The Most Expensive Patek Philippe Watches: 2026 Collector’s Guide

The Most Expensive Patek Philippe Watches

By Tom Morgan (Digital Research Strategist, 15+ years) in collaboration with Claude AI

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When a stainless steel wristwatch sells for $17.6 million—more than most people’s lifetime earnings—it forces a fundamental question: what transforms metal and mechanical components into one of the world’s most valuable collectible categories? In November 2025, that scenario played out when a Patek Philippe Ref. 1518 shattered records at Phillips Geneva.

After analyzing auction data spanning 2014–2025 from Christie’s, Sotheby’s, and Phillips, I’ve compiled the definitive ranking of Patek Philippe’s most expensive timepieces. The findings reveal consistent patterns: material rarity often trumps precious metals, provenance multiplies valuations exponentially, and charity auctions create pricing anomalies that reshape market expectations.

The Top 10 Most Expensive Patek Philippe Watches

Comparison of the Top 10 Auction Records (Compiled from major auction house records, January 2026)

Here are detailed views of the most iconic examples:

1. Grandmaster Chime Ref. 6300A-010—$31.19 Million (2019)

The undisputed champion remains this stainless steel Grandmaster Chime, sold at the Only Watch charity auction in Geneva. Patek Philippe’s most complicated wristwatch features 20 complications in a reversible two-dial case. What makes it extraordinary: standard Grandmaster Chime models use precious metals. This instance is the only version ever crafted in steel—for a charity benefiting Duchenne muscular dystrophy research.

The watch includes patented world-premiere innovations: an acoustic alarm that chimes at preset times and a date repeater that strikes the date on demand. When midnight strikes, the phrase “The Only One” appears on an auxiliary dial.

2. Henry Graves Supercomplication—$24 Million (2014)

Discontinued references such as the 5711/1A are currently trading between $100,000 and $160,000, which is approximately three to five times the retail price. The most expensive pocket watch ever sold tells a story of early 20th-century rivalry. New York banker Henry Graves Jr. commissioned this timepiece in 1925, instructing Patek Philippe to surpass the Grande Complication owned by automobile magnate James Ward Packard.

Patek Philippe required eight years to complete the commission—three years of research and five years of manufacturing. The finished product contained 24 complications, including Westminster chimes, a perpetual calendar, and a celestial chart depicting the sky above Graves’s Manhattan apartment.

At Sotheby’s Geneva in 2014, the watch sold for CHF 23,237,000—approximately $24 million—more than doubling the $11 million record it established in 1999.

3. Ref. 1518 Stainless Steel—$17.6 Million (2025)

On November 8, 2025, this Ref. 1518 sold at Phillips for CHF 14,190,000 ($17.6 million), making it the most expensive vintage Patek Philippe wristwatch ever sold at auction.

The reference holds fundamental importance as the first serially produced perpetual calendar chronograph wristwatch, introduced in 1941. Of approximately 281 examples manufactured, only four are known in stainless steel. This particular watch—with case number 508’473 and “1” engraved inside the caseback—is believed to be the very first steel 1518 made.

Archive records confirm manufacture in 1943 and sale through a Budapest retailer in February 1944—during wartime, when steel was typically reserved for military purposes.

4. Ref. 1518 “Prince Tewfik”—$9.57 Million (2021)

This “pink on pink” (Ref. 1518) belonged to Prince Tewfik Adil Toussoun of Egypt, a direct descendant of Muhammad Ali, founder of modern Egypt. The prince purchased it in 1951, fled Egypt during the 1952 revolution, and kept the watch in a safety deposit box for decades.

Of approximately 55 pink gold Ref. 1518s produced, only 14 feature the distinctive salmon dial configuration. Initial estimates of $2 million proved wildly conservative; final price: $9.57 million.

5. Ref. 2499 “Gobbi Milano”—$7.68 Million (2022)

This second-series pink gold perpetual calendar chronograph from 1957 sold at Sotheby’s Hong Kong for HK$60 million—approximately $7.68 million—making it the most expensive Ref. 2499 ever sold. The dial bears the signature of Gobbi Milano, one of Italy’s most prestigious retailers.

