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Latest Article: Uhrenkosmos.com, February 14th, 2025
It has been almost 10 years since the Patek Philippe ‘Henry Graves Super Complication’ made the headlines by fetching an unprecedented hammer price for any vintage timepiece at auction. This record is now likely to be shattered by a wristwatch in a private sale, thus heralding a new era for the market of vintage timepieces.
Patek Philippe ‘Henry Graves Super Complication’, Rolex Daytona ‘Paul Newman’ and Patek Chronograph with Perpetual Calendar Ref. 1518 in steel. Only a contemporary Patek Philippe, purpose built for the ‘Only Watch’ charity auction in 2019 fetched a higher price
The hammer price of € 19.3 million for the famous Patek Philippe 'Henry Graves Super Complication' did not surprise many when it was brought to market by Sotheby’s in 2015. After all, it was the most complicated timepiece ever made using purely artisanal methods. This means, the planning and implementation of the 24 complications had to be done without digital technology, which was not available in the 1930s. The masterpiece was delivered to the immensely wealthy New York banker Henry Graves during the Great Depression. It caused a sensation even then.
24 complications, 3 dials including the night sky over Manhattan, Henry Graves Super Complication
But when Paul Newman's own Rolex Daytona changed hands for US$ 17.8 million two years later, it was a bombshell that impressively showcased the rapid development of the market for classic watches. Compared to the Patek, the Daytona is rather low tech. The movement is a modified and timed ebauche from Valjoux, which was installed in many other watches in a similar way and was already outdated at the time; the model itself was produced in large quantities and is therefore not particularly rare. It were the famous provenance and the iconic 'Exotic' dial of the Rolex Brand drove this result.
‘Newman’s Own’, Rolex Daytona Ref. 6239 in fair condition
In contrast, the Patek Philippe still symbolizes the technical superiority of the house, which manages to deliver the precision and reliability familiar from Rolex in the form of highly complicated watches. Savvy connoisseurs are offered craftsmanship in perfection.
Night skys over Manhattan, manually enameled in the ‘Grand Feu’ technique
However, at 540 grams and a diameter of 74 mm, it might indeed bulge your tuxedo. The Paul Newman, on the other hand, still pops at any event, including those of the watch world itself. If this is the ultimate Rolex, the question becomes which the ultimate Patek Philippe for the wrist would be.
Approximately at the time of the completion of the Graves watch, more wristwatches than pocket watches were exported from Switzerland for the first time. The Stern family, new patrons of the house Patek since 1929, understood that the triumph of the Super Complication would only last if it was transferred to the growth segment of wristwatches. This was achieved in 1941 with the introduction of Reference 1518.
Patek Philippe Ref. 1518 final incarnation of the nineteenfifties in rose gold
This watch was decades ahead of its time and marked the second blossoming of Patek Philippe as the undisputed number 1 in complicated wristwatches. Today, we easily underestimate that chronographs are complicated movements. This was certainly true 80 years ago. But the Patek 1518 was not only a chronograph, it was a perpetual calendar too. The watch, measuring 35 mm in diameter, appears present but not ostentatious on the wrist. By comparison, a pocket watch with the same functions typically measures 50 mm or more. The next competitor, who managed to deliver a perpetual calendar as a wristwatch was Audemars Piguet, 14 years later and it was not a chronograph.
Still handsome today, the Patek 1518 on the wrist
The Patek Philippe was produced in an edition of 281 pieces and it was reserved for the most important customers. Then as now, great wealth or a sublime societal position were conditions to get on the waiting list for the best pieces. Naturally, Henry Graves was one of the happy few, other examples went to King Abdullah I of Jordan and King Farouk of Egypt.
It seems logical that only precious metal would be considered for the cases of such extraordinary watches. In fact, almost all known examples were made in gold, the majority in yellow gold and around 60 in rose gold.
However, 4 watches have appeared in steel cases since the 1980s. They are not only the rarest examples of this icon of the maison Patek Philippe, the ay are also the only ones that feature the clean, masculine look of white metal.
