A historic Patek Philippe timepiece, the Perpetual Calendar Chronograph Reference 1518, has set a new benchmark in the world of luxury watches. Auctioned by Phillips in Geneva, the watch sold for an astounding 14.19 million Swiss francs ($17.6 million), surpassing its previous record of 11 million francs in 2016. Crafted in 1943, this watch is one of only four known to exist in stainless steel, making it exceptionally rare and highly coveted among collectors. Its rarity and historical significance have cemented its status as one of the most iconic wristwatches ever produced. The auction, which lasted just under nine and a half minutes, attracted five bidders, with the winning bid placed over the telephone. The sale was witnessed by renowned collectors, dealers, and watchmakers at the Hotel President in Geneva. Launched in 1941, the Reference 1518 was the world’s first serially produced perpetual calendar chronograph. Patek Philippe manufactured approximately 280 of these watches, predominantly in yellow and pink gold, with only four in stainless steel. The auctioneers described the piece as ‘a timepiece of almost mythical status,’ highlighting its historical importance, design excellence, mechanical innovation, and unparalleled rarity.