The 1949 Rolex Oyster Perpetual model was designed by artist Marguerite Koch

May 15, 2014 12:55 GMT  ·  By
The 1949 Rolex Oyster Perpetual model was designed by artist Marguerite Koch
   The 1949 Rolex Oyster Perpetual model was designed by artist Marguerite Koch

Christie's auction house set a new world record this week after it brought the hammer down on the most expensive Rolex wristwatch ever sold at auction.

The item, a rare 1949 Rolex Oyster Perpetual, was put under the gavel on Monday and sold for a staggering $1.2 million (€875,300), according to NBC News.

The rare model is an 18-karat gold automatic watch with sweep center seconds and has a cloisonné enamel dial depicting a whale and a ship sailing through rough weather.

It was designed by artist Marguerite Koch and was expected to sell for between $570,000 (€415,540) and $1.13 million (€823,800). However, an anonymous bidder brought the final price to $1,220,632 (approx. €890,000).

The Christie's watch sale in Geneva, Switzerland, also included a Patek Phillippe wristwatch from the early 1900s, that sold for over $1.34 million (€977,000). The piece was reportedly made for banker and watch collector Henry Graves Jr.

A total of 435 watches were put up for sale on Monday, 91 percent of which found a new owner. Total bids at the watch sale reached $26.5 million (€19.3 million).

According to luxury real estate consultancy Knight Frank, the market for collectible watches grew about 4 percent over the past year, and 32 percent over the past five years, despite the global economic uncertainty.