What changed hands?
Patek Philippe Ref. 1518 Stainless Steel. Movement 863'193. Most expensive vintage Patek Philippe wristwatch ever. Highest timepiece result globally in 2025.
The first perpetual calendar chronograph
Reference 1518 was the first wristwatch to combine a perpetual calendar with a chronograph, produced from 1941 to 1954. Most examples were cased in yellow or pink gold. Only four were ever made in stainless steel, making the steel 1518 one of the rarest and most sought-after Patek Philippe references in existence.
A new record in 2025
This particular example, movement No. 863'193, sold at Phillips Geneva in November 2025 for CHF 14,190,000, setting the record for the most expensive vintage Patek Philippe wristwatch ever sold. It was the highest timepiece result globally in 2025, and the same watch had sold for CHF 3.3 million in 2016 — a return that reflects the trajectory of the rarest steel watches.
Read the number carefully
An auction result captures a particular object, a particular sale and the buyers competing on that occasion. It does not establish the value of every similar object, or what this one would sell for today.
Our selection keeps historical results separate from asking prices and estimates. Where the cited report does not break out fees, we say so rather than inventing a hammer price.
Sale documentation: Phillips — Patek Philippe Ref. 1518 ↗
What does “source reviewed” mean?
We checked the published report against the amount and object listed here. That does not independently authenticate the object or confirm settlement of the transaction.
