This $31.1 Million Patek Philippe Is Now the Most Expensive Watch Ever Auctioned

How’s this for exclusive: On Saturday, Christie’sOpens in a new Window. auctioned off a one-of-a-kind, never worn Patek Philippe watchOpens in a new Window., and the luxury timepiece sold for a record-breaking 31 million Swiss francs, or $31.1 million. That’s the highest price ever paid for an auctioned timepiece, and it beats the previous record by roughly $7.8 million, according to CNN.

The watch, a Patek Philippe Grandmaster Chime 6300A-010, was specially made for this auction. According to a statement from Christie’s, it’s the only version of the timepiece ever produced in stainless steel, and it’s reversible, featuring two dial plates made from 18-carat gold with gold applied Breguet numerals on the time side. There are 20 complications in total, including five chiming modes, a day/night indicator, and day/date on both dials. The case measures 47.7mm in diameter, and it’s held in place with a sleek black hand-stitched alligator leather band. And just in case you forget how rare this ticker is, it’s marked with the inscription “the only one.”

An anonymous buyer purchased the watch on Saturday, and the final sale blew past the watch’s estimated price of $2.5 to $3 million, according to data from Christie’s. Interestingly, the previous record was also held by a Patek Philippe watch: That went to a vintage model made in 1932 that sold for 23.2 million Swiss francs in a 2014 Sotheby’s auction, CNN reports.

The Grandmaster was one of 50 timepieces auctioned during Only Watch, a biannual event to raise money for research into Duchenne muscular dystrophy, a genetic disease that causes muscle deterioration. Overall, the event raised over $38 million for the cause—the bulk of it coming from just one ultra rare, incredibly expensive watchOpens in a new Window..