Beyond rare: Patek Philippe model 1518 in stainless teel
Outside the world of watch enthusiasts, it was barely noticed that one of these steel examples became the second most expensive watch ever, albeit for a short time. In November 2016, a Patek Philippe 1518 in steel with movement number 863193 in case 508473-1, fetched a price of 11 million Swiss Francs in Geneva after a fierce bidding battle that took over 20 minutes.
Catalogue of the Geneva Watch Auction IV by Phillips in Association with Bacs & Russo
An almost identical watch with movement number 863196 in case 508476- 3 is now to be had in the Private Sale of the Monaco Legend Group under the leadership of the renowned vintage watch dealer Davide Parmegiani. Bids are invited starting from € 20 million, so the chronograph with perpetual calendar in steel is set to become the most expensive vintage watch in the world. Reportedly, interest is high even at this rather full price!
Private Sale Announcement of the Monaco Legend Group
In comparison to the 'Super Complication' and the ‘Paul Newman’ Daytona, provenance plays a lesser role in this case. Of the 4 known examples, 3 were produced with consecutive case numbers in 1943. The first two were delivered to the Budapest dealer Joseph Lang in February 1944.
The third one is the watch in the Private Sale of the Monaco Legend Group. Not much is known about its whereabouts since its initial delivery. It first reappeared in public 1989 when it was auctioned for approximately € 270,000 in Monaco. The consignor back then was the famous fashion designer Gerolamo Etro who supposedly bought from a dealer in Milan.
The first three examples of the 1518 in steel differ only in their condition, and that prize likely goes to the watch from the Phillips auction. Nevertheless, the watch on offer now is also of great beauty and it is the only one delivered with grain of rice steel bracelet originally.
Ice Cold: This picture of MLG brings out the beauty of the brushed, silvered and enameled dial nicely
Two to three notably different series of reference 1518 are known to exist. They vary in the execution of the dials and cases but share the same movement. Interestingly, the raw movement, like that of the manual-wound Daytona, comes from the Valjoux SA. However, at Patek it was radically altered and equipped with a perpetual calendar module by the famous Victorin Piguet workshops.
Dial side of the 13’’’ Q Chronograph movement by Patek Philippe, 281 produced
The cases of the gold watches come from the Geneva based case maker Vichet. They develop slightly over time slightly in the strength ratio between the band and bezel, which in turn influences the vertical position of the chronograph pushers relative to the center of the case band. From the 1950’s, the Branding on the Stern Freres dials changes from ‘Patek Philippe & Co’ to ‘Patek Philippe’ only and the crowns grow in size.
The cases of the first three steel examples come from the Geneva Atelier Genevor SA (Georges Croisier). The drilled lugs are slim and appear elongated with a distance of 19 mm between the lugs.
This is the main difference to the fourth known piece in steel. This one, with the movement number 867080 in case 6335561, was delivered 1947 in a Wenger SA case. The lugs are no longer drilled through and appear more robust. This however, reduces the distance between the lugs to 18 mm. This difference changes the look of the watch visibly. In profile, the pushers appear closer to the bezel than the case back.
The evolution of the dial graphics with slightly enlarged characters, a widened 'railway' and the 1000 base between twelve and one o'clock, only becomes apparent when the watches are placed next to each other, a treat reserved for only a few!
This illustration intends to show the difference of the cases and dial graphics. John Goldberger’s superb book ‘Patek Philippe Steel Watches’ offers nice photos of all steel 1518’s known to exist
Of course, the question remains whether the watch with the Wenger case might be even more valuable than the one up for sale, especially since it is assumed to be unique ('Piece Unique'). Thus, the market for high-end collector's watches remains exciting even after the Private Sale of the Monaco Legend Group. At the end of the day, the watch from the Phillips auction might make a comeback too.
