Patek Philippe Ref 1518 Sets Record Auction Price in Geneva

Affirming its reputation as one of the most profitable items a collector can invest in, a Patek Philippe watch fetched a staggering 11m Swiss francs (S$15.5m) at an auction a week ago. The sum was the product of heated 13-minute bidding war that started escalating between several parties before all but two dropped out.

The stainless steel 1518 was the first timepiece to combine the stopwatch function with a perpetual calendar - the latter complication displays the date accurately with even leap years accounted for. The series was released in 1941, but the auctioned piece was made in 1943.

Auction firm Phillips stated that the large figure set "a new world record for any wristwatch" in the auction context.