Auctions

Patek Philippe Watch Sells for Record-Breaking $31M

AuctionsNov 14, 2019

Patek Philippe Watch Sells for Record-Breaking $31M

Meet the world’s most expensive timepiece sold at auction.

Created for charity auction Only Watch, the Patek Philippe Grandmaster Chime reference 6300A-010 is the only version of the timepiece ever made in stainless steel.

Geneva—A new wristwatch can claim the honor of being the most expensive timepiece sold at auction, and it benefited charity.

At the Nov. 9 Only Watch auction held at Christie’s Geneva, the Patek Philippe Grandmaster Chime reference 6300A-010 in stainless steel sold to an undisclosed bidder for 31 million Swiss francs ($31.3 million).

It’s the highest price garnered for any watch at auction, beating out Patek’s Henry Graves Supercomplication, which sold for $24 million at Sotheby’s Geneva in 2014, and the Rolex Daytona that once belonged to Paul Newman, which sold for $17.8 million at Phillips New York in October 2017.

 
Made exclusively for the auction, the Grandmaster Chime reference 6300A-01 has a total of 20 complications, including five chiming modes, two of which are patented world firsts: an acoustic alarm that strikes the pre-selected time and a date repeater sounding the date on demand.

It also has a reversible case, with one dial in rose gold and the other in black ebony.

Unlike its predecessors, the Patek Philippe Grandmaster Chime’s record-breaking hammer price benefitted charity.
 
The biennial Only Watch auction funds research into Duchenne Muscular Dystrophy.

Only Watch founder Luc Pettavino, previously the organizer of the Monaco Yacht Show, which counts many timepiece brands as sponsors, created the auction in honor of his son, who died from the disease.

Prior to Saturday’s sale, the organization had raised more than 35 million euros ($38.5 million) since its inception in 2005, Pettavino told Monochrome Watches.

Thanks to the Patek Philippe Grandmaster Chime, the most recent Christie’s Geneva auction doubled that number, totaling CHF 38.6 million ($40 million).

In total, 50 one-of-a-kind timepieces were donated and auctioned in the sale, which lasted more than two hours.

Following the Only Watch auction were a number of Christie’s Geneva sales this week, including Magnificent Jewels, which saw a 7.03-carat fancy deep blue diamond garner CHF 11.6 million ($11.7 million) to earn the top lot spot.

Christie’s Rare Watches sale, meanwhile, totaled CHF $12.7 million ($12.8 million), with the Henry Graves Patek Philippe made to his specific recommendations in 1972 selling for CHF 4.6 million ($4.62 million).
Ashley Davisis the senior editor, fashion at National Jeweler, covering all things related to design, style and trends.

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