The appeal of the Patek Philippe Ref. 1518 and the ranking of high-value auction bids

Do you know what the highest price ever paid for a wristwatch at auction is? Patek Philippe's legendary Ref. 1518 holds the key. It sold for 14.2 million Swiss francs (approximately 2.7 billion yen) at the Phillips Geneva auction in November 2025. In the world of luxury watches, a single watch can fetch billions of yen. This article delves into the background and movement details of the Patek Philippe Ref. 1518 , rare models (stainless steel and "pink-on-pink" models), and even introduces examples of celebrity ownership. We've also compiled a ranking of the top five watch auction prices of all time, transcending brand boundaries, providing an easy-to-understand explanation for both beginners and collectors. We'll also touch on the current state and future outlook for the luxury watch market, so be sure to enjoy until the end.

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The Story of the Reference 1518 – The World's First Complicated Watch

The Patek Philippe Ref. 1518 is a historic model released in 1941. It was the first mechanical wristwatch, not only for the company but for the world, to combine a perpetual calendar and a chronograph . While this was during World War II, the Ref. 1518 was a testament to the pursuit of cutting-edge watchmaking technology. The resulting model laid the foundation for future complex mechanisms in luxury watches. Only 281 pieces were produced, making it an extremely limited production run. While the original retail price at the time of release is unknown, its rarity and historical value are so highly valued that it now fetches prices in the hundreds of millions of yen at auction.

Before the introduction of the Ref. 1518, complicated mechanisms such as perpetual calendars and chronographs were typically installed separately. However, the integration of the two in this model dramatically expanded the possibilities of luxury watches. Its significance is still talked about today, and many watch enthusiasts cite the Ref. 1518 as "the most innovative wristwatch of the 20th century."

The Mechanism and Appeal of the Ref. 1518 – The Mystery of the Perpetual Calendar Chronograph

The greatest feature of the Ref. 1518 is, as mentioned above, its combination of a complex mechanism: a perpetual calendar chronograph . The dial displays the day of the week, month, date, and moon phase, and also integrates a chronograph (stopwatch) counter. The technology required to fit all of this into a case measuring just around 35mm and operate it accurately with a hand-wound mechanical movement was astonishing in the 1940s.

The Ref. 1518 is highly acclaimed not only for its mechanical beauty, but also for its design. Its simple, well-balanced dial layout, Arabic numeral indexes, and beautifully shaped hands exude a classical elegance. The case is primarily made of yellow gold, and its warm glow exudes a traditional atmosphere. Its small size of approximately 35mm in diameter, which is considered small by today's standards, also exudes the dignity of a vintage watch.

The movement is equipped with a Valjoux hand-wound caliber ebauched by Patek Philippe, ensuring high precision and durability. Thanks to the ingenuity of the engineers at the time, the calendar mechanism and chronograph mechanism were designed to operate smoothly without interference, and their high level of perfection is still admired today. In other words, the Ref. 1518 is a wristwatch that combines technology, design, and practicality, making it worthy of being called a "masterpiece in watch history."

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Introducing Rare Models – The Appeal of Stainless Steel and "Pink on Pink"

In addition to the standard yellow gold, the Ref. 1518 also comes in special variations, including a stainless steel model and a pink gold case with a pink dial, known to watch enthusiasts as " pink on pink ."

● Stainless steel Ref. 1518: For luxury watch manufacturer Patek Philippe, it was extremely rare to create a complicated watch in a stainless steel case. The stainless steel Ref. 1518 is a prime example, with only four pieces said to have been produced. While the majority of Ref. 1518s were in yellow or pink gold (solid gold) cases, this rare stainless steel model was extremely unusual, and due to its rarity it has been referred to as a "phantom watch." While the practical material makes it durable, the limited production run, combined with the Patek Philippe brand, means that it is now becoming common for these watches to fetch prices in the billions of yen when they appear at auction.

