Extremely rare Patek Philippe "Pink on Pink" Ref. 1518 soars to record-breaking $9.6 million at Sotheby's New York

NEW YORK, 10 December 2021 – Following a spirited bidding battle between 19 bidders yesterday in Sotheby's New York salesroom, a rare and previously unknown Patek Philippe Reference 1518 soared to $9.6 million – more than four times its $2.2 million high estimate and a world auction record for a wristwatch sold at Sotheby’s, as well as the highest price for a watch sold at auction this year, and the third highest price ever achieved for any vintage wristwatch sold at auction. Another rare Patek Philippe wristwatch led the day, when a Ref 5531R-010 World Time Minute Repeater reached $2.2 million. Marked by exceptional provenance and making their world auction debuts, both watches are among the rarest watches to ever come to market:

Following a bidding battle between 19 bidders, an extremely rare and previously unknown Patek Philippe ‘Pink on Pink’ Reference 1518, on offer from the estate of Prince Tewfik Tousson of Egypt and one of just 14 examples known to exist, soared to $9.6 million in its world auction debut – more than four times its $2.2 million high estimate and setting a world auction record for any wristwatch ever sold at Sotheby’s, a record for any watch sold at auction this year, and the third highest price ever achieved for any vintage wristwatch sold at auction.

One of just five examples of a Patek Philippe Reference 5531R-010 World Time Minute Repeater with a Cloisonné Enamel Dial Depicting New York’s Iconic Skyline by Day sold for $2.2 million (estimate $1/2 million).

Sam Hines, Worldwide Head of Sotheby’s Watches, said: “Today’s exceptional result cemented with style the biggest year to date for Sotheby's global Watches team, and marked the most valuable Important Watches auction ever held at Sotheby's New York. Throughout the year, we've seen unabated appetite from collectors around the world, driving new benchmarks and records along the way. We look forward to the conclusion of our part two online sale in New York, and our final online sale in Geneva opening next week, to cap off what is already a banner year for Sotheby's Watches.”

Richard Lopez, Senior Specialist in Sotheby’s Watches & Clocks Department in New York, commented: “The results of today’s auction show that the watch market is truly global, with bidders participating in the sale from around the world online, on the phones, or live in our New York salesroom. Reflecting the overall strength of the market, we saw unprecedented results across the board, with each of the top five watches from the sale all selling for more than their high estimate, and strong results at every level of the market. The star of the sale was arguably the greatest vintage wristwatch to appear on the market in years, the Patek Philippe Reference 1518 in pink gold, which ticked every single box collector’s look for today: fresh to the market, exceptional quality, and complete with original accessories. With 19 bidders vying for such a special piece, the phenomenal price achieved spotlights the strength at the very top of the market.”

Additional Highlights in Today’s Sale:

• A Patek Philippe Yellow Gold Hunting Cased Quarter Repeating Dual Time Watch, made in 1874 and also on offer from the estate of Prince Mohammed Tewfik A. Toussoun of Egypt sold for $277,200 – more than ten times its $20,000 high estimate.

• A Patek Philippe Ref 5304R-001 reached $1.1 million (estimate $500,000/1,000,000)

Facts & Figures

• New York Important Watches auction totaled $24.4 million – surpassing the sale’s overall $17.3 million high estimate
• 91% of lots sold
• 46% of lots sold to online buyers
• Participation across 44 countries