GENEVA — “It is, of course, a treat for us to handle such an object,” enthuses legendary watch auctioneer Aurel Bacs. “This is similar to a red diamond … to a one-off Ferrari.”
Bacs, Senior Consultant at Phillips in Association with Bacs & Russo, is full of anticipation as he prepares to open the bidding on one of the world’s most elusive – and valuable – timepieces.
The stainless steel Patek Philippe Ref. 1518, manufactured in 1943, returns to Phillips at the Decade One auction in Geneva this November – a rare opportunity for collectors.
Of an estimated 281 pieces produced in the 1518 series, only four are known to have been crafted in stainless steel. Bacs is gearing up to sell the first of them, complete with ‘number 1’ engraving.
“In the field of watch collecting, this is the all-time Olympic multidiscipline winner. Historical relevance, complexity, aesthetics, provenance, rarity. It’s an athlete that just wins in pretty much every discipline,” says Zurich-born Bacs, who founded Phillips in association with Bacs and Russo in 2014 with wife Livia Russo.
The 1518 marked the first time a wristwatch combined a chronograph with a perpetual calendar made in series – where the mechanism tracks and displays the exact date of the month, regardless of the number of days it has.
“You cannot find a poorly made Patek Philippe … it’s pretty much the gold standard in high-end Swiss watchmaking,” according to Bacs. “Patek Philippe has … always been at the forefront of innovation.”
What was once cutting edge might seem less so in today’s digitally-honed world. But in 1941, when it was introduced to a Europe in the throes of war, the 1518 represented a major technical accomplishment.
Add to that the rarity factor, and the value of the first stainless steel version has ballooned.
First acquired by Budapest retailer Joseph Lang for just 2,265 Swiss Francs in 1944, it passed through the hands of several collectors on the way to a record-breaking auction at Phillips. In November 2016, it sold for a little over 11 million Swiss Francs – the highest price ever reached for a wristwatch at a watch auction at the time.
The moment redefined the market, paving the way for a series of sales milestones, including the US$17,752,500 paid for Paul Newman’s personal Rolex Daytona Ref. 6239 in 2017, also at Phillips.
“The market has radically changed … since I started as a man in his young 20s,” reflects Bacs. “It’s a global community, thanks to increased buying power, increased awareness, thanks to the easy spreading of knowledge and knowhow … The market is so much more mature, deep, efficient than it was 30 years ago.”
The Decade One Auctions come ten years after Phillips launched its watch department, a period during which timepieces have risen to rival art, cars and vintage wines as the ultimate collectibles.
Eyeing the potential sale of a lifetime, Aurel Bacs has lost none of the enthusiasm and theatricality he’s brought to a host of headline-grabbing auctions.
“Your adrenaline shoots up, your brain switches to autopilot. You do enjoy yourself a lot when things go well. You do suffer at times when things don’t go according to your hopes and expectations. It is the most exciting thing you can do that I can think of while wearing formal attire!”