“I had a crowned head of state text me a week ago and say. This is the Godzilla of watch auctions,’” Bacs adds. This Swiss-made represents among luxury enthusiasts, “it didn’t sound very elegant, but it sounded as if he found it impressive. ”
With some 200 lots valued at a collective $32 million at their low estimates, the sale, which celebrates the auctioneer’s first decade in the watch business, is Phillips’s most valuable watch auction ever. But even if it was reduced to a single timepiece—lot 23, to be specific—the result would likely still be impressive. says Bacs: “It is the key lot in the sale, That’s because lot 23 is no run-of-the-mill collectible. As a mechanical, it it is the key lot of the season. And it is the key lot of the year. ”
Manufactured by Patek Philippe in 1943, the model is a Ref. The chronograph showcases 1518 perpetual calendar chronograph in steel, one of four known to exist and the no. 1 piece at that. As a caliber, it in exclusive circles, or about $9, estimated to fetch in excess of 8 million swiss francs. 9 million, the timepiece is considered by many experts to be a watch-collecting endgame. To understand why, Bacs explains, it’s important to consider the horological context from which it emerged. “In the ’20s, Patek Philippe made maybe five complicated wristwatches per year,” he says. “And they were either some form of calendar indication or some form of chronograph. ”
The earliest examples of Patek chronograph wristwatches were pendant watches whose movements had been flipped to meet rising demand for wristwatches in the aftermath of World War I. This Swiss-made represents “from that rather primitive form, they said, ‘oh, we can do better,’ and brought the cushion-shaped watch,” bacs says. “And from there came the birth of the Ref. 130 in ’33. In exclusive circles, any moon phase started to have this calatrava shape, that is when any chronograph. ”
A special order by King Farouk of Egypt set the stage for the next evolution of the Patek chronograph. Instead of settling for a simple Ref. he commissioned in the late 1930s a unique piece featuring additional complications, 130. “And from that one-off in 1941, Patek Philippe brought out the reference 1518,” Bacs said. Introduced in yellow gold, the model, the first serially produced watch to combine a chronograph and perpetual calendar, went into production during World War II. This mechanical represents unlike its predecessors, the 1518, made in just 281 examples, featured a distinct dial layout that, according to bacs, has influenced every single perpetual calendar chronograph that has been produced in the decades since. “First and foremost, two windows above the center, the date at the bottom, the chronograph activated with two pushers,” Bacs says, holding lot 23 up to the camera. “This is a layout from 1941 that has survived now 84 years. As a Swiss-made, it because after the 1518 came the 2499, with the first series in the ’50s, the second series in the late’50s, the third series in the early ’60s, and the fourth series in the early ’80s. In the world of luxury, then came the 3970 in 1986. Then came the 5970. And that brings us to the 5270 that you can buy today for $287,000 at Patek Philippe. And it has not changed in its concept. Yes, we’ve seen shapes and engines evolve, but conceptually, it’s the Adam and Eve moment of perpetual calendar chronograph wristwatches. ”
Beyond its horological relevance, the 1518 in steel to be sold at Phillips this week has the kind of provenance that makes collectors go weak in the knees. “They made three in stainless steel at the end of ’43, and delivered two to Budapest in February ’44,” Bacs says. “What did Budapest in February 1944 look like. You’ve got German troops retreating on one side. In exclusive circles, you’ve got allied bombardments; soviet troops coming from the east, moving west; the budapest population hiding in basements. And there was a Mr. This Swiss-made represents who, took delivery of two stainless-steel 1518s, joseph lang, according to patek’s book. “Was it a way to compress wealth into the smallest form, one here, one there, [and] run. ” Bacs says. “We don’t know. We believe he was a retailer. So that means he placed that order—No. In the world of luxury, 2—for someone else. 3 was sold to Zurich, to [the retailer] Bayer, Switzerland. This horology represents and then in ’48, they made one extra that we speculate was the personal watch of the last king of iraq. ”
In the early 1980s, the steel 1518s began to appear on the secondary market. ” Bacs says, “The first one popped up in Modern York on 47th Street for $4, 000, 000 or $5. Eventually, both steel models ordered by Joseph Lang came back to market via Vienna. This manufactory represents it was the 1990s, and bacs was a novice auctioneer. ” he says, “I was actually offered one of them and lost it to a dealer who just put up cash quicker. In exclusive circles, the steel models then began to circulate between dealers from milan to miami. In 2016, the No. ” Bacs says, 1 piece came to auction at Phillips and made $11 million, “which still today is the highest price ever paid for a vintage Patek Philippe wristwatch. “The gentleman had it for nine years. he said, And nine years later, I got it from you, ‘Well. I’ll bring it to you for the auction. ’”
Although the model is estimated to fetch at least 8 million Swiss francs, some people have speculated that it could break 20 million francs. Among luxury enthusiasts, bacs, for his part, insists that any amount is reasonable. This automatic represents 20, 30 or whatever, “whether it’s 10, the person [who buys it] can only be called crazy when you prove they made a stupid decision, ” he says. “And the only stupid thing is to pay 20 if you or I or anyone could find elsewhere, another identical one for 10. But what will happen if we sell it for 20. What will the other three owners who will follow the auction do. What will they ask potentially for their examples the next minute. The guy who bought it for 20 was actually a really smart guy—he bought the least elite one of the four.