On November 12, 2016, Phillips made auction history when it sold a wristwatch for eight figures at its Geneva Watch Auction: Four, setting a new record in the category. The timepiece was a 1943 Patek Philippe Perpetual Calendar Chronograph Ref. 1518 — specifically, the very first example produced in stainless steel.
The Patek Philippe Ref. 1518 Perpetual Calendar Chronograph, first introduced in 1941, was the first wristwatch ever produced in series with a perpetual calendar, a true milestone in watchmaking history. Only 281 examples were made: most in yellow gold, some in rose gold, and just four in stainless steel. Naturally, the record-setting watch in 2016 was one of these rare steel examples. It sold for CHF 11,002,000.
Last weekend, the watch returned to Phillips in Geneva, where the auction house’s watch department celebrated its decade-long collaboration with Bacs & Russo with the spectacular Watches: Decade One (2015–2025) auction. The watch had been estimated at CHF 8 million, but the final price soared to CHF 14,190,000 (circa $17.8m) after a telephone bid. While this did not break the overall record for a watch at auction, currently set at $31 million, it did establish a new record for a vintage Patek Philippe wristwatch.
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The sale, which attracted 1,889 bidders from 72 countries, also included two other Patek Philippe Ref. 1518 Perpetual Calendar Chronographs. A rare rose gold version with a pink dial — one of only 15 “Pink on Pink” examples ever made — sold for CHF 3,569,000, while a yellow gold example went to a new owner for CHF 635,000.
The sale rate for Watches: Decade One (2015–2025) was 100%, and the total proceeds of CHF 66,815,725 ($83m) set a new record for the highest total ever achieved at a watch auction.
Alexandre Ghotbi, Deputy Chairman & Head of Watches, Europe and Middle East, and Tiffany To, Senior International Watch Specialist and Head of Sale, jointly stated: “The results of our November auction are not only a reflection of the exceptional watches we had the privilege to present, but more importantly, of the trust and confidence that collectors continue to place in Phillips [...] We are immensely proud to be part of a community that celebrates not just the watches themselves, but the people, memories, and emotions behind them. These results are a tribute to that community spirit – to the trust, curiosity, and passion that unite us all.”
See also: Patek Philippe: A Timely Investment
The watch auction was followed on November 10 by The Geneva Jewels Auction: V, whose total sales reached CHF 13,731,336 with a 90% sell-through rate. One section in particular sold out completely: the Vanderbilt Family Jewels, from the former collection of Gladys Moore Vanderbilt, Countess Széchenyi. The collection included extraordinary pieces such as the Vanderbilt sapphire set in a Tiffany & Co diamond brooch.
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In total, the Vanderbilt treasures sold for CHF 3,425,411 — four times the low estimate — with CHF 2,876,000 (circa $3.6m) paid for the sapphire brooch alone, making it the top lot of the entire sale.
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Benoît Repellin, Phillips’ Worldwide Head of Jewelry, commented: “The results of today’s sale attest to the enduring appeal of period jewels and the discerning eye of our international clients. To bring the jewels of the Vanderbilt Family to the world’s stage was a moment of profound privilege. These treasures stand as the purest embodiment of Gilded Age elegance and the response we have witnessed is a testament to the timeless power of exceptional jewels […]”.
