A stainless steel Patek Philippe sold over the weekend became the worlds most expensive wristwatch when the hammer slammed down at an unprecedented £7.7m, after tripling pre sale estimates.
Bidding on the watch began at £2.4m before an intense bidding war raged on for almost 15 minutes with seven bidders all trying to get their hands on the rare timepiece .
The Patek Philippe Reference 1518 was the worlds first perpetual calendar watch to be produced in a series and only 281 were produced across the 3 different case variations, yellow gold, rose gold and stainless steel.
The stainless steel variant is so rare that even the Patek Philippe Museum itself does not own or display one and there are only four examples of it worldwide. This particular watch is the last of the four to appear at auction and it is the first time in more than a decade that one has been offered for sale.
The winning bid of £7.7m came from a private collector and including buyer’s premium the final price was a bank breaking £8,857,176, beating the previous record of £5.6m. The previous record was held by a Patek Philippe 5016, which sold at the same auction in November last year.
After the world record-breaking lot had sold at the Phillips auction in Geneva, their senior consultant Aurel Bacs stated that it is “strong testimony that the watch market is universally accepted as an important pillar of the international art collector community”.
The watch is equipped with a perpetual calendar chronograph which adjusts for leap years and includes the phases of the moon as well as a tachymeter scale.
William George & Co. are currently holding a luxury watch auction featuring the likes of Patek Philippe, Breguet, Audemars Piguet, Rolex and more.
Ending on the 22nd November from 8PM and with over 50 stunning timepieces, there’s a style for everyone. Find it here.