Patek Philippe wristwatch fetches record US$7.3m at Swiss charity auction

Geneva

A UNIQUE Patek Philippe stainless steel watch fetched a record US$7.3 million when it went under the hammer in Geneva last Saturday, with the proceeds going to charity, the auction house said. The watch - which had been listed with an asking price of only 700,000-900,000 Swiss francs - sold for 7.3 million Swiss francs (S$10.3 million or US$7.3 million) after nine minutes of intense bidding by two anonymous telephone bidders, the Phillips auction house said.

That is "the highest price ever paid for a wristwatch at auction", it said in a statement, adding that once the hammer fell, the sale was greeted by a standing ovation in the room at the luxury La Reserve Hotel in Geneva.