Patek Philippe Watch Sells for $11M — a World Record

A Patek Philippe Reference 1518 in stainless steel has sold for $11 million, a world record price for any wristwatch at auction.

The purchase was made at Geneva Watch Auction: FOUR, which ran Nov. 12-13. A total of 177 watches were sold for a total of about $27.8 million, according to watch auction house Phillips in Association with Bacs & Russo.

The rare Patek Philippe watch “captivated the saleroom and ignited a bidding war of 13 minutes,” according to Phillips. It’s a perpetual calendar chronograph watch with moon phase that was made in 1943.

“Its world record result is a strong testimony that the watch market is universally accepted as an important pillar of the international art collector community, and that Phillips’ strategy focusing on watches of the finest quality is the winning formula,” said Aurel Bacs, senior consultant with Phillips.

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