Patek Sets $5 Million Auction Record for Stainless-Steel Watch
Patek Philippe Captures $5M Watch Auction Record
An 88-year-old Patek Philippe timepiece designed for use by doctors set a record price for a stainless-steel wristwatch sold at auction, fetching $5 million in Geneva.
A sale of watches on May 10 amassed a total $31.8 million, the auction house Phillips said in a statement. The 1927 Patek Philippe single-button chronograph was auctioned for almost five times the low end of its estimate range of 1 million francs ($1.08 million) to 2 million francs.