The term ‘grand complication’ and Patek Philippe are virtually synonymous in the world of horology. Ever since Patek Philippe was first established in Geneva in 1839 as Patek Czapek & Cie then later Patek, Philippe & Cie in 1851 the company has striven for excellence in the field of haute horology watchmaking. Along the way it has also garnered the attention of dedicated connoisseur collectors enthralled by the chance to own rare model references and in some cases completely unique grand complication pieces. Indeed the patronage of the most renowned collectors has helped shape the legacy of Patek Philippe as we know it today.
This article will look at some of these spectacular grand complication watches just sold at auction this November in Geneva plus explore some spectacular upcoming offerings which will no doubt new find homes amongst the next generation of connoisseur collectors.
Trio of Ultra-Rare Patek Philippe Perpetual Calendar Chronographs ref. 1518
Trio of ultra rare Patek Philippe Perpetual Calendar Chronograph ref. 1518 in stainless steel, 18k yellow gold and 18k pink gold, image credit: Phillips
One would be special, two amazing but three! This was the treat or maybe dilemma as to which one to buy that faced collectors at last weekend’s Phillips in Association with Bacs & Russo, ‘Watches: Decade One (2015–2025)’ sale in Geneva held over 8 and 9 November. The sale itself was 100% sold out with all 207 lots going. Phillips noted that the auction celebrating a decade of watch sales by the auctioneer achieved a total of Swiss Franc 66.8M, (£63.3M). The undoubted star of the show was a Patek Philippe Reference 1518 cased in stainless steel the rarest version of an already ultra rare watch. At the auction the piece fetched a staggering Swiss Franc 14,190,000, (£13,451,120), including buyer’s premium. However should bidders have preferred the choice of a precious metal cased version over the more utilitarian steel version an 18k yellow gold and a “Pink on Pink” 18k rose gold versions were available.
Why all the fuss? Well in the world of Patek Philippe collecting the combination of watchmaking craft, aesthetics, provenance, rarity, exclusivity and the art of ‘grand complications’ matter a lot. And what exactly is a ‘grand complication’ you might ask? Many watches have an additional feature or complication beyond just telling the time. An example would be the addition of either a date wheel, chronograph, GMT function, power reserve, annual calendar or even several of these complications together. However once multiple complications are added to a watch movement which are considered to be the most complex in watchmaking the term ‘grand complication’ can be applied. This would include functions such as a perpetual calendar with moon phases, or a split seconds chronograph, celestial charts, equation of time, minute repeater chimes, grande and petite sonnerie, and or a tourbillon all fall within the world of grand complications.
Patek Philippe Perpetual Calendar Chronograph ref. 1518 in stainless steel (1943), image credit: Phillips
Which brings us back to the Patek Philippe Reference 1518 wristwatch which is classed as a grand complication watch as it is fitted with a perpetual calendar with moonphase display and a chronograph function. Originally launched in 1941 at the Swiss Watch Fair in Basel it was in the words of Phillips, ‘The world’s very first serially produced perpetual calendar chronograph’. Further, Phillips noted that Patek Philippe only made approximately 281 examples most of which were given an 18k yellow gold case and approximately 20% were cased in 18k pink (rose) gold. Accordingly, ‘only four 1518s are publicly known today to have been completed and to exist today in stainless steel’. In particular the Phillips’ Reference 1518 stainless steel example with a 35mm diameter case on a leather strap was stated to be likely the very first Reference 1518 ever made in steel making it extremely collectable. The case maker was Georges Croisier and the dial was manufactured by Fabrique de Cadrans Stern Frères. The watch was accompanied by its Patek Philippe Extract from the Archives which confirmed the date of manufacture as 1943 and subsequent sale on February 22, 1944, to a buyer based in Budapest Hungary.
