In-Depth: Patek Philippe Ref. 1518 in Stainless Steel
Many superlatives have been ascribed to what might be the most valuable watch this fall auction season – the Patek Philippe ref. 1518 in stainless steel. Headlining Phillips’ upcoming auction in Geneva, the steel ref. 1518 is paradoxically extraordinary and ordinary all at once. As the first serially-produced perpetual calendar-chronograph wristwatch, the ref. 1518 is already a landmark Patek Philippe wristwatch, one that spawned a lineage that includes the refs. 2499, 3970, and 5970. And then there’s the ref. 1518 in steel – only four are known. The steel ref. 1518 has rarity, historical importance, and an eight-figure value; but on the wrist, this “holy grail” is compact, lightweight, and monochromatic, discreetly low-key. At a diminutive 35 mm in diameter, the ref. 1518 is small by today’s standards. The watch doesn’t look like much on the wrist from across a room; in fact, it isn’t immediately obvious to a layperson (or even a casual watch enthusiast) that the watch is worth more than most houses and vintage Ferraris. Yet the ref. 1518 in steel is appealing for many intellectual reasons: extreme rarity, historical lineage of the perpetual calendar chronograph, even sheer value. This is a trophy in many senses. Historically, the ref. 1518 was important even in its time. It was once Patek Philippe’s most complicated regular production wristwatch, and the steel ref. 1518 was likely the most expensive steel Patek Philippe when it was in the catalogue. ...
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