The Patek Philippe Grandmaster Chime watch is seen during an Only Watch Charity Auction for research into Duchenne Muscular Dystrophy, a biennal auction of 50 one-off luxury timepieces made by the finest watch manufacturers in Geneva on Nov 9, 2019. (ALAIN GROSCLAUDE / ONLY WATCH / AFP-Services)
A Patek Philippe timepiece sold for US$31 million, the highest price for a wristwatch in auction, at a charity sale run by Christie’s in Geneva.
The steel Grandmaster Chime went under the hammer after a 5-minute bidding war in a packed room of more than 300 people. The watch beat the previous record, set by a Daytona Rolex that once belonged to Paul Newman. That piece fetched US$17.8 million in 2017.
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The Patek Philippe has two dials (one on the back) and 20 special functions. It was sold Saturday in an event called Only Watch in which watchmakers offer one-of-a-kind timepieces to raise money for research into Duchenne muscular dystroph.
Record auction prices for watches have been accelerating in recent years: in 2010 the highest was US$5.7 million. Only Watch was founded in 2005 by Luc Pettavino, former chief executive officer of the Monaco Yacht Show. His son died of muscular dystrophy.
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Christie’s is holding its annual auction of watches Monday in Geneva, and at the end of this month will offer a rare 1950s Patek in Hong Kong. It has an estimate of as much as US$14 million.
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