So on the day of the sale this year, 8 November at the Hotel President in Geneva about 800 collectors and enthusiasts gathered in person to see Aurel Bacs at the auctioneers rostrum sell the watch. Interest was piqued even higher by the fact that Phillips had sold the exact same watch back in November 2016, in Geneva, for an outstanding Swiss Franc 11,002,000, (£10,429,120), including buyer’s premium. Strong bidding took place over nine minutes attracting five different bidders in the room plus those on the phone. The hammer eventually went down at Swiss Franc 14,190,000, (£13,451,120), including buyer’s premium to a successful phone bidder. This result set a new world record as the most expensive vintage Patek Philippe wristwatch ever sold at auction to date. It also exceeded the 2016 result proving once again that despite the post 2022 secondary watch market slowdown, for well-heeled collectors willing to pay incredibly large sums the vintage Patek Philippe Reference 1518 wristwatch in stainless steel is still a must have.
Patek Philippe Perpetual Calendar Chronograph 1518 ‘Pink on Pink’, image credit: Phillips
As for the other two Reference 1518 wristwatches at the auction they did also did well. The beautiful “Pink on Pink” version with an 18k rose gold case and pink (salmon) dial on a leather strap made Swiss Franc 3,569,000, (£3,383,1620), including buyer’s premium. The estimate was Swiss Franc 1,200,000 – 2,400,000. Phillips catalogued that only 15 examples of the Reference 1518 with a “pink on pink” dial and case combination are known. The Patek Philippe Extract from the Archives that went with the watch confirmed the production date as 1947.
The more common, if you could indeed call it that, 18k yellow gold with silvered dial version of the Reference 1518 also on a leather strap took Swiss Franc 635,000, (£601,935), exceeding the estimate of Swiss Franc 200,000 – 400,000. The achieved figure shows the tremendous differential in value as compared with the stainless steel 1518 version. In fact the stainless steel version made 22 times the sale value of its 18k yellow gold sibling. That is quite sobering as a figure! As declared by Phillips the 18k yellow gold Reference 1518 had been freshly serviced by Patek Philippe with the dial in “as new” condition. Some collectors much prefer unrestored watches with no polishing and original patina. Possibly this watch may have made more at auction in unrestored condition. But finding pure unrestored watches, especially as more time goes by, in perfect original condition can become a ‘needle in the haystack’ search. As always it can be a trade-off for collectors between buying a good sympathetically restored example, provided it has verified credentials and provenance, as in this case with the restoration carried out by Patek Philippe itself. Or waiting for the perfect unrestored watch to come along before buying. Importantly this watch was accompanied with its Patek Philippe service invoice dated 23 May 2025 and its Extract from the Archives noting the watch was originally made in 1946 and sold in September 1947.
Patek Philippe Perpetual Calendar Chronograph ref. 2499
Patek Philippe 2499/100 “Gübelin”, image credit: Phillips
The Patek Philippe Reference 1518 wasn’t the only highly collectable grand complication watch on offer over the Geneva auction weekend. Both Phillips and Sotheby’s had up for sale examples of the newer generation Patek Philippe Reference 2499 perpetual calendar chronograph wristwatch with moonphase.
The Phillips watch, designation Patek Philippe Reference 2499/100 “Gübelin” came from the Ernst Schuster Collection. The 18k yellow gold cased example was made even more desirable with its double signed dial for Patek Philippe and jeweller Gübelin the highly respected Lucerne-based authorised Patek Philippe watch retailer. Double signed dials have always traditionally found favour with collectors. Catalogued as ‘superbly well-preserved, very rare and extremely collectible’ the 37.5mm diameter wristwatch is from 1983 as confirmed by its Patek Philippe Extract from the Archives plus a Gübelin Extract from the Archives. Production of the Reference 2499 is divided into four distinct series of which this watch is the last type as a ‘Fourth Series’ piece. Estimated at Swiss Franc 400,000 – 800,000 it got away at a very strong Swiss Franc 1,330,500, (£1,261,220), including buyer’s premium.
Patek Philippe ‘First Series’ ref. 2499 (1952), image credit: Sotheby’s
Not to be outdone Sotheby’s Geneva Autumn watch sales on 9 November brought to market an excellent ‘First Series’ version of the Patek Philippe Reference 2499 from circa 1952. Equipped with a manual winding calibre 13-130 Q movement and sized 37.5 mm diameter with an 18k yellow gold case on a black leather strap. Sotheby’s remarked that the ‘First Series’ version of the Patek Philippe Reference 2499 wristwatch with moonphase is the rarest with perhaps fewer than 55 examples made in all. The 18k yellow gold case was made for Patek Philippe by Wenger and has been later polished but remains in ‘attractive condition’. Fresh to the market and consigned by a prominent collector the watch had not been seen on the market for 36 years and came complete with its Patek Philippe Extract from the Archives. The watch went on to sell for a solid top of the estimate amount of Swiss Franc 1,941,000, (£1,839,930), including buyer’s premium, making nearly Swiss Franc 2M. The original estimate had been 1,000,000 – 2,000,000.