One of a kind: Important Vintage Patek Philippe in Monaco Legend Group’s October Sale
by Oliver Knop
At the start of this fall’s auction season, vintage specialist Monaco Legend Group (MLG) again offers a unique Patek for sale. After auctioning a super rare split seconds chronograph from the 1920’s for a whopping € 1.7 mio. in spring, this time around it is a perpetual calendar with center seconds in a waterproof case with screw down back in rose gold. It is one of only less than 20 watches of this model known to have been produced in rose gold and it comes in a so far unseen dial configuration with large Arabic hour markers and narrow blued bâton hands. The watch appears for the first time at auction and comes with a known provenance. Despite its age of almost 70 years, it remains as wearable as it was when it was conceived in the mid 1950’s.
Lot 296 in MLG’s October sale: one of less than 20 examples of Ref. 1438-1 in rose gold with unique dial, picture by MLG
At the beginning of the age of watches for personal use, it was just a small elite of royals, clerics and successful businessmen that were able to afford one of these small mechanical miracles. Of course, this type of clientele insisted on customized executions, designed to meet its individual preferences. Even a hundred years into the founding of the watchmakers guild in Geneva, total production did not exceed 5.000 pieces per annum. Delivering individualized masterpieces in perfect craftsmanship is synonymous for exclusivity. It is also at the core of what Patek Philippe has been doing ever since its beginnings in the mid-19th century.
Well known examples are the watches that have been delivered to oil and mobility magnates, John D. Rockefeller, Andrew Carnegie or James W. Packard. The most famous pocket watch ever came with 24 complications including an astronomical function on a sub dial that mimics the night sky over Manhattan. It was handed over to wall street banker Henry Graves in 1933
The ‚Henry Graves Super Complication‘ was auctioned for CHF 23 mio. at Sotheby’s in 2014, picture: Sotheby’s
However, this was also about the time that production of wristwatches surpassed that of pocket watches for the first time. This trend also brought about a new generation of wealthy individuals that wanted to wear their watches like the aviators, race car drivers or entertainment figures of the time. This development had not been taken seriously enough by Patek.
Change came with the takeover of the company by the Stern family. It took Patek around a decade to reassert its dominant position in complicated pocket watches in the growing segment of wristwatches.
Lot 296 of MLG’s October sales is a one of a kind example of the second generation of complicated wristwatches by Patek Philippe, produced from the mid 1950’s. The growing number of wealthy customers was accommodated by starting to produce small batches. However, standardization was not introduced by omitting unique aesthetics that were delivered in superior quality.
At the beginning was the decision of the new owners to develop dedicated wristwatch calibers and to stop ordering chronograph ebauche movements from Victorin Piguet. Victorin Piguet specialized in complications and was closely linked with Patek Philippe since its founding in 1872. The small workshop from the Vallée de Joux was instrumental in supporting Patek’s leadership in pocket watch complications. Contributing to projects like the Henry Graves Super Complication on the other hand also blocked the capacities of the small company for years.
The Victorin Piguet Watchmaker Dynasty
A famous dynasty of watchmakers from the Vallée de Joux: Victorin Piguet and sons, not to be confused with Louis Elisée Piguet, another watchmaking family from the Jura that specialized in striking mechanisms, source: Le Brassus Archive
Chronographs however, were no longer an innovation in the mid 1930’s. Manufactures like the Valjoux SA, Venus (Lot 167) or Landeron offered serially produced movement blancs in reliable quality. That’s why Patek decided to offer chronograph wristwatches on the basis of the proven Valjoux 13’’’ (29,32 mm) ebauche and develop the 12’’’ (26,75 mm) 12-120 time only base movement with small seconds in-house.
The Valjoux 13‘‘‘ movement formed the basis for the development of the Patek Philippe chronograph movement 13-130. The time only base caliber 12-120 with small seconds at six was developed completely in house. It was later also delivered with an indirect center second, cal. 12-120 SC. The module to relocate the seconds hand from six o clock to the center was delivered by Victorin Piguet. This movement was later replaced by the purpose-built cal. 27 SC with direct center seconds. Cal 27 SC was flatter and came with a greater power reserve than cal. 12-120. That made it more suitable to power complicated watches. Source: La Classification D’Horlogère 1939, 1949, Christies
References 96 and 130 housed the new family of wristwatch calibers and laid the ground for the new blossoming of the maison Patek Philippe. The time only watch model 96 and the chronograph model 130 enabled Patek to have a base business that catered to an affluent clientele while still providing exceptional timepieces to the happy few. Both models came in Calatrava type watchcases, a shape that became typical for Patek. Customers were able to individualize by choosing from different dial options and case materials.
