The Patek Philippe Reference 1518 holds a specific and important place in watchmaking history as the first serially produced perpetual calendar chronograph wristwatch ever. The atelier introduced it in 1941, in the midst of World War II and at a time when most watchmakers were simplifying things. The year 1518 embraced complexity, and the references that followed – 2499, 3970, 5970, and 5270 – are evidence of what he started.
Top piece in June Phillips New York Watch Auction: 14th Up for auction is a stunning 18-karat rose gold example from 1948, new to the market and previously unknown, with a high estimate of $2.4 million. But given the record number of this reference, this watch could achieve a much higher figure. A similar rose gold 1518 replica sold for $4.3 million in 2021, while a 1946 example fetched $3.8 million at Sotheby’s in 2023.
Production of the Reference 1518 lasted from 1941 to 1954 and only 281 examples were produced across all versions – the more common yellow gold, the relatively rare rose gold, and the extremely rare steel, of which only four examples are known. The rose gold models are among the most sought-after, and Phillips describes the one that will go up for auction in June as being in museum-quality condition, with an untouched Vichy case, all of the relief enamel printing completely intact and a dial design so impressive that fingerprints are visible on perpetual calendar chronographs made decades later. It may be, according to the auction house, the best-preserved rose gold Reference 1518 to ever come to market.
“Today’s collectors increasingly focus on timepieces that define categories and set standards, and there are few references that embody that ideal as powerfully as the Patek Philippe Reference 1518 – one of the most important and most sought-after vintage wristwatches ever produced,” Paul Boutros, vice chairman and president of the Americas Watch Division, and Isabella Proia, president of sales and chief international specialist, said in a statement. “We are delighted to offer a rose gold model newly introduced to the market that is in stunning condition and will be instantly recognized as perhaps the best preserved model to have ever appeared.”
Fans following the sale can expect to see lively bidding. A new reference 1518 doesn’t come to the market in this condition very often, and Phillips announced the June sales on the heels of its third consecutive 100 percent sold-out watch auction of the year. Among other noteworthy lots at New York Watch Auction: Auction ($600,000-1,200,000) and a signed Patek Philippe watch from Tiffany that was once owned by Paul Starrett, the man behind the Empire State Building (estimate: $15,000-30,000).
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