The world’s most expensive watch has been sold at a charity auction in Switzerland. The one-of-a-kind ‘Patek Philippe Grandmaster Chime Ref. 6300A’ recently sold for a hammer price of £24.2million (₦11.2 billion) at Only Watch, a charity auction held in Geneva to which top watch brands donate special editions.
The watch which is one of the most complex timepieces ever crafted was bought by a private telephone bidder at the Four Seasons Hotel des Bergues in Geneva. The timepiece which was expected to sell for around £2million smashed the previous record of £13.5million held by Paul Newman’s Rolex Daytona which was sold in 2017 at a Phillips auction in 2017.
The Patek Philippe Grandmaster Chime was created specifically for Only Watch, and it is the only one that will ever be made in stainless steel. It features a patented reversible case which can be turned to show two dials, one in rose gold and the other in black ebony.
This is not the first time a Patek Philippe watch will attain the title of the world’s most expensive watch. Back in 2014, a ‘Patek Philippe Henry Graves Jr. Supercomplication’ (a pocket watch) sold for $24million at a Sotheby’s auction. It was made in 1920.
The Only Watch auction, held this year by Christie’s, has been held biennially since 2005, with 100% of its proceeds going to benefit research on Duchenne muscular dystrophy, a genetic disorder that strikes children. To date, the event has raised more than $40 million. It was started by Luc Pettavino – the founder of Only Watch – when he learned that his son, Paul, was afflicted with the disease. Paul later passed away in 2016.