Patek Philippe timepiece, with 2 dials & 20 functions, fetches $31 mn at Christie's

The watch beat the previous record, set by a Daytona Rolex that once belonged to Paul Newman.

By Bloomberg | Nov 12, 2019, 05.59 PM IST

The steel Grandmaster Chime went under the hammer after a 5-minute bidding war in a packed room of more than 300 people.

By Thomas Mulier and Corinne Gretler

A Patek Philippe timepiece sold for $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 $17.8 million in 2017.

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 dystrophy.

Today's Only Watch auction raised a total of CHF38,593,000 for research into Duchenne Muscular Dystrophy. The sale… https://t.co/wsKCEXy9VU
— Christie's (@ChristiesInc) 1573323057000

Record auction prices for watches have been accelerating in recent years: in 2010 the highest was $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.

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 $14 million.

Lifting The Lid On A Priceless Collection: 400 Pieces Of Ancient Indian Treasures To Be Auctioned In NY

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A dagger of an emperor, an ornate pen case and a 17th century necklace of the Nizam. These are among the 400 pieces of ancient Indian treasures and Mughal jewels set to go under the hammer in New York on June 19.

It is a known fact that during the reign of the Mughal dynasty, jewelled pen case and inkwell sets were presented to persons of utmost distinction. This emerald, ruby and diamond-set pen case and inkwell has the engraving of a sacred swan or hamsa under the inkwell. It is dated back to the late 16th century and is said to have originated in the Deccan region.