Patek Philippe watch fetches record 11 million dollars at auction

A stainless steel Patek Philippe watch has sold for a record 11 million dollars (10.2 million euros) in Geneva, an auction house said Monday.

The piece from the Swiss company's 1518 series sold on Saturday for 11,002,000 Swiss francs following a 13-minute bidding war, according to a statement from Phillips, a leading watch auction firm based in London.

When Patek Philippe introduced the 1518 series in 1941, they were the first-ever perpetual calendar chronographs, meaning they were the first timepieces that had both a stop-watch function as well as a calendar designed to keep track of dates for centuries, with leap years factored in.

The piece sold on Saturday was made in 1943, Phillips said, calling its sale price "a new world record for any wristwatch at auction", which more than tripped the pre-sale estimate.

Neither the buyer, nor the seller were identified. A total of 177 watches were sold over weekend in the Swiss city, fetching 27.5 million dollars collectively. (AFP)