A Patek Philippe watch just sold for $5.8 million, making it the most expensive watch ever sold at an online auction
- A Patek Philippe watch is now the most expensive watch ever sold at an online auction.
- The watch is made of enamel and an 18 karat white gold case.
A rare Patek Philippe watch is now the most-expensive timepiece ever sold at an online auction.
On Tuesday, the Patek Philippe Sky Moon Tourbillon was bought by an unnamed collector for a whopping 45.45 million Hong Kong dollars, or $5.8 million, at a virtual Christie's auction in Hong Kong.
Patek Philippe, the 183-year-old family-owned watch manufacturer based in Geneva, Switzerland, is one of the most prestigious brands among luxury watchmakers.
Christie's confirmed the sale to Insider, but said it was unable to disclose the buyer or reveal which country they were based in.
The recently-sold watch, which has the reference number 6002G-001, is known for being one of the most elaborate timepieces in the world. It's designed with a handmade blue enamel dial and 18 karat white gold case, and the strap is made of crocodile skin.
The watch was first sold in Geneva in 2015. It has 12 complications, or special functions, that make it a sought-after timepiece, including a perpetual calendar, retrograde date, cathedral minute repeating, and moon phasing.
The luxury watch industry continues to be a lucrative market. According to data company Grand View Research, the industry's market size was valued at $39.36 billion in 2021.
The value of luxury watches are driven by the reputation of longstanding Swiss watchmakers like Patek Philippe, which make these timepieces in limited quantities. According to Christie's, Patek Philippe has manufactured less than one million watches since its inception in 1939.
"There continues to be an extremely vibrant market for watches across the world, evidenced through the avid global bidding this sale witnessed," Alexandre Bigler, the vice-president of Christie's Asia Pacific, said in a statement, per a Bloomberg report.
A Patek Philippe watch — the Grandmaster Chime 6300A-010 — remains the most expensive watch ever sold at an auction. The watch, which is made of steel, was sold for $31.19 million at the Only Watch Auction in Geneva in 2019.