● Pink-on-Pink Ref. 1518: Among the Ref. 1518s, the "pink-on-pink" design, characterized by both the pink case and dial, is particularly popular. Specifically, this particular example features an 18K rose gold (pink gold) case paired with a salmon-pink copper-toned dial, making it extremely rare even at the time of production. According to sources, only about one-fifth of the Ref. 1518s produced feature this pink dial (approximately 20% of all Ref. 1518s produced). Furthermore, only around 14 examples with a pink dial matching the case's color are known to exist. Recently, a "pink-on-pink" Ref. 1518 was auctioned in New York, garnering significant attention due to its history as a former member of the Egyptian royal family (a prince who was a cousin of King Farouk I of Egypt), its excellent condition, and the original warranty. It sold for a much higher price than its estimated price, making it a legendary Ref. 1518.

As such, there are variations in the Ref. 1518 due to differences in materials and colors, each with its own unique story and value. The stainless steel and pink-on-pink models in particular rarely appear on the market, so whenever they appear at auction, collectors around the world become excited.

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Celebrities and the Reference 1518 – From Royalty to Famous Actors

Due to its rarity and historical value, the Ref. 1518 was a beloved model among royalty and celebrities around the world . For example, King Farouk I, the last king of Egypt, was known as a watch collector and was one of the people who owned a Ref. 1518. His Ref. 1518 (made of 18K yellow gold) was a special edition with the royal coat of arms on the case back, and was put up for auction in the Middle East in 2018, selling for approximately $910,000 (just over 100 million yen at the time). Farouk I also collected numerous Patek Philippe and Vacheron Constantin watches, making him a collector who has left his mark in watch history.

Furthermore, Prince Mohammed Ali (Prince of Tucson), a member of the Egyptian royal family who owned the aforementioned pink-on-pink Ref. 1518, is said to have rarely worn it since purchasing it and to have carefully stored it. As a result, the watch is in like-new condition and comes complete with its original documentation. This royal family origins were also a major factor in its high auction price.

Furthermore, the passion for luxury watches is not limited to royalty and the wealthy. Hollywood actor Brad Pitt is known for purchasing a unique Patek Philippe Ref. 5016A at the 2015 charity auction "Only Watch" for approximately 7.3 million Swiss francs (over 900 million yen at the time). While the Ref. 5016A is not directly related to the Ref. 1518, it is a special Patek Philippe model, and the news that global star Brad Pitt was the highest bidder made headlines in the watch industry. As examples like this show, rare Patek Philippe models attract celebrities from all walks of life and have become collectibles.

Top 5 Most Expensive Wristwatches Sold at Auction

So, which watch model has the highest auction price ever? Here, we will introduce the top five watch models that have sold for the highest prices at auction, regardless of brand (excluding pocket watches).

As you can see, the majority of watches that have recorded the highest prices at auction in history are Patek Philippe models. The top-ranked watch, the Grandmaster Chime Ref. 6300A-010, sold at Christie's (Geneva) on November 9, 2019, for an astonishing 31 million Swiss francs (approximately 3.4 billion yen at the time), the highest price ever paid for a wristwatch. This model is a one-of-a-kind stainless steel watch with the inscription "THE ONLY ONE" on the dial, and it became a hot topic as a special piece exclusive to the charity auction "Only Watch." The only Rolex model to make the list is the Daytona Ref. 6239 (commonly known as the Paul Newman), famously owned by actor Paul Newman. It sold for $17.75 million (approximately 2 billion yen) at Phillips (New York) on October 26, 2017 .

Coming in third place is the Patek Philippe Ref. 6301A , which was sold at the Only Watch auction on May 10, 2024. It achieved a high bid of 15.7 million Swiss francs (approximately ¥2.698 billion), placing it among the top newcomers. Following in fourth and fifth place are special variations of the Patek Philippe Ref . 1518, the subject of this article. The stainless steel model in fourth place achieved 11 million Swiss francs (approximately ¥1.22 billion) at auction (Phillips Geneva) in 2016, breaking the record for a wristwatch at the time. The pink-on-pink model in fifth place was purchased at Sotheby's (New York) for $9.57 million (approximately ¥1.15 billion) in 2021, garnering praise for its distinguished ownership history by Egyptian Prince Mohammed Teufik and its excellent condition.

