Not All That Glistens Is Gold: Making Sense of the Steel Patek Philippe Craze

The horological world is on the edge of its proverbial seat. The Phillips Decade One (2015–2025) Auction, happening on 8th and 9th November 2025, couldn’t come soon enough.

The star lot? A stainless steel Patek Philippe Ref. 1518. Only four of these exist, and the previous one sold for CHF 11 million in November 2016, making it, at the time, the most expensive wristwatch ever sold at auction and the first to break the eight-figure barrier.

Originally released in the 1940s, the Ref. 1518 was the world’s first perpetual calendar chronograph wristwatch. The example up for bidding at Decade One is estimated at CHF 8–16 million.

The record-breaking 2016 sale was hammered by Aurel Bacs, the world’s preeminent watch auctioneer, who is expected to steer the Decade One auction as well. In a chat last year, Aurel highlighted to me that there are collectors of unimaginable wealth “who have no qualms with forking out millions of dollars for a watch that they desire.”

He added, “Money in this industry is purely a means to give a notion of value to something, but might not indicate the true value of something.”

This insight perfectly explains the hysteria around steel Patek Philippes, which have consistently sold for more than their gold, platinum, or even Tiffany Blue counterparts. Even collectors who won’t bid at Decade One are fighting tooth and nail just to attend the auction and bask in the glory of this unicorn Ref. 1518.

An Indeliberate Rarity

Patek Philippe has long been known for precious metal timepieces—yellow gold, rose gold, and platinum. But on rare occasions when the brand produced steel models, it inadvertently planted the seeds of the steel craze.

From the 1930s to the 1950s, the company produced a handful of steel chronographs and complicated watches as special orders for clients seeking something more robust or understated.

The Ref. 1463 chronograph and Ref. 565 Calatrava, for example, were crafted in steel for collectors living in warm climates like Italy and South America. The most famous exception of this era? The Ref. 1518 perpetual calendar chronograph made in steel in 1943, which is expected to break records this November.

In 1976, Patek Philippe introduced the commercially available Nautilus Ref. 3700, also in steel, as a bold statement against conventional luxury. The trend continued with the Aquanaut in 1997, which is typically fashioned in steel.

Over time, both models became status symbols, blending everyday wearability with exclusivity.

The IYKYK Grail

By the 1990s and 2000s, auction houses amplified the narrative of steel Pateks and their rarity, and steel complications began commanding prices far above their gold counterparts.

Steel Patek Philippe watches had become statement pieces: while many could afford a gold Patek, a steel Patek signalled discerning taste and access to the ultra-exclusive.

Worn by A-listers like Brad Pitt and Jay-Z, and praised by horological luminaries such as Jean-Claude Biver and Aurel Bacs, the Nautilus Ref. 5711 became the poster child of the steel-Patek craze.

Retailed at around USD 30,000, its secondary market prices soared above USD 150,000. And when the Stern family discontinued the 5711 in 2021, prices spiked even higher.

Today, steel models such as Nautilus 5711 and the Nautilus Flyback Chronograph 5990 remain highly sought after, often referred to as the “Anti-Patek” Pateks. Choosing steel signals one’s cognizance of Patek Philippe’s history and reverence for the lasting impact of the Nautilus.

Even the Tiffany Blue Ref. 5711—a limited run of 170 examples feting Patek Philippe’s partnership with Tiffany & Co.—underscores the phenomenon. Retailing at around USD 52,000, the first to reach auction at Phillips New York hammered for USD 6.5 million. You’d expect a Patek Philippe celebrating legendary jeweller Tiffany & Co. to be in gold, but no—this record-breaking watch was fashioned in steel too.

"The Decade One auction is certainly going to draw interest and we'll be watching some lots very closely,” says SRK Haute Horlogerie co-founder James Ip.

“The demand for steel models from major brands continues to outpace demand, especially with Patek Philippe. Clients across the globe have been working with us to add steel models to their collection—we've seen some incredible pieces but yet to handle a 1518!”

James notes that steel models are becoming less available in the secondary market, adding: “as more top-tier brands discontinue their steel models, we think demand will only spur this upward trajectory."