusing on watches of the finest quality is the winning formula.”
(Photo courtesy of Phillips)