Sotheby's to Offer Patek Philippe 1518 'Pink-on-Pink' in NY on 9 June

One of the most important vintage wristwatches in the world Patek Philippe’s ‘Pink-on-Pink’ Reference 1518 to lead Sotheby’s Important Watches Auction in New York on 9 June *Estimated at $2.5 – 4.5 Million*

The possibly unique and historically important wristwatch emerges for the first time after being cherished by a single owner since its original purchase in 1947.

NEW YORK, 10 May 2023 — Among connoisseurs of collecting, the Patek Philippe Ref. 1518 stands as an icon among icons. It represents the very first Patek perpetual calendar chronograph and was a true exhibition of the Maison’s mastery of mechanics and design. Indeed the 1518 would be so well received during its introduction that it has influenced the design language of every model that succeeded it from almost any brand that attempted to create one.

While any 1518 is a true rarity - with only 281 watches being created in its time, Sotheby’s is pleased to present a previously undiscovered ‘pink-on-pink’ example that becomes the 15th ever known as the star highlight of its 2 Important Watches auction in New York on 9 June. With only 10 of the 15 known ‘Pink-on-Pink’ 1518s to have ever been offered for sale, this fresh to market watch will be making its auction debut for the first time since its original sale in 1947 and will be offered with an estimate of $2.5/4.5 million.

“It is an honor and a privilege for Sotheby’s to be entrusted by the family of the original owner with the sale of their exceptionally rare and beautiful vintage Patek Philippe,” said Senior Vice President & Senior Watch Specialist Jonathon Burford. “The reason for it laying dormant, as it has remained in the possession of its original family since its purchase in 1947, was its being hidden in a draw untouched for 30 years. To unearth a previously unknown, undiscovered and vintage watch from a single owner in such remarkable condition is the stuff of dreams for vintage Patek Philippe collectors, a ‘holy grail’ watch so to speak.”

As expected, the significance and renown of the reference 1518 were not lost on collectors throughout history, with the world's most important collectors, including Henry Graves Jr. and Sugar Ray Robinson, owning examples of the reference. The 1518’s association with royalty has also been well established, with owners including the former ruler of Romania, King Michael I, the King of Jordan, and Egypt's penultimate ruler, King Farouk I. As recently as 2021, Sotheby’s had the pleasure of selling another reference 1518, previously owned by Prince Tewfik of Egypt, which beat all expectations when it shattered its pre-sale estimate by more than 4x, achieving a total of $9.6 million. The watch set a world auction record for a wristwatch at Sotheby’s, and still stands as the third highest price ever achieved for any vintage wristwatch sold at auction.

While only 58 examples are believed to have been cased in pink gold (with between 4 and 8 produced in steel), only a very small number were configured like the current one. When cased in pink gold, the reference was most commonly fitted with silvered dials, with only a select few featuring matching salmon pink gold dials. The end result of this subtle adjustment is a warm and attractive aesthetic that is unique to this variant. To date, only 14 of these 'pink-on-pink' examples are known to exist, and the current watch is the 15th known.

As with any handcrafted watch – there are several subtle, but important factors that make this such an exciting discovery. Around 1948, in the middle of the production run of the reference 1518, Patek Philippe changed the dial signature on all of their watches from long (Patek Philippe & Co) to short (Patek Philippe). This particular example, produced in 1946 and sold on July 9th, 1947, is one of the later watches with the long signature. Research shows that less than half of the known 'pink-on-pink' examples (only 7 in total) featured this earlier, longer signature. This signature is also believed to be unique, with the text slightly compressed to fit neatly below the day/date apertures. Additionally, the current example features a 'French' calendar wheel, which is found in only 3 other long signature ‘pink-on-pink’ reference 1518 watches.

The salmon pink gold Stern Frères-made is a warm and alluring copper tone, showing signs of patina and aging. All gold 1518 cases were made by the master casemaker, Emile Vichet (Key 9) and they are divided in to two series. The current watch belongs to the second series (1946-1953), as indicated by its more tapered lugs, larger crown, and the lower position of the chronograph pushers. Given the date of production, the current example is believed to be among the first of the second series cases made. The case remains in remarkable condition, with all four lugs retaining their original proportions, featuring sharp angles and crisp drilled spring bar holes. The hallmarks are exceptionally sharp, crisp, and highly visible.

For more information, please visit sothebys.com