It can now be said that Patek Philippe’s alluring, iconic and elusive reference 1518 perpetual calendar chronograph–in steel–is the world’s most expensive wristwatch. This example, which changed hands numerous times, between top dealers, over the past two decades has finally realized its astonishing market value. Phillips Watches, in association with famed watch-authority dynamic duo, Aurel Bacs and Livia Russo, found a new wrist for this mystical watch this evening at their “Geneva Watch Auction: Four.” After a fierce bidding war, the hammer came down at 9,600,000 Swiss Franc, 11,002,000 CHF with buyers premium ($11,136,642). Now that a wristwatch has finally crossed the ten million threshold, I’m intrigued to see if any other watches command prices similar to extraordinary collectible cars and fine art. Perhaps this is the beginning of a new chapter in this market. One small step for Phillips, one giant leap for the watch business.
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