The Patek Philippe recently became the most expensive wristwatch to ever be sold publicly. On Saturday, at the Only Watch charity auction in Geneva, the one-of-a-kind wristwatch sold for 7.3 million Swiss Francs ($7.26 million).
The Only Watch charity auction is held every other year in an effort to raise money for Duchenne Muscular Dystrophy. Companies, both big and small, donate unique watches to the charity to be sold at auction.
Patek contributed the most sought after wristwatch, which has a grande complication that includes a tourbillon, minute repeater, and retrograde perpetual calendar. The beautiful steel case is complemented well by a rich blue dial and matching strap.
The 5016A (A denotes a steel case) carried an estimated value between 700,000 to 900,000 Swiss Francs, but the 7.3 million Swiss Francs selling point blew that valuation of the water. This wristwatch almost doubled the next highest price ever paid for a wristwatch.
Patek Philippe watches are considered to be sound investments by collectors, which is likely why the 5016A was able to attract such a high bid. The wristwatch will likely spend the next decade or two in a vault before emerging back to the auction block.
The charity auction had a number of other impressive products as well. The Tudor Black Bay One, designed to look like the very first Tudor Submariner, sold for 375,000 Swiss Francs, more than 100 times the low estimate value of the watch. While the watch looks nearly identical to the Tudor watch with a price tag of $3,100, the price of the auctioned watch is 100% attributable to the fact that this watch is a one-of-a-kind piece.
At the end of the day, rarity still remains to be the most influential factor within the world of watch collecting.