The world’s most expensive watch has sold for an astonishing £24.2million at a Christie’s charity auction after it was expected to go for £2million.
The Patek Philippe Grandmaster Chime is one of the most sophisticated timepieces ever made and was bought by a private telephone bidder during the auction in Switzerland.
All the money from the sale has gone to charity.
It has smashed the previous high of £13.5million that was splashed out in 2017 on a Rolex Daytona that was once owned by Hollywood legend Paul Newman.
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Sabine Kegel, head of Christie’s watch section in Geneva told The Guardian that the watch has a patented reversible case which can be turned to show two different dials.
She added: “It does nearly everything except making coffee.”
The watch is loaded with four spring barrels to create 20 different functions along with telling the time and has five chiming modes.
Two of the chimes are patented as world firsts.
One is an acoustic alarm that sounds at a preset time and the other is a date repeater which can sound the date whenever the wearer arranges it.
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Ms Kegel said there was a “great atmosphere in the room with standing ovations after each sale”.
There were 50 watches that were specially created for the Only Watch charity sale last Saturday including the record breaker that raised £30.23million.
Other donations were donations by brands including Hublot, Montblanc and Richard Mille.
All the proceeds are going into research into Duchenne muscular dystrophy.
DMD is a rare genetic disorder that causes progressive muscle degeneration.
Only Watch founder Luc Pettavino said: “Breaking records is obviously a source of pride and happiness.
“What a beautiful moment and emotion shared together!
"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.”
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