Insight Phillips Geneva auction highlights Nov 2016: Part I
Fine WatchesCollector's InsightFine WatchesEventsWe already knew one absolute highlight of the Geneva November 2016 sales at Phillips. It was the mythical, and legendary Patek 1518 in steel of which only four are known.
But Phillips is auctioning the trio of 1518 in each metal: One in steel, one in pink gold and one in yellow gold. How awesome is that?
And apparently all three are in world-class condition (according to Phillips).
The 1518 is the first perpetual chronograph from Patek made in series.
A total of 281 pieces were made between 1941 and 1953. Of the 281 produced approximately 200 have come up for public auctions (with the movement and/or case number listed), or have been published in books, shown on blogs or similar. Some 160 of those known to have survived are in yellow gold, approximately 40 in pink (or rose) gold and only 4 in steel (just 1.5% of total production)! Additionally it should be stated that most cases were made by Emile Vichet. Most dials were made by Stern Freres for the 1518.
So it is quite rare to have three 1518 all in pretty good condition to come up for auction. In fact I cannot not remember the last time this has happened (I don’t think it ever has happened since I have been following auctions since 2009). Then again Phillips is known to surprise us with the extra-ordinary.
Lets take a look at some pictures.
Below all three 1518, first in steel, middle in pink gold and last in yellow gold.
Looking at the watches more closely we can see only the steel has the early and long signature Patek Philippe and Cie, as it was made the earliest (made in 1943 and sold in 1944 February to Hungary), and the other two 1518, gold (1951) and pink gold (1948) were made later with the short signature.
Lets look at the steel watch more closely. Only four are known to exist of the steel 1518 and this one below that Phillips is auctioning is the only one of the four that has never been on the market at auction before. The 1518 steel is a French calendar and a non mile dial (European version dial). I did not have time to inspect the watch closely and will not comment on the dial condition or case.
Estimate of the steel 1518 is CHF 3m or above.
Who knows where this watch will sell in the end. All it takes is for two determined bidders to want this watch and some extreme records might be achieved.
Yes the 1518 is a quite a small watch at 35mm (especially compared to its successor 2499 which is 37.5mm). On the other hand – when is the next time a collector will get the chance to own a 1518 in steel? The biggest Patek collectors on this planet will be fighting for this watch and rightfully so. The next time a 1518 in steel might appear at auction could take another 25 years.
I am not sure billionaires and near billionaires have that kind of patience.
We move on to the 1948 Pink Gold 1518 which happens to my personal favourite.
Only 40 have ever come up at public auctions or been published in blogs or magazines (so probably not many more exist in decent condition in total) and despite their rarity, they do come up for auction now and then (Christies sold a French 1518 in Pink Gold in November 2015 last year). The 1518 in pink gold is special for a multitude of reasons. First of course it is rare. Second it has a warmth that no other metal can match.
Below a close-up of the dial of the 1518 in pink gold. Again I cannot comment on the dial and condition of the watch – I will need more time to inspect it closely. One observation: some very slight spots around the left sub-dial were slightly noticeable. The dial is a non US version (non-mile) and carries a French calendar.
Let us look at the back of the pink gold 1518. There is a personal message on the back of the case back the reads,’ Presented to HH Windsor in Jan 1952 for the 50th anniversary for the popular mechanics magazine, with affectionate appreciation of his associates and employees’.
What a superb gift to receive!
Notice the bottom left lug that shows a slight hint of the stamp – something that is nice to see.
The estimate of the pink gold 1518 is CHF 600’000 – CHF 1.2m.
I think a mid estimate of 900’000 should easily be achievable (the last pink gold sold for considerably less at 581’ooo at Christies in November 2015). However in 2013 a nice example sold for CHF 941’000 or $1m at the time. Should be interesting to watch this one.
Lastly we take a quick look at the 1951 Patek 1518 in yellow gold -the most common of them all – relatively speaking of course (only 200 yellow gold have been so far accounted for via auctions, blogs, magazines etc). This one has an English calendar (something I would pay a premium for) and miles dial (something I am indifferent too) so presumably this 1518 was made for the US market.
Again I cannot comment on the condition of the watch – I will inspect it later on. The spots you see around the numbers (especially 1, 8, 11, 12) on the dial of the yellow 1518 are normal and found on many 1518. The estimate of the watch is CHF 250-500’ooo according to Phillips.
Aurel Bacs (who has seen his fair share of 1518’s in his life) told me this yellow gold 1518 is one of the best 5 examples he has seen. Ever. If this is indeed true – the estimate of Phillips could prove conservative.
