Auction Phillips to Present a Legendary Patek Philippe Ref. 1518 Trilogy

Phillips in Association with Bacs & Russo will present an unprecedented “triptych” of Patek Philippe Ref. 1518 Perpetual Calendar Chronographs at the Decade One (2015–2025) thematic auction, celebrating the department's tenth anniversary on 8–9 November 2025 at the Hotel President in Geneva.

For the first time, stainless steel, pink-on-pink, and yellow gold examples of the world’s first serially produced perpetual calendar chronograph wristwatch will appear together in the same sale. While Phillips sold examples in all three case metals in November 2016, this is the first time a “pink-on-pink” Ref. 1518 will be offered alongside stainless steel and yellow gold models.

Launched in 1941, the Ref. 1518 established the blueprint for every perpetual calendar chronograph wristwatch that followed. With just 281 pieces made across all metals—and only four known in stainless steel, this trio represents one of the rarest gatherings in watch auction history.

Patek Philippe Ref. 1518, Stainless Steel, 1943

Estimate: CHF 8,000,000 – 16,000,000

Considered the world’s most desirable vintage wristwatch, this is one of only four known examples in stainless steel, and the very first 1518 ever produced, identified by the number “1” engraved on its caseback.

When last offered by Phillips in November 2016, it realized CHF 11,002,000, becoming the most expensive wristwatch ever sold at auction at the time, and the first to surpass the eight-figure threshold. To this day, it remains the most valuable vintage Patek Philippe wristwatch ever sold at auction. Remarkably, the case shows virtually no signs of wear or polishing.

We previously covered this masterpiece in detail when Phillips announced its return to the auction stage.

Patek Philippe Ref. 1518, 18k Pink Gold, “Pink-on-Pink,” 1947

Estimate: CHF 1,200,000 – 2,400,000

This rare configuration features a pink gold case paired with a matching salmon-hued “pink” dial. Only around 15 examples of the “pink-on-pink” 1518 are known. While the pink gold 1518 was usually fitted with a silvered dial, only in exceptional instances did Patek Philippe pair it with a pink dial to create this highly coveted variant.

Although the steel 1518 remains the ultimate grail, the pink-on-pink stands among the rarest and most exclusive complicated Patek Philippe wristwatches ever made. A similar example achieved CHF 3,380,000 at the Geneva Watch Auction: IV in 2016.

Patek Philippe Ref. 1518, 18k Yellow Gold, circa 1945

Estimate: CHF 200,000 – 400,000

The quintessential expression of the Ref. 1518, this 18k yellow gold example was fully serviced by Patek Philippe in 2025. Representing the model in its most emblematic form, it remains an absolute grail in its own right, a cornerstone of any serious vintage Patek Philippe collection.

Phillips most recently sold a Ref. 1518 in yellow gold for $1,451,500 at its New York auction in June 2025.

Phillips is honored to present not just a single rare vintage Patek Philippe, but a trilogy of some of the most exceptional and sought-after wristwatches ever made. With the inclusion of the mythical stainless steel Ref. 1518, this lineup represents a generational event.

Never before have yellow gold, pink-on-pink, and stainless steel examples appeared together at the same auction, an occasion unlikely to be repeated in our lifetime. According to Phillips, the Decade One series will feature ten chapters celebrating the department’s tenth anniversary, with this inaugural “Episode 1” headlined by this extraordinary 1518 triptych.

For more information visit Phillips official website.