TIME IS MONEY: A Patek Philippe stainless steel watch set the record Monday for the most expensive wristwatch ever sold at auction.
Offered at Phillips, in association with watch auctioneer Bacs & Russo, at the house’s Geneva sale — the model fetched 11,020,000 Swiss francs, or $11,112,020 at current exchange. The watch was originally expected to realize in excess of 3 million Swiss francs.
Stainless steel Patek watches are known to be incredibly rare and carry exceptional value on the secondhand market.
The record-breaking style, created in 1943, came stacked with multiple complications — featuring a chronograph, a perpetual calendar and a moon phase on its face. Only four such styles are known to exist.
In selling this lot, Phillips broke its own record for the most expensive wristwatch ever auctioned. Last year, another Patek stainless steel lot realized $7.3 million.