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This $11m Patek Philippe is the 250 GTO of the watch world

A rare Patek Philippe ref. 1518 – the world’s first series-produced perpetual chronograph – sold for a record 11m CHF at Phillips’ Geneva Watch Auction Four last weekend, where strong results for several other notable watches were achieved…

The rare 1943 Patek – one of only four examples of the legendary ref. 1518 produced in stainless steel – was sold for just over 11m CHF including fees after a tense bidding war between no fewer than seven collectors. In doing so, it relieved another steel Patek, the unique ref. 5016 sold last year for 7.3m CHF, of the World Record highest price paid publicly for a wristwatch.

Other significant watches sold included an immaculate yellow gold Patek ref. 2438/1 (sold for 406,000 CHF), the only Tiffany-signed ref. 6263 Paul Newman Rolex Daytona Panda (874,000 CHF) and a Panerai ref. 6152-1 with a Rolex-signed case and movement, previously owned by high-ranking Rear Admiral in the Royal Italian Navy (93,750 CHF).