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.

20191114_Patek.jpg
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.

The Latest

5 main.jpg
Supplier BulletinNov 21, 2024
Tasha R Releases 2025 Labbelle Lab Diamond Jewelry Catalog

Sponsored by Tasha R

Harris Jewelry storefront
MajorsNov 21, 2024
Harris Jewelry Ordered to Reopen Claims Portal for Refund Requests

A federal court found that the jewelry store chain violated terms of the settlement reached after it was accused of defrauding customers.

Cynthia Erivo wearing Have a Heart x Cynthia Erivo collection
CollectionsNov 21, 2024
Channel Elphaba in Muse’s ‘Have a Heart x Cynthia Erivo’ Collection

Cynthia Erivo chose Dreams of Hope, an organization dedicated to empowering LGBTQA+ youth, as the charity for this year’s collection.

Jewelers Mutual Group Cybersecurity
Brought to you by
Navigating Cybersecurity: Essential Guidance for Jewelers

From protecting customer data to safeguarding inventory records, it's crucial to learn how to tackle cybersecurity challenges.

Rocksbox San Francisco store
MajorsNov 21, 2024
Rocksbox Opens Pop-Up Store in San Francisco

The new space was designed to evoke a warm, inviting vibe.

Weekly QuizNov 21, 2024
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Mary Moses Kinney
IndependentsNov 21, 2024
Mary Moses Kinney Is Now Part of The Edge’s Team

Kinney, who spent nearly 30 years at IJO, has been hired to head Abbott Jewelry Systems’ new virtual marketplace.

Sotheby’s New York building
CrimeNov 20, 2024
Sotheby’s to Pay $6.25M Settlement to NY State for Alleged Tax Fraud

The auction house was accused of helping clients avoid paying taxes on millions of dollars’ worth of art purchased from 2010 to 2020.

Article-Top-Image.jpg
Brought to you by
Enhance Your Expertise with IGI’s In-Person Courses in NYC

This fall, sharpen your skills in jewelry grading, quality control and diamond assessment.

Kering logo
Events & AwardsNov 20, 2024
Kering Debuts New Jewelry Award With Sustainability Focus

The four finalists will present their pieces at the 2025 JCK Las Vegas show.

Model wearing pieces from Camera Oscura collection
CollectionsNov 20, 2024
Pamela Love Channels Surrealist Artists in New Collection

The “Camera Oscura” collection showcases earring designs celebrating female Surrealist artists Claude Cahun and Leonor Fini.

Columbia Gem House “Pebbles to Pines” fundraiser
Policies & IssuesNov 20, 2024
Columbia Gem House Raises $10K for Reforestation Efforts

The money will fund the planting of 10,000 trees in critical areas across Oregon, Arizona, Montana, and other regions.

The jewelry symposium 2025
Events & AwardsNov 20, 2024
The Jewelry Symposium Opens Registration, Scholarship Applications

The event centered on advancing jewelry manufacturing technology will return to Detroit in May 2025.

Stock image of police cars with lights on
CrimeNov 19, 2024
Woman Killed in Armed Robbery of Sacramento Jewelry Store

Local reports identified the woman as the wife of the jewelry store owner.

Trove NYC flagship exterior
MajorsNov 19, 2024
Trove Opens First US Flagship in NYC

The Australian jewelry box brand’s new West Village store will showcase new jewelers each month through its Designer in Residence program.

Snoop Dogg and Carolyn Rafaelian
CollectionsNov 19, 2024
Snoop Dogg’s New Jewelry Collection Is All About Love

“Lovechild” was created in partnership with Carolyn Rafaelian’s Metal Alchemist brand.

Helzberg CEO Brad Hampton
EditorsNov 18, 2024
Q&A: Helzberg CEO Brad Hampton on the Jeweler’s Rebrand

Hampton discussed how Helzberg is improving the customer experience and why it was inspired by the company formerly known as Dunkin’ Donuts.

Andrea Jose jewelry
Policies & IssuesNov 18, 2024
Reciprocity Jewels Returns to NYC Jewelry Week

The group will host several curated events and an exhibition of designer jewelry made with Peruvian gold traceable to the miners’ names.

Dolly Parton and Kendra Scott
CollectionsNov 18, 2024
Dolly Parton Shines in Collaboration with Kendra Scott

The collection honors the 50th anniversary of Dolly Parton’s “Love is Like a Butterfly” song, which shares a birth year with Kendra Scott.

IGI Expressions
Events & AwardsNov 18, 2024
IGI Jewelry Design Competition Returns

This year’s theme asks designers to take inspiration from classic fairy tales.

New York Comic Con Javits Center crowd
EditorsNov 15, 2024
Why Fine Jewelry Belongs at New York Comic Con

Senior Editor Lenore Fedow makes the case for why more jewelers should be appealing to nerds at the annual event.

Marie Lichtenberg and Raiz’in collection
CollectionsNov 15, 2024
Marie Lichtenberg Battles Counterfeits with New ‘Raiz’in Scapular’ Designs

The latest “Raiz’in” drop showcases a newly designed “Scapular” necklace and donates a portion of the proceeds to Make-A-Wish France.

Citizen 100th Anniversary Limited Edition #1 Pocket Watch
WatchesNov 15, 2024
Piece of the Week: Citizen’s Commemorative Pocket Watch

No. 1 out of 100, the timepiece was created to mark Citizen’s 100th anniversary and will be auctioned off at Sotheby’s next month.

My Next Question store security episode
Recorded WebinarsNov 15, 2024
Watch: 10 Tips to Keep Your Jewelry Store Secure

On the latest episode of “My Next Question,” two experts share best practices for store security during the holidays and year-round.

18th century diamond necklace
AuctionsNov 14, 2024
18th-Century Diamond Necklace Sells for Nearly $5M

Sotheby’s sold the necklace, which potentially has ties to Marie-Antoinette, for $4.8 million to a woman bidding via phone.

Saks Fifth Avenue Holiday Window
MajorsNov 14, 2024
Saks Fifth Avenue Cancels Holiday Light Display

Instead of its usual elaborate display, the store will illuminate its façade and frame the windows to highlight its flagship’s architecture.

Grand Seiko store in Honolulu Hawaii
WatchesNov 14, 2024
Grand Seiko Partners With Ben Bridge on First Hawaii Store

The new Grand Seiko boutique is located in Honolulu’s Waikiki neighborhood.

Travelers on Gem Legacy Adventures Trip
SourcingNov 13, 2024
Gem Legacy Adventures Announces 2025 Trip

Eleven spots are available for travelers to visit Northern Tanzania and Southern Kenya from July 25 to Aug. 4.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy