Hey IWS friends, Italian Watch Spotter is here to take you on a journey through the legendary Patek Philippe Ref. 1518, a chronograph-perpetual that has become a true icon of elegance and a symbol of the “golden age” of watchmaking.
To grasp the fascination surrounding this watch, let’s recall the historic auction of the Patek Philippe Ref. 1518 in steel (only four pieces produced) in 2016, which sold for a stellar figure of 10 million and 220,000 euros.
The Origins of Patek Philippe’s Perpetual Calendar
Patek Philippe created the first wristwatch perpetual calendar in 1925, a remarkable one-of-a-kind piece marked by the number 97975. The 34.4 mm case features stunning decorations along the entire profile of the lugs. The white enameled dial is a marvelous display of the maison’s style. Condensed details, such as the large Breguet numbers, the extended Patek Philippe script at 3 o’clock, and the red minute track, make this timepiece unique from every angle.
The origins of the 97975 date back to 1898 when Patek Philippe created a movement for a necklace. However, the piece was not sold, and in 1925 the caliber was resurrected to be housed in this particular watch. Thinking that in 1898 a maison had designed a movement of such dimensions is truly remarkable, especially considering that the perpetual calendar was originally intended to equip a necklace. Following its creation in 1925, the timepiece was sold to an American collector named Thomas Emery in 1927. If you want to delve deeper into the perpetual calendar complication, check out our guide here!
1941: The Birth of Ref. 1518, the First Chrono-Perpetual
In 1941, less than a decade after the Stern family acquisition, Patek Philippe simultaneously introduced the first mass-produced perpetual calendar and the first chrono perpetual, embodied by the famous Ref. 1518, the progenitor of a family of timepieces still existing today and emulated by countless other brands. Let’s look at its features:
Dial
The dial of the 1518 is extremely clear and legible, with applied numbers and elegant leaf hands. The month and day information are provided through two apertures at 12 o’clock, while the moon phase is located at 6 o’clock. Notably, the dial lacks the leap year indication (though the movement accounts for it). In fact, it was Audemars Piguet that first incorporated this indication on the dials of its perpetual calendars.
In addition to the seconds rail, the outer periphery of the dial features a tachymetric scale, attesting to the watch’s sporty DNA. The production of the 1518 extended until 1954. However, from 1947-48, a detail on the dial changed, a detail that, as we know, can be fundamental in today’s world of collecting. Indeed, starting from 1947, the elegant extended script “Patek, Philippe & Co.” made way for the more streamlined “Patek Philippe.”
Case
The case of the Patek Philippe 1518 is extremely harmonious, thanks to its 35mm diameter and very fine lugs, immediately drawing the observer’s gaze to the protagonist of the watch, the dial. The cases of the 1518 can feature three different materials: yellow gold, rose gold, and steel. Yellow gold is by far the most used material, followed by rose gold, and finally steel, with only four pieces made.
The case back shows a slight curvature, which will disappear with subsequent references. The outside was smooth, except in cases where there were monograms, while the inside bore serial numbers, reference, and hallmark.
The hallmark found in the Patek Philippe 1518 bears a key with the number 9 inside. This indication was applied following the need to recognize various Swiss case makers, or third parties to whom the maisons entrusted the manufacture of certain components of the watch. This identification system was specific to cases in precious metals and consisted of a series of symbols and numbers.
The symbol identified the material of the case and the region of Switzerland where it was made. In this case, the key implies a gold (or platinum) case, made in Geneva and over 0.3mm thick. Each number, on the other hand, was associated with a precise casemaker. In this case, the number 9 corresponds to Emile Vichet SA, one of the most prestigious firms in the field, which will also make the first series of cases for reference 2499.
Movement
The base for the movement of the Patek Philippe 1518 is a Valjoux 13 line ebauche, later modified and decorated by Patek Philippe. The result is the splendid caliber 13-130Q, where 13 represents the lines, i.e., the dimensions of the movement (30mm), and Q indicates that the movement incorporates a calendar.
The 13-130Q represents a legendary caliber, both technically and in terms of finish, and will also equip the later reference 2499.
