Phillips
The Phillips in Association with Bacs & Russo Geneva Watch Auction: Four sale was held in Geneva, Switzerland on November 12 and 13, 2016. A stainless steel Patek Philippe reference 1518 was the auction's top lot and set a new world record for the most expensive wristwatch ever to sell at auction.
Phillips
The rare, perpetual calendar, chronograph time piece was sold after a 13 minute bidding war and fetched more than three times its initial pre-sale price estimate.
Phillips
The watch, which features a moon phase indicator, Arabic hour markers, tachymeter scale and bracelet, sold for more than $11 million (CHF 11,002,000).
Phillips
Patek Philippe watches proved popular at the auction and this perpetual calendar chronograph sold for $603,980 (CHF 598,000).
Phillips
The yellow gold chronograph watch far exceeded its pre-sale estimate of CHF 250,000 - 500,000.
Phillips
A pink gold Patek Philippe perpetual calendar chronograph wristwatch also sold for $1,488,740 (CHF 1,474,000).
Phillips
It sold for well over its pre-sale price estimate of CHF 600,000 - 1,200,000.
Phillips
The Patek Philippe reference 1463 is a stainless steel chronograph wristwatch with two tone silvered dial and tachymeter scale.
Phillips
It sold at auction for $470,660 (CHF 466,000).
Phillips
The Patek Philippe reference 3974 is a yellow gold, minute repeating, perpetual calendar wristwatch with phases of the moon. It went under the hammer for $519,140 (CHF 514,000).
Phillips
A stainless steel Rolex wristwatch named "Big Crown" was also among the sale's top ten lots. It features a tropical brown "four liner" dial and bracelet and sold for $567,620 (CHF 562,000).
Phillips
The Rolex reference 3330 is a large, pink gold, anti-magnetic chronograph wristwatch with salmon colored dial, tachymeter and telemeter scales. It sold for $603,980 (CHF 598,000).
Phillips
This unique yellow gold wristwatch with a cloisonné enamel dial depicting a dragon sold for $676,700 (CHF 670,000).
Phillips
A close-up of the "The Dragon" watch, which was made by Rolex, shows its distinctive motif.
Phillips
A stainless steel chronograph wristwatch with off-white dial, tachymeter bezel and bracelet sold for $882,740 (CHF 874,000).

Story highlights

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.

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The Patek Philippe Reference 1518 perpetual calendar chronograph wristwatch was made in 1943, and includes features such as a moonphase indicator, Arabic hour markers and a tachymeter scale.

Prior to this sale, the most expensive watch ever to have sold at auction was also from Patek Philippe – a Reference 5016 in stainless steel – which sold at a Phillips auction last year for more than $7.3 million (CHF 7.3 million), according to Hines.

“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,” he said.

“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.”

The results of the sale reflected this demand, and the British auction house sold a total of 177 watches at the auction and realized nearly $27.8 million (CHF 27,514,625).