This Watch Is The New Holder of The World’s Most Expensive Title

At the recently held “Phillips in Association with Bacs & Russo Geneva Watch Auction: FOUR sale”, an incredibly rare stainless steel Patek Philippe wrist watch sold for a record-setting $11 million to become the world’s most expensive wrist watch to sell at auction.

Bidding for the timepiece began at $3 million and about 13 minutes later, the 8-man bidding bout ended with a private collector who wished to remain anonymous snapping the rare piece.

While diamond-encrusted and/or gold-plated are the regular associates of such expensive luxury items, the same can’t be said for the Patek Philippe wrist watch which is just made of stainless steel.

However, it owes its record price tag to its rarity. The Patek Philippe Reference 1518 made as far back as 1943 includes a rare perpetual calendar chronograph with moon phases and is one of the only four made in the world. It also features Arabic hour markers and a tachymeter scale.

The calendar chronograph means it can automatically adjust itself to suit the leap years, and The Patek Philippe Reference 1518 was the first of its kind to be made.

Patek Philippe Wristwatch

Head of watches for the Americas for Phillips Bacs & Russo, Paul Boutros said of the auction;

“I have waited a lifetime to see a 1518 in stainless steel, It is number one of only four known to exist.” He also described the event as “a once in a lifetime event”.

Patek Philippe timepieces are quite the real deal, another Patek Philippe watch with a reference 5016A is the immediate previous holder of the most expensive title after it sold last year at the “Only Watch” charity auction for $7.38 million.

See Also: An Inside Look At The $40 Million Wrist Watch

Also commenting on the sale was Sam Hines, the International head of watches at Phillips auction house, who said that;

“I think Patek Philippe is considered a blue chip brand and one of the most important watch makers in the world. They have had uninterrupted production since 1839, they make very few watches every year, and it’s just considered the very best, like a Rolls-Royce. It shows the recent growth of the watch market, and also has to do with the growth of the trophy market over the last year or so where people want the very best in terms of quality and condition and are willing to pay the very best to secure it.”

Patek Philippe Wristwatch

See Also: Most Expensive Apple Wrist Watch

READ   Inside Of the $607 million Flying Mansion (Boeing 747) Belonging to a Mystery Billionaire

A yellow and a rose gold Patek Philippe reference 1518s timepieces were also snapped at the auction for $600,000 and $1.8 million respectively. The yellow version highly exceeded its $500,000 pre-sale estimate. But it wasn’t just a Patek Philippe affair, as a rose gold 1941-made, never-been-worn Rolex reference 3330 “pre-Oyster” chronograph dubbed “Perfect Rose” sold for almost $750,000.

At the end of the auction, 177 pieces were sold and a whopping sum of about $27.8 million was realized.

Uwa Echebiri
Uwa Echebiri
Uwa has extensive professional writing and editing experience including report and technical writing, product reviews, informational and persuasive articles, creative and content writing on nearly any topic, from entertainment to lifestyle, finance, sports and more. As a lifelong movie buff, Uwa is either bingeing on new movies during leisure, or giving someone a whopping on the latest FIFA edition

Recommended

The Truth About Mike Tyson’s Wife, Children and Net Worth

The name Mike Tyson quickly calls to mind boxing rings and knockouts. Mike Tyson was a famed boxer who though now retired had made...

Understanding Tyga Net Worth and His Relationship With Kylie Jenner and Blac Chyna

What is Tyga's net worth? Tyga is an American singer, songwriter, actor, TV personality and of the most uniquely talented rappers in the international music...

Coming 2 America Cast Members: What are Their Net Worth and Where are They Now?

It is no longer news that the iconic Hollywood film, Coming 2 America, is a 2021 movie that serves as a sequel to the...

How Much Do Strippers Make?

Beer, vodka, or wine of your choice, and a girl to play with you for a while at under $100; that's what the average...

What is Elin Nordegren Net Worth and How Much Did She Receive as Divorce Settlement From Tiger Woods?

Were it not for a chance encounter with a star golf player back in the year 2000, Elin Nordegren would most likely have skirted...

Mohammed bin Salman Net Worth and All The Ways He Made His Money

Even if you are not particularly interested in Middle East politics, you would still have come across the name of Mohammed bin Salman due...

Understanding Miley Cyrus Net Worth and Relationship With Ex Husband, Liam Hemsworth

Born Destiny Hope Cyrus on November 23, 1992, Miley Cyrus is an American pop singer, songwriter and actress who has a net worth of...

John Paul DeJoria Net Worth and How He Went From Homelessness To Making Billions

John Paul DeJoria may not be as popular as the Bill Gates and Warren Buffetts of this world but his exploits are no less...

All The Members Of Will Smith’s Family, How He Spends His Money And Why Fans Think He Died

Born Willard Christopher Smith Jr, Will Smith is without any doubt, one of the top figures in Hollywood and he has built quite a...

The 25 Richest Comedians In The World And Their Net Worth

As the saying goes, laughter is the best medicine. But the other side of that equation is that laughter can also be very lucrative....

Joel Osteen – Divorce Rumours, Wife & Net Worth

Over 7 million viewers weekly and more than 20 million monthly in over 100 countries across the globe tune in to listen to American...

Mark Cuban Net Worth and Facts About His Wife and Kids

Mark Cuban is an American investor, businessman, film producer, TV personality, author, philanthropist and of course, a billionaire who has a net worth of...

Featured Today

Joel Osteen – Divorce Rumours, Wife & Net Worth

Over 7 million viewers weekly and more than 20 million monthly in over 100 countries across the globe tune in to listen to American...

Cole Beasley Biography – How Tall is He and Who is The Wife Krystin Beasley?

Cole Beasley is one American wide receiver with a knack for finding the soft spot in zone coverage and can as a matter of...

Mohammed bin Salman Net Worth and All The Ways He Made His Money

Even if you are not particularly interested in Middle East politics, you would still have come across the name of Mohammed bin Salman due...

What is Elin Nordegren Net Worth and How Much Did She Receive as Divorce Settlement From Tiger Woods?

Were it not for a chance encounter with a star golf player back in the year 2000, Elin Nordegren would most likely have skirted...

Related Stories