Of course, the Patek Philippe Reference 1518 and 2499 models are only some of the highly collectable Patek Philippe wristwatches that collectors can pursue. For example who could forget the extraordinary unique stainless steel Patek Philippe Grandmaster Chime, Ref. 6300A-010, wristwatch that sold for an unbelievable Swiss Franc 31,000,000, (£29,385,830), at the ‘Only Watch’ charity auction held in Geneva on 9 November 2019. But both the Reference 1518 and 2499 do exemplify iconic grand complication Patek Philippe wristwatches as sought after by connoisseur collectors.
Patek Philippe Pocket Watches
Henry Graves Jr Patek Philippe Supercomplication 198.385, image credit: Sotheby’s
Some of Patek Philippe’s most incredible grand complication pieces are found in the form of pocket watches made during the ‘golden age’ of watchmaking between the early 19th to the early 20th century. Legendarily amongst the connoisseur collectors buying these watches was Henry Graves Jr (1868–1953). The wealthy New York banker had a lifelong passion for collecting high complication Patek Philippe watches and worked closely with Patek Philippe to build his collection. Arguably the most important of these watches is the uniquely commissioned Supercomplication, no. 198.385, completed in 1933. The watch boasts a total of 24 complications. This watch was famously sold on 11 November 2014 by Sotheby’s at their Geneva ‘Important Watches’ sale for Swiss Franc 23,237,000, (£22,027,049), including buyer’s premium. The watch is pictured above with the kind permission of Sotheby’s for this article. While it will likely be a while before we see this watch again, there are some equally exciting watch featuring at upcoming auctions.
Even before the Henry Graves Jr ‘Supercomplication’ pocket watch Patek Philippe was making watches for another esteemed connoisseur collector. This was John Motley Morehead III (1870 – 1965) an American industrialist, scientist, astronomer, diplomat and philanthropist. Two of his personally commissioned pocket watches from the 1920s, now part of the important ‘Olmsted Complications Collection’ will be offered at auction at Sotheby’s live prestigious watch sale on 8 December 2025 in New York. Both watches are amazingly never-before-seen Patek Philippe pocket watches. Each has technically ingenious double movements and dual sets of hour and minute hands and seconds hands. One has the additional complication of a split seconds chronograph. As Sotheby’s state, ‘a design so rare that no other examples are known to exist’. The pieces are however recorded in the Patek Philippe archives. Both are pictured above.
Patek Philippe Star Calibre 2000
Patek Philippe Star Calibre 2000, image credit: Sotheby’s
Finally to end with something more modern but no less beguiling for collectors. In a coup for Sotheby’s the auctioneer will offer yet another ‘never-before-seen’ at auction piece comprising a set of four Patek Philippe Star Calibre 2000 half-hunter pocket watches. Sotheby’s in collaboration with the Abu Dhabi Investment Office will offer the set on 5 December during their inaugural Abu Dhabi Collectors’ Week. The watch was specifically developed by Patek Philippe to mark the dawn of the new millennium in 2000.
Sotheby’s explained that the Star Calibre 2000 took seven years of research to create with the movement featuring 21 complications along with 1,118 components. The Star Calibre 2000 watches are cased in a classic half hunter design made by renowned casemaker Jean Pierre Hagmann and further refined by master engraver Christian Thibert. The four identical watches come in 18k yellow gold, 18k rose gold, 18k white gold, and platinum versions. They are housed in a magnificent presentation box. The complete set is estimated in excess of US $10 million (£7.6 million). One to definitely watch!
So plenty for collectors to continue to be inspired by with respect to the offerings, both past and present, of Patek Philippe thereby continuing the tradition of connoisseur collector.
