Rare Patek Phillipe wristwatch sells for $11M, breaks auction records

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A rare, stainless steel Patek Philippe reference 1518 wristwatch broke auction records over the weekend

The 1943 watch sold for just over $11 million, more than triple the initial sale price estimate

CNN  — 

A rare, stainless steel Patek Philippe Reference 1518 wristwatch sold for just over $11 million at the weekend (CHF 11,002,000), making it the most expensive wristwatch ever to be sold at auction.

The price was reached after a 13 minute bidding war at the Phillips in Association with Bacs & Russo Geneva Watch Auction: FOUR sale in Geneva, Switzerland and was more than triple the initial pre-sale estimate.

“One thing that is fascinating about this sale is that there were eight bidders bidding for this watch and it wasn’t until the price reached CHF 7 million that two remaining buyers started to battle to secure the sale,” said Sam Hines, the international head of watches at Phillips auction house.

“This watch really ticked every box the trophy collectors are looking for. It was fresh to the market, there are only four known examples and it was in perfect condition,” he says.

Hines added that the buyer of the record-breaking watch wished to remain anonymous.

The ‘Rolls-Royce’ of watches