Record-breaking Patek Philippe watch fetches $31 million

A one-of-a-kind Patek Philippe watch shattered records to become the world’s most expensive timepiece ever sold.

The Grandmaster Chime watch sold at this year's Only Watch auction is a unique example, crafted specifically for the charity auction held last weekend in Geneva, Switzerland. “The grand complication unites accomplishment and elegance in this new and unique stainless steel version boasting two dials in rose gold and black ebony," according to the listing.

OLIVIA NEWTON-JOHN’S ICONIC ‘GREASE’ OUTFIT UP FOR AUCTION

The biennial Only Watch auction, raises money for research into Duchenne muscular dystrophy. The event features fifty unique watches made specifically for the auction by some of the world’s leading luxury watch manufacturers.

“Only Watch is not about one person, one auction house, one brand or even one industry,” according to hosting auction house Christie’s. “It is bigger than all of us, and together we celebrate doing something good and positive.”

PAUL NEWMAN'S ROLEX WATCH SELLS FOR A RECORD $17.8 MILLION AT AUCTION

The illustrious timepiece was expected to sell for between $2.5 million and $3 million, according to the listing. But a bidding war escalated in the final minutes of the sale, according to Barron’s.

"The room hushed as the price climbed above the $24 million mark,” The Barron's report said.

A Patek Philippe pocket watch dating to 1933 sold for $24 million in 2014, which was the most expensive timepiece ever sold before the weekend’s events. The sale also breaks the record for the most expensive wristwatch ever. Previously a Rolex Daytona watch once owned by Paul Newman had the title. The Rolex sold for $17.8 million in 2017.

GET FOX BUSINESS ON THE GO BY CLICKING HERE