A stainless steel Patek Philippe 1518 has become the world’s most expensive wristwatch after selling for nearly £7.7 million at a Geneva auction over the weekend.
Bidding started at £2.4m and after a ten minute battle between seven bidders a private collector claimed the perpetual calendar chronograph.
The final bid was £7.7m but with the buyer’s premium included the final price was £8,857,176.
The sale beats the previous record of a £5.6m Patek Philippe 5016 sold at the same auction in November last year.
Paul Boutros, head of watches for the Americas for Phillips, told Forbes: “I have waited a lifetime to see a 1518 in stainless steel. It is number one of only four known to exist.”
Created in 1941, Patek Philippe’s 1518 was the world’s first perpetual calendar chronograph wristwatch to be produced in a series.
Also at the auction, were rose gold and yellow gold Patek 1518’s, the latter fetching £481,612.
In total, the Phillips auction revenue topped CHF 27,513,625 (£22 million).