Top Collectors, Rivals, And Scholars Talk ‘Grail Of All Grails’ As Sale Of Extremely Rare Steel Patek Philippe 1518 Nears

John Reardon, an expert in all things vintage Patek, a noted scholar, dealer, and founder of Collectability, says the opportunity to participate in the discussion with Crott, Parmegiani, Aurel Bacs, and moderator Nick Foulkes was a dream come true. “We are sitting around looking at a steel 1518 and paying homage to a piece that deserves it,” he says. “And yes, it is in the pantheon of horological royalty.” It was the first time Reardon had handled a steel 1518 in person, and he says he was particularly struck by the case construction, which differs from the yellow gold examples he’s bought and sold. “It’s much thicker. I don’t want to use the word industrial, but you can imagine this was a tool watch for the person in Hungary who ordered these two,” he says, referencing what are believed to be the first two examples of the 1518 in steel that were delivered to a jeweler in Budapest in 1944. 

The first example is the watch up for sale at Phillips that Bacs, the auctioneer who will sell the timepiece, calls the “Adam and Eve” moment for the perpetual calendar chronograph. During the 50-minute roundtable, the participants discuss their shared decades of history in studying, hunting, and buying and selling the 1518 reference, of which fewer than 300 are known, with only four in steel. They also share their thoughts on what’s involved in the upkeep of what they call a “living object,” and the methods and practices, such as “washing” the enamel dials, to keep them in collector condition. It’s a detailed discussion on the current state of the highest level of collecting.