'Holy Grail' of watches set for Geneva auction

The stainless steel Patek Philippe, manufactured in 1943, returns to Phillips at the Decade One auction in Geneva this November – a rare opportunity for collectors, similar to a red diamond or to a one-off Ferrari.

Aurel 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. "It is, of course, a treat for us to handle such an object," he enthuses.

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," he said.

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 any auction.

The 1518 series

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 series represented a major technical accomplishment.

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," said Zurich-born Bacs, who founded Phillips in association with Bacs and Russo in 2014 with wife Livia Russo. "Patek Philippe has ... always been at the forefront of innovation."

The Decade One Auctions come 10 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. Bacs has lost none of the enthusiasm for the potential sale of a lifetime.