6. Nautilus “Tiffany Blue”—$6.5 Million (2021)

The Patek Philippe Ref. 5711/1A-018 with a Tiffany & Co.-signed dial hammered for $5,350,000 at Phillips New York, with an all-in price of $6,503,000. This represented over 120 times the $52,635 retail price.

The watch combined multiple collecting categories: the final iteration of the discontinued 5711, the celebration of 170 years of the Patek-Tiffany partnership, and a charity auction for The Nature Conservancy.

7–10. Completing the Records

The remaining top-ten positions include the Ref. 5208T titanium ($6.23M, 2017)—a unique Only Watch creation; the Sky Moon Tourbillon Ref. 6002G ($5.8M, 2023)—the most expensive watch ever auctioned online; the Ref. 2523/1 “Gobbi” World Time ($8.97M, 2019)—the most expensive watch sold in Asia; and the Ref. 5004T titanium ($3.99M, 2013).

What Drives These Prices?

Material Paradox: Counter-intuitively, stainless steel often commands premiums over precious metals for complicated references. The Grandmaster Chime and Ref. 1518 both achieved records in steel—collectors value the unexpected material choice as evidence of unique provenance.

Charity Premium: Five of the top ten results occurred at charity auctions. Bidders demonstrate willingness to pay premiums when proceeds support research, and guaranteed uniqueness eliminates future supply concerns.

Provenance Amplification: Royal or historically significant ownership multiplies values. The Prince Tewfik 1518 achieved $9.57 million largely due to documented Egyptian royal ownership.

Market Performance: 2025 Data

Patek Philippe’s market index appreciated 2.7% over the past six months, standing out as the only major brand with a positive year-over-year trend. In contrast, Audemars Piguet and Vacheron Constantin declined substantially.

Discontinued references such as the 5711/1A are currently trading between $100,000 and $160,000, which is approximately three to five times the retail price. Even current production like the Nautilus 5811/1G trades at approximately $170,000 versus $69,000 retail.

However, important caveats apply. These returns favor exceptional examples at the market’s pinnacle; entry-level purchases don’t guarantee appreciation. Expect stable demand but slower appreciation than during the 2021–2022 boom. The market is more selective, with top references like the Nautilus still leading.

Practical Guidance for Collectors

Focus on Discontinued References: Models removed from production typically appreciate as supply becomes finite. Patek Philippe’s recent discontinuation of the steel Ref. 5712 has already sparked increased interest.

Prioritize Documentation: Complete sets with boxes, papers, and service records consistently outperform “watch only” purchases. The premium proves essential for eventual resale.

Verify Authentication: Work with established dealers providing guarantees, or commission Patek Philippe’s Extract from the Archives (approximately $200, 6–8 weeks processing).

Looking Forward

The fall 2025 auction season demonstrated continued appetite for exceptional Patek Philippe. Patek Philippe remains one of the most stable and profitable luxury watch investments in 2025, with limited production, brand prestige, and consistent resale demand allowing many references to appreciate annually by 6% to 15%.

For collectors, fundamentals remain unchanged: Patek Philippe produces fewer than 70,000 watches annually, demand consistently exceeds supply, and the secondary market provides the only realistic acquisition path for desirable references.

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Transparency Notes:

• Data compiled: December 2025–January 2026
• Sources: Christie’s, Sotheby’s, Phillips auction records; WatchCharts; Chrono24; Hodinkee
• Conflicts of interest: None
• AI collaboration: Research assisted by Claude AI (Anthropic)

Last updated: 2026-01-02

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External Links:

• Phillips: https://www.phillips.com/watches
• Sotheby’s: https://www.sothebys.com/en/departments/watches
• Christie’s: https://www.christies.com/watches
• WatchCharts: https://watchcharts.com
• Hodinkee: https://www.hodinkee.com