This ranking also shows that complicated Patek Philippe watches are extremely valuable collector's items. Meanwhile, vintage Rolex sports models are also a good example of how, depending on their historical background, they can fetch extremely high prices. These top five figures also show that in the auction world, the technical and historical value of a watch, as well as its story (its provenance and anecdotes about famous people) , have a major impact on its price.

Future Outlook for the Luxury Watch Market

In recent years, the used market prices for some current models have calmed down somewhat, but the demand for vintage luxury watches and rare models remains strong . Collectors have a strong desire to purchase, especially in the auction market, and they are willing to spend money on truly valuable watches. There is a good chance that new high prices will be set when limited-edition unique pieces and historical masterpieces are put up for auction in the future.

Additionally, charity events such as the biannual "Only Watch" auction , where each brand offers one-of-a-kind pieces, are likely to continue to attract attention. The 2023 auction also saw a number of unique pieces, including those from Patek Philippe, being offered for sale, with many selling for high prices. Many fans are sure to be excited to see what value the new and special models created at these events will have in the future market.

Furthermore, the growth of the newly wealthy class and the growing popularity of luxury watches in Asia are expected to support the market in the future. With the increase in collectors from China and the Middle East, competition at watch auctions will become increasingly international and heated. Of course, not all watches will rise in price, and there will be areas where the speculative boom will subside. However, timepieces with high intrinsic value are expected to continue to see stable demand and prices remain high.

Overall, there is a strong view that the luxury watch market will continue to grow in the long term, even if it experiences temporary adjustments. In this context, vintage models from legendary brands like Patek Philippe will continue to attract even more attention as an asset value.

summary

The Patek Philippe Ref. 1518 is a masterpiece that has left a shining mark in watchmaking history as the world's first chronograph with a perpetual calendar. Its technical feat, beautiful design, and rare variations such as stainless steel and pink-on-pink have attracted many collectors. The anecdotes of its popularity among celebrities and royalty attest to the watch's exclusivity.

A look at the auction market shows just how high prices Patek Philippe masterpieces, including the Ref. 1518, fetch. The fact that they regularly rank highly is proof that the company's watches reign as the kings of mechanical watches . However, just like the Rolex Paul Newman Daytona, the fact that watches from other brands can also fetch record prices depending on their provenance and story is also part of the deep appeal of luxury watches.

New records will likely be set in the future depending on market trends, but the appreciation for these historic masterpieces will remain timeless. There's a saying, "One day I'll own a Patek Philippe..." and the Ref. 1518 is the perfect symbol of that. I hope that even beginners will be able to get a glimpse of its appeal through this article.

Thank you for reading to the end. We will continue to provide information about the deep world of luxury watches, so please look forward to the next column!

FAQ

• Q1. What is the Patek Philippe Ref. 1518?
  A. It was the world's first mechanical wristwatch equipped with a perpetual calendar and chronograph, released in 1941. It is a legendary model manufactured by Patek Philippe and is extremely rare, with only around 281 pieces produced.
• Q2. Why is the stainless steel model of the Ref. 1518 particularly expensive?
  A. The stainless steel model of the Ref. 1518 is an extremely rare variation, with only about four in existence. Since Patek Philippe's high-end models are usually made of gold or platinum, stainless steel models are unusual and highly sought after by collectors, fetching high prices at auctions.
• Q3. What does Pink on Pink refer to?
  A. "Pink on Pink" is the nickname for the Patek Philippe Ref. 1518 model with a pink gold case and a dial in the same salmon pink color. The number of these watches produced is extremely small (approximately 14 confirmed examples), and their rarity means they fetch high prices at auctions.
• Q4. What is the highest bid price for a wristwatch at auction?
  A. The highest price ever paid for a single wristwatch at auction is approximately 3.4 billion yen (31 million Swiss francs) for a Patek Philippe Grandmaster Chime (Ref. 6300A) in 2019. This is followed by the famous Rolex "Paul Newman" Daytona, which sold for approximately 2 billion yen, and there have been several other examples of watches sold for hundreds of millions of yen.