Market
Ed. W investigates the significant price variations observed in auctions for the Patek Philippe Ref. 1518 perpetual calendar chronograph. This post highlights the rarity of this reference, with only 281 ever made, including four in stainless steel. By analyzing recent auction results and series distinctions, the author uncovers factors that contribute to the dramatic differences in market value for this highly coveted vintage Patek Philippe.
Today (April 10th 2013) Antiquorum auctioned off two Patek Philippe perpetual calendar chronographs of the same reference: 1518. It's interesting to note that in the past 3 years Antiquorum has auctioned off at least four Patek Philippe ref. 1518 out of a total 281 ever made (4 of which were in stainless steel).
According to antiquorum the 1518 were produced in four series as such:
- First series: with applied gold Arabic numerals from 1941 to 1954.
- Second series: presented at the Basel Fair in 1942 with enameled hour indexes, the 12 in applied gold Arabic numerals.
- Third series: with applied gold indexes, the 12 in applied gold Arabic numerals.
- Fourth series: with applied gold baton indexes.
On June 10th 2010, a yellow gold example was sold for 282,000 USD
On May 16th 2011, Christies offered a pink gold example with a rare pink dial, which sold for 1,143,000 CHF (1,285,180 USD at the time)
On November 13th 2011, Sotheby's offered a unique yellow gold Clarin Mustad 1518, with a pink dial and an original 18k brick bracelet, which sold for unknown final value (estimate 890,000-1,330,000 USD)
On November 11th 2012, another yellow gold example was sold for 266,500 CHF (~286,500 USD)
Today (April 10th 2013, antiquorum offered two examples. The first in yellow gold with its original 18k yellow gold bracelet, which sold for 197,500 USD (substantially lower than one would expect).
At the same auction, a rose 1518 with its bracelet was sold for substantially more at 794,500 USD
So why the variation in price?
It seems to be just the whim of the market, and if a similarly rare or unique piece is considered valuable. One can draw a parallel with art, where no real benchmark is set and the price can be as wildly high or mildly low as demand wills it.
However, I know that there are those far more knowledgable about the world of auctions than myself and am more than open to any suggestions or speculations.
The Patek Philippe Reference 1518 holds a significant place in horological history as the world's first perpetual calendar chronograph produced in a series. Introduced in 1941, it established a foundational complication for the brand, preceding other notable perpetual calendar chronographs such as the 2499 and 3970. This reference is recognized for its pioneering role in combining these two complex mechanisms in a wristwatch.
This reference was primarily offered in yellow gold, with a limited number produced in rose gold and an even smaller quantity in stainless steel. The case typically measures 35mm in diameter, housing the manual-winding caliber 13''' Q. The movement features a column-wheel chronograph mechanism integrated with the perpetual calendar complication. The dial often presents with applied Arabic numerals or bâton indexes, and a tachymeter scale on the outer periphery.
For collectors, the 1518 represents a landmark Patek Philippe reference, highly sought after for its historical importance and rarity, particularly examples in alternative metals. Its design language and technical sophistication set a precedent for subsequent perpetual calendar chronograph models, making it a cornerstone for understanding the evolution of this complication within the brand's catalog.
Condition, condition, condition . . .
You brilliantly demonstrated that value discussions are vain. Except for the buyer who paid top dollars for them. BUT he must not be that poor, as he bought a superb watch, and must be happy to wear it. Best, Nicolas
are always the determining factor. Please note that the first one sold at US$197500 is partially reprinted in the dial (as stated in the Antiquorum catalogue). So it could auctioned at that price is not suprising me. If you refer to the 2nd one whereas the conidtion is totally untouched, even thoufgh the dial is tainted, still in US$280000.
but as Nicolas already mentioned we have the intention not do discuss any prices. Please see here: amp;fi= As much as I like the style of your post, we have to take care of our rules. Thanks, for your understanding! Oliver
just took an extra gulp of kool-aid.
and I will keep it. Depending on further replies I will close it. Let´s see! Oliver
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