In a move that has electrified the watch collecting world, one of only four known Patek Philippe Reference 1518 watches in stainless steel has surfaced for private sale through Monaco Legend Group, with an asking price exceeding $20 million. If achieved, this price would make it the most expensive non-charity auction wristwatch ever sold.
The 1518 holds a special place in horological history as the world’s first serially produced perpetual calendar chronograph. While Patek Philippe manufactured 281 examples between 1941 and 1954, only four were ever made in stainless steel, making them among the most coveted timepieces in existence. This particular example, bearing case serial number 508475(3), stands out as the only one originally sold on a steel bracelet, as confirmed by Patek Philippe’s archives.
What makes this watch particularly fascinating is its remarkable journey through some of the most notable hands in the watch collecting world. Its story begins rather humbly on New York’s 47th Street in the early 1980s, where it was reportedly discovered with a price tag of just $4,500. The watch’s true significance was apparently not recognized at the time, and it sat in the shop window until a Swiss dealer acquired it and sold it to collector Luigi Calvasina.
The watch’s profile rose significantly when it was acquired by Gerolamo Etro, founder of the luxury fashion house Etro. In 1989, it made history as the first steel 1518 to appear at public auction, selling at Orion auction house in Monaco. The watch later passed through several distinguished owners, including noted Ferrari enthusiast Ernst Schuster and respected watch dealer Helmut Crott.
In 2004, the watch found its way to legendary dealer Davide Parmegiani, who featured it in his book “The Collection” (2005). Its importance was further cemented when it was included in John Goldberger’s definitive 2010 work “Patek Philippe Steel Watches.” For the past 15 years, it has remained with a private collector.
Parmegiani, now Chairman of Monaco Legend Group, has boldly predicted that the watch could be worth $50 million within 5-8 years, comparing it to Ferrari’s legendary 250 GTO in terms of collectability. He opted for a private sale rather than auction, noting that watches at this price point often benefit from a more discretionary selling process.
The watch’s current emergence on the market comes at a time of intense interest in exceptional vintage timepieces. The last steel 1518 to appear at auction, in 2016, achieved CHF 11,002,000 at Phillips Geneva. With its impeccable provenance and historical significance, this example seems poised to set new records in the world of watch collecting.
For serious collectors, this represents more than just a timepiece – it’s an opportunity to own what many consider the ultimate holy grail of watch collecting, a watch that combines extreme rarity with historical importance and a fascinating ownership story that reads like a who’s who of vintage watch collecting.
