More than 700 people attended the auction.
A Rolex watch that belonged to legendary actor Paul Newman has sold at auction for $17.8 million.
Paul Newman's Rolex sold for $17.8 million.
The price was "a new world record for any wristwatch at auction," according to a press release from auction house Phillips in Association with Bacs & Russo.
The Rolex Daytona sold for to a bidder on the phone following a 12-minute bidding war, according to the release. The sale was part of Phillips’ inaugural New York auction, "Winning Icons – Legendary Watches of the 20th Century," which took place Oct. 26 in New York.
More than 700 people attended the sale.
"It was an absolute privilege for Phillips to offer Paul Newman’s own "Paul Newman" Daytona – arguably the most iconic collector’s wristwatch of the 20th century," said Aurel Bacs, senior consultant for Phillips in Association with Bacs & Russo. "This record result is a testament to the historic importance and continued legacy of this Rolex, which is responsible for creating an entirely new market and inspiring a new generation of collectors."