Over the last few years the most expensive watch record has been set and reset time and time again. Just last week the record was smashed once again with a watch which was not expected to sell for anywhere near record breaking levels. Watch collectors the world over will be looking on with envious eyes at the new owner of one of the world’s rarest watches.
The Most Expensive Watch Ever Sold at Auction
Unsurprisingly the record for the most expensive watch to be sold at auction has been set, once again, by Patek Philippe – beating the record they set in 2015. Last year, the Patek 5016A sold for $7.3 million – and we covered the record breaking auction right here on these pages. However, this years watch was not expected to sell for anywhere near record breaking levels.
This year, an incredibly rare Patek Philippe ref. 1518 (a steel perpetual calender chronograph) was up for sale. This watch was released back in 1941, in the middle of World War 2 – it was the first ever perpetual calender ever manufactured in a series. There were only four steel versions produced, the majority of the range were produced in yellow gold or rose gold.
As it is rare for a watch this complicated to be produced in steel, so there was a lot of excitement when this watch was announced at auction. It was estimated to fetch around $3 million before the auction took place. Not exactly a small amount, I know. But it smashed that estimate and ended up selling for a cool $11,112,020 – breaking the record Patek Philippe originally set to become the most expensive watch to be sold at auction.
The senior consultants of Phillips, who conducted the auction, said: “It was a privilege for me to offer the stainless steel Patek Philippe reference 1518. It was breathtaking to stand in front of a packed saleroom with over 400 people and another 500 passionate watch enthusiasts from around the world following the auction online or over the phones—it was simply electric. Its world-record result is a strong testimony that the watch market is universally accepted as an important pillar of the international art collector community, and that Phillips’ strategy focusing on watches of the finest quality is the winning formula.”
The Most Expensive Watches of All Time
Patek Philippe have often found that their watches sell for incredible amounts. Back in 2007 a 1944 water resistant perpetual calender was sold to a private Swiss museum for $2.26 million – a pink gold perpetual calender was sold for $2.28 million the same year. These are only two of the incredible Patek Philippe watches which have been sold for millions of dollars over the years.
In fact, two of the most expensive watches ever sold were manufactured by Patek Philippe. Including the Henry Graves Supercomplication – the most complicated pocket watch ever created – which sold for $11 million all the way back in December 1999.
There are, however, two watches which are valued at a higher price than Patek’s record breaking watch. The second most expensive watch was the Chopard 201-carat watch, sold for $25 million in the year 2000. It is made with 874 rare diamonds and is still the most expensive jewellery watch ever made.
The most expensive watch ever made is valued at $30 million and was commissioned by Count Hans Axel von Fersen, an alleged lover of Marie Antoinette (of “let them eat cake” fame). The Breguet Grande Complication has a very interesting backstory which and we will cover that next time right here on First Class Watches.
We will be keeping an eye out for any watches which may just topple the record for most expensive watch ever sold at auction. And we wouldn’t bet against Patek Philippe breaking the record once again.
