Patek Philippe's one-of-a-kind wristwatch was sold for a whopping $31 million, which roughly translates to Rs 222 crore. This fortune sum, which surpasses the estimated value of Shahrukh Khan's lavish home "Mannat," was spent on a single timepiece and is sure to make your head spin.
If you didn't know better, spending hundreds and crores on a wristwatch may seem ludicrous. But there are several luxury watch brands like Patek, Audemars Piguet, Hublot and F.P. Journe that have a reputation for making really expensive watches that are beyond most people's imagination.
Patek Philippe's Grandmaster Chime 6300A-010 got the highest bid during a charity auction Only Watch, hosted by Christie's watch department at Geneva's Four Seasons Hotel de Bergues. The one-off wristwatch was sold to the buyer after a five-minute auction, The Guardian reported.
"It was really very exciting, and there was such a great atmosphere in the room with standing ovations after each sale. So much money was raised that the scientific research can now go ahead to clinical trials," The Guardian quoted Sabine Kegel, the head of Christie's, as saying.
While the Patek watch fetched an unimaginably high bid, it's all for a good cause. The proceeds from the auction will be donated to research into muscular dystrophy, which is a group of diseases that cause progressive weakness and loss of muscle mass and extremely rare.
"Breaking records is obviously a source of pride and happiness. What a beautiful moment and emotion shared together. And what matters most today is the difference we are going to be able to make in research against muscular dystrophies and for hundreds of thousands of patients and families around the world for their lives to get better," Luc Pettavino, the former chief executive of the Monaco Yacht Show, said.
Even the president of Patek, Thierry Stern didn't expect the Grandmaster Chime to hit the record bid. His expectations maxed out at $20 million and never thought it would exceed Patek's own Henry Graves Supercomplication, sold for $24 million in 2014. With a whopping $31 million bid, Patek's watch breaks the previous record set by Rolex Daytona, which was auctioned for $17.7 million back in 2017.
Patek Philippe Grandmaster Chime 6300A-010
The Swiss luxury brand's timepiece is one of its kind and will be made in stainless steel. It features two dials with one on the back. One of the dials is in rose gold and the other one is black. There are 20 complications, including a grande and petite sonnerie, a minute repeater, instantaneous perpetual calendar with a four-digit year display, second-time zone, and 24-hour and minute subdial.
Beyond these features, the brand name plays a key role in fetching those millions of dollars. Patek is one of the well-known luxury watchmakers and has been in the business for nearly 177 years. The commitment to craft and attention to detail is what sets Patek apart.
Patek's simple tagline says a lot about its watches: "You never actually own a Patek Philippe. You merely take care of it for the next generation." Patek also gives "lifetime service pledge," which practically means any watch, even those dating back to 1839, can be fully restored and maintained.
Now, you know why these brands and their watches have such high value in the market. They're passed on to generations and never lose worth.