Bacs & Russo Geneva Watch Auction Four sale in Geneva set a new record for a wristwatch at auction. The stainless steel Patek Philippe ref. 1518, a rare perpetual calendar chronograph with moon phases, sold tonight for $11, 136, 642 at Phillips in Geneva, just 10 minutes after the sale began. The bidding took place amongst seven bidders.
Previous record for a wristwatch was set at auction in 2015, and sold for $7.38-million– a Patek Philippe Ref. 5016.
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Paul Boutros, head of watches for the Americas for Phillips Bacs & Russo, told Forbes: “I have waited a lifetime to see a 1518 in stainless steel, ” he says. “It is number one of only four known to exist.” Made beginning in 1941, the 1518 was the world’s first perpetual calendar chronograph wristwatch ever to be produced in a series by any manufacturer. It is number one in a series of only four that are known to exist. Seven bidders were fighting for the watch. It was sold to a private collector.
To read more about this watch, check out in-depth story here