Bracelet
The Patek Philippe Ref. 1518 could be purchased, optionally, with a strap or a bracelet in the same material as the case. Today, finding a 1518 with its original bracelet is almost an impossible feat, as the presence of the bracelet must also be reported on the Patek Philippe archive extract. This means that at the time of purchase, the timepiece was delivered with a bracelet and not added later. In the photo above, we can observe a splendid Patek Philippe 1518 “pink on pink,” with a rose gold case and salmon dial. The archive extract reports the presence of the rose gold bracelet at the time of sale, for the incredible sum of 1,000 Swiss francs (in 1948).
Besides the very few Patek Philippe 1518s with original bracelets, there is also a unique piece in rose gold with an integrated bracelet. The shape conferred to the case by the absence of lugs resembles that of a flying saucer, in short, the ultimate in Patek Philippe collecting.
All Patek Philippe bracelets of the era were made by the famous manufacturer Gay Freres and represent true masterpieces of high jewelry.
The Exclusivity of Steel
The production of the 1518 spans 13 years, from 1941 to 1954, for a total of 281 units. Of these 281 pieces, only four have steel cases, making them immensely desirable and (obviously) expensive. It’s quite interesting to note how in the luxury watchmaking of the past, the predominance of gold over steel was total. For this reason, today’s Patek Philippe watches (from the 30s, 40s, 50s) in steel often constitute unique pieces or very rare editions, becoming a true niche in vintage Patek Philippe collecting.
In addition to the appeal conferred by exclusivity, collectors are fascinated by the idea of understated elegance typical of steel. A steel watch goes unnoticed by most, except for the few discerning connoisseurs who fully understand the rarity and elegance of a Patek Philippe in steel.
The first three Patek Philippe Ref. 1518 steel watches appear entirely similar to their cousins in yellow gold and rose gold. The only difference lies in the case maker, which for precious metals was Vichet, while in this case, it was Genevor S.A. These have consecutive serial numbers (508.473 onwards), and the first one has the number 1 engraved on the inside of the case back. This last one, moreover, is owned by the well-known collector Alfredo Paramico.
The fourth Patek Philippe Ref. 1518 in steel shows a serial number and a completely different case compared to the other three pieces. It was indeed manufactured by Wenger, a company that would replace Vichet in the production of cases for the maison. Below is a comparison between a Vichet case and the fourth specimen (second photo) with a Wenger case, highlighting the diversity of the lugs.
Today the four specimens reside in some of the most prestigious collections in the world, and it seems quite unlikely that they will appear on the market in the short term. The last time a Patek Philippe Ref. 1518 took the stage in the market was in 2016, causing quite a stir.
The timepiece was auctioned in November 2016 by the renowned auction house Phillips in Geneva, for the record sum of 11 million Swiss francs. It goes without saying that, in addition to rarity, the piece was in perfect condition, with a full case and original dial.
The news of the sale of the Patek Philippe Ref. 1518 in steel resonated widely, going beyond the world of watchmaking. In fact, many major publications reported the news, expanding the boundaries of the vintage market and aiding its rise.
The mysterious 1518 two-tone.
In 2014, Alfredo Paramico revealed the possible existence of three more 1518s with steel and rose gold cases, one of which was allegedly purchased by King Michael I of Romania. Adding to the mystery is a photo of the young Michael I, wearing what appears to be a Patek Philippe Ref. 1518. Since the photo is in black and white, it’s not possible to distinguish the material of the case, leading to speculation that the watch on the sovereign’s wrist was indeed the Patek Philippe Ref. 1518 in steel and rose gold.
Concurrent with the death of Michael I, which occurred in 2017, a photo of the elderly sovereign wearing his beloved 1518 appeared. This time the photo is in color but… to great disappointment, the watch turns out to be a “normal” Patek Philippe Ref. 1518 in yellow gold or rose gold. In the meantime, for us mere mortals, speaking in terms of collecting, there have been no confirmations. However, the news further added to the allure surrounding this iconic reference. All that’s left for us to do is wait, hoping that some enterprising enthusiast will manage to uncover the 1518 in steel and rose gold, to witness a historic moment, at least for our sector.
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