Luxury watchmaker Patek Philippe & Co has sold the most expensive wrist watch in the world – adding another to its long history of record sales.
Patek Philippe & Co is a Geneva-based ultra luxury watch maker that is famous for its Super-complication watches which have sold for record amounts at auction.
At a charity auction in Geneva, a one-of-a-kind Patek Philippe wristwatch sold for $7.3 million (R110 million) – making it the most expensive wristwatch sold publicly.
As is typical of the brand, the stainless steel watch has a number of complications, which include a tourbillon, minute repeater, and retrograde perpetual calendar – all on your wrist.
The watch carried an estimate of just under $1 million (R15 million).
The group has broken and held the record for the most expensive timepieces sold for a number of years.
In November 2014, a Patek Philippe Super-complication pocket watch sold for an astounding $24 million (R362 million) at a Sotheby’s auction, following a previous record of $11 million (R166 million) in 1999.
Other products in the Patek Philippe range are relatively more affordable, selling from anywhere between $19,000 (R286,000) into the millions.
According to New World Wealth, Patek Philippe is the largest of the super-luxury watchmakers, accounting for 3.0% of global watch revenue.