Rare Patek Philippe watch sells for 17.6 million dollars

A Patek Philippe timepiece that in 2016 became the most expensive wristwatch ever sold at auction fetched an even higher price this weekend_ auctioneers Phillips said Sunday.

The watch sold for 14_190_000 Swiss francs (17.6 million dollars)_ surpassing the 11 million francs it fetched nine years ago_ or 11 million dollars at the time.

The Patek Philippe Perpetual Calendar Chronograph Reference 1518_ made in 1943_ is one of only four known to have been made in stainless steel -- its rarity making it more sought-after than those produced in gold.

Its 2016 world record price for a wristwatch was overtaken in 2017 by Hollywood star Paul Newman's Rolex Daytona which fetched 17.8 million dollars.

That was then surpassed in 2019 by a Patek Philippe Grandmaster Chime_ which sold for 31 million dollars.

But the stainless steel 1518's sale this weekend reaffirmed its status "as one of the most historically significant wristwatches ever made"_ the auctioneers said.

Phillips said the sale took just under nine and a half minutes_ attracting five bidders_ with the watch ultimately selling to a telephone bidder.

Several well-known collectors_ dealers and watchmakers were in the room to witness the sale at the Hotel President in Geneva.

Phillips said a 1518 was the sort of watch that once acquired_ "a connoisseur can feel to have reached the utmost peak of collecting".

Launched in 1941_ it was the world's first serially produced perpetual calendar chronograph.

Patek Philippe produced around 280 Ref. 1518 watches_ most of them encased in yellow gold_ and around a fifth in pink gold.

Only four in stainless steel are known to exist_ with this watch being the first of those four to be produced. Why Patek Philippe made them remains a mystery.

The auctioneers called it "a timepiece of almost mythical status_ it stands as the ultimate convergence of historical significance_ design mastery_ mechanical innovation_ and rarity".

Across the two-day auction_ Phillips said the total sale of 207 lots achieved more than 66.8 million Swiss francs_ which it said was the highest total for any watch auction.

Some 1_886 registered bidders in 72 countries took part.(AFP)