Phillips in Association with Bacs & Russo Geneva Watch Auction Four sale in Geneva featured the Patek Philippe Ref. 1518 in stainless steel, a rare perpetual calendar chronograph with moon phases. Bidding started at 3 million Swiss francs (£2.41 million) and minutes later the final hammer price weighed in at 9.6 million Swiss francs (£7.73 million.) Including buyers’ premium, the total final price was 11 002 000 Swiss francs (£8 855 458.)

The 1518 was produced in the beginning of 1941, and was the world's first perpetual calendar chronograph wristwatch to ever be produced in a series by Patek Philippe and any other watch manufacturers. The timepiece in Phillips sale on 12th November is number one in a series of only four that are known to be in existence.

The previous record for a wristwatch was set last year at a sale hosted by charity auction organisation Only Watch in which a Patek Philippe Ref. 5016 sold for 7.3-million Swiss francs (£5.88 million.)