Picture: Christie’s
What would be called ‚Grand Complications’ in today’s catalogues was also developed based on these two movements. Both were fitted with perpetual calendar modules, again provided by Victorin Piguet. The resulting references 1518 (1941) and 1526 (1942) elevated Patek into the Olympus of complicated wristwatches. They also closed the loop with top end clients, wanting switch from pocket watches. Both models were decades ahead of their time.
Picture: Christies
The strategy of freeing up resources at Victorin Piguet to redeploy them to develop wristwatch complications proved to be right. It was also sensible not to sequence automatic movements ahead of complications as Rolex was far in advance in that arena, while complications were traditionally the domain of Patek
*Just one watch Ref. 2497 with the movement 888178, case 696497 is known to have been produced after 1959, made and sold in 1963 as confirmed by its extract from the archives. Known 12 SCQ movement numbers begin with 888000, case 663034
Of course, Ref. 1518 with its chronograph function was still more spectacular than Ref. 1527 and became the icon of Patek Philippes new golden era. However, from an aesthetic perspective, model 1527 offered intriguing clarity and became the precursor to a whole segment of elegant dress watches that display the calendar and the phases of the moon through windows on the dial. Still today, Patek Philippe and many other Brands feature similar configurations in their catalogues.
Ref. 5327 does not have windows but it is still a descendant of the perpetual calendars of the 1940’s and 50’s. Model 5395 is ‚only‘ an annual calendar but it offers amazing looks. Ref. 5236 is an homage to its famous ancestors while model 5320 is the first wristwatch with American style in line perpetual calendar previously known from pocket watches. Picture: Patek Philippe
Model 1526, without chronograph was later upgraded with a sweep seconds hand. Its movement was still cal. 12-120, but fitted with an indirect center seconds module by Victorin Piguet. However, this modification increased the thickness of the movement and it also consumed additional power as the wheels to relocate the seconds display were held in place by a spring to ensure, the sweep hand moves evenly. Just 12 of these movements were produced with perpetual calendar modules and I could only find two watches of the Ref. 1591 that these movements were developed for.
Interestingly, the pictured Ref. 1591 bears a stainless steel case by Tauber (ex Borgel), who were pioneers in the production of water tight watchcases. All other perpetual calendar models of the period were housed in cases by Vichet or Wenger. Another example of Ref. 1591, with a similar case as the watch below but in gold is illustrated in Osvaldo Patrizzi’s ‘Collecting Patek Philippe Vol. 1’ (movement 864471/ case 640528). This watch has a face that is very similar to that of MLG’s lot 296 described here.
A third movement 12-120 Q (864271, case 652371) was offered in 1989 in the thematic auction ‘The Art of Patek Philippe’ by Habsburg, Feldmann as lot 203. This movement was housed in a Ref. 1526 type case and bore that reference.
A perpetual calendar with phases of the moon in a watertight stainless steel case with luminous hands and hour markers contradicts the idea of an elegant dress watch in an intriguing way. The piece was produced for a Maharaja who reportedly predominantly used it while playing Polo, picture: Antiquorum
The sweep hand became standard with the introduction of caliber 27 SC, which replaced movement 12-120 SC Q. At the same time, Patek Philippe changed the design of both, the perpetual calendar with and without chronograph function. The new generation of ‘Grand Complications’ was provided with significantly larger cases bearing thick, downturned lugs. The cases could have either been produced by Vichet or by Wenger. The Vichet cases were larger still than the Wenger ones. The new design reflected the changing taste of the period and it makes the watches still wearable today. The average price realized for examples of Ref. 2499 continues to be the highest of any vintage wristwatch reference today.
