This steel Patek Philippe could become a record breaker (again) – and it was born during World War II

When most people think of a luxury watch, they probably imagine something gleaming and glistening in a precious blend of gold or platinum. Materials maketh the magic, and to the average Joe, gold is God.

Still, watch lovers aren't always like normal people. In the real upper echelons of watch collecting, scarcity trumps all else – and that's why this iconic steel Patek Philippe could be about to smash all kinds of records.

The Patek Philippe 1518 is already one of the most sought-after references in watch collecting. Just 281 pieces are said to have been produced, from the model's inception in 1941 to the end of the line in 1954.

Of that smattering, the vast majority are offered in yellow gold, with a smaller proportion being found in pink gold. Those are still incredibly sought after, with many selling for seven-figure sums under the hammer.

But there are just four known examples of the Patek Philippe 1518 in steel, and that's what makes this so much more exciting. This model in particular is the first of the four, manufactured in 1943.

It's not the first time it has come up for auction, either. This exact watch was sold in November 2016 for just over 11 million Swiss francs – a figure which made it the most expensive watch ever sold at auction at the time and the first to break the eight-figure barrier. To date, it's still the most expensive vintage Patek sold at auction.

Since then, things have changed. Paul Newman's personal Rolex Daytona sold a year later for a whopping US$17.8 million, and remains the most expensive vintage wristwatch sold at auction.

The guide price for the steel 1518 – set between 8 and 16 million Swiss francs – suggests that won't change this time out. I'm not so certain, though.

There are all sorts of mitigating factors which could affect the sale of a luxury watch, but something as rare as this should transcend them. While I can't see it becoming the most expensive watch ever sold at auction – the top two are currently both held by Patek sales, with the modern Grandmaster Chime in first, and the Henry Graves Supercomplication pocket watch in second – I don't think it's too far-fetched to see it pip the Rolex to third for an all-Patek podium.

With the auction taking place on the 8th and 9th of November in Geneva, we won't have to wait long to see just how sought-after this watch really is.