Picture: Christies
The Ref. 2438-1 in MLG’s lot 296 resembles Ref. 2497 at first glance. Indeed, the movements are the same, however the cases are different. While model 2497 bears a snap-on case back, Ref. 2438-1 has a screw down case back, rendering it watertight. All examples of Ref. 2438-1 that surfaced to date are housed in Wenger cases, suggesting that Vichet cases were phased out from movement numbers above 888.100.
Picture: Christies
With the waterproof cases, Patek took a chapter out of the book of the Rolex SA. that went from high to high in the 1950’s. Rolex came up with a simple calendar and moon phase in an ‘Oyster’ case, Ref. 6062 in 1950 that sold about 350 times.
However, one would have to ask the question why a perpetual calendar with a moon phase needs to be functional under water. Consequently, only very few examples of Patek Philippes Ref. 2438-1 were produced, making this model still more desirable today. It is estimated that less than 70 were ever produced, in two batches in the middle and at the end of the 1950’s. Less that 10 of those have surfaced in rose gold cases as in lot 296 to date. MLG estimates, the total production at only 15 pieces.
The desirability of the watch is further enhanced by the unique configuration of its dial. Basically, two generations of dials are known to exist for models 2497 and 2438-1. The first generation, on movements with serial numbers below 888.100 was fitted with small Arabic hour markers that interchange with lentil style applications. The second generation features bâton-type indexes with ends pointed towards the center (‘bullets’). Since up to now just two examples of Ref. 2438-1 with movement numbers below 888.100 have surfaced, practically all watches of this model bear second generation dials. That makes MLG’s watch even more special, since its movement number is 888.112 and should hence wear a second generation dial. Instead, the dial of this watch resembles that of the first generation of its sister model in that it has tall Arabic hour markers throughout.
Two generations of dials, one with Arabic numerals alternating with round applied ‘lentils’ and Feuille hands, the second with pointed Bâton hour markers (bullets) and Dauphine hands. A third variation has Bâton hour markers without tips. It is unclear whether that might be a service part as it cannot be linked to an interval of movement numbers. The dial in lot 296 is unlike any of those. Pictures: MLG, Christies
Unique for the model: tall applied Arabic hour markers and enameled characters on silvered precious metal. Picture MLG
The Patek Philippe Ref. 2438-1 in lot 296 is hard to top in terms of exclusivity. The combination of the perpetual calendar with phases of the moon in its massive watertight case in rose gold is striking: Extremely elegant, yet masculine. The promise to own a unique Patek Philippe of a very rare reference, in an even rarer version with a unique dial round the picture for the savvy admirer.
Picture: MLG
The authenticity of the piece is confirmed by its well documented history. It has been serviced periodically by the manufacture, so that it can be safely assumed that it is original in all its parts. It would be interesting to know, if the narrow, contrasting blued Bâton hands were on the watch when it was first delivered.
The family name of the first owner, Bovensiepen resonates positively with fans of fast automobiles and good Italian wines, however there does not seem to be a connection to the BMW tuner and wine importer of the same name. Those who are sensitive in that regard are recommended to run some further research themselves.
Whoever seriously considers bidding for the watch needs to account for the fact that it has been serviced several times in the past. That means, its dial and case need close examination before determining the maximum bid. Golden cases are sensitive to polishing, especially towards the lugs that can lose their symmetry and crispness in the process. The enameled characters on the dial generally withstand gentle cleansing well, however here again, details need attention. The movement on the other hand can be assumed to be in perfect condition.
Pictures: MLG, Christies
Reference 2438-1 generally sells at a lower range than its sibling Ref. 2499. Even great examples went below a million in the past so that the taxation between € 500.000 and one million appears to be correct. The wide range reflects condition and rarity. At any rate, this is a unique opportunity to acquire an important and beautiful timepiece by Patek Philippe so that it will be exciting to follow the bidding contest for this lot!