When it comes to the world of high-end watches and timepieces, everyone knows that a watch made in Switzerland is automatically better. The Swiss have dominated the watch industry for some time now, and there are a wide range of different brands that offer all kinds of different watches. While many would consider a $2,000 dollar Omega Seamster to be an expensive watch, by Swiss standards, that’s one of the more affordable options. Out of all the watch brands and manufacturers from Switzerland, one remains to be the industry leader: Patek Philippe. Simply mention their name, and people know that we are talking about some of the nicest and most expensive watches in the world. Recently one of their watches, the Patek Philippe 5016A, was sold at auction for the incredible price of $7.26 million dollars. That figure alone makes the Patek Philippe 5016A the most expensive wristwatch ever sold. So what makes this timepiece so expensive? Let’s take a close look at the most expensive watch in the world.
The Patek Philippe 5016A was sold at the “Only Watch” auction that was held in Geneva. The auction takes place every other year and it is a charity auction whose proceeds go to benefit those that suffer from Duchenne Muscular Dystrophy, an extremely rare and serious form of muscular dystrophy. The 5016A was the only timepiece that Patek Philippe contributed to the event, but it was more than enough. Right away, the charity is one reason that this watch was sold for an extremely high price, but there are obviously more reasons.
The next major reason that this watch was sold for $7.26 million dollars is that it is a one-of-a-kind timepiece. While they do have a line of 5016 watches, the 5016A stands on its own as the only one of its kind and the 5016 line has long been phased out. Standard Patek Philippe watches are already extremely desirable, but as soon as you’re dealing with a completely unique watch that will never be produced again, suddenly people become more interested. Additionally, it also seems as it took a lengthy and involved process to produce this watch. According to Patek Philippe, they began working on the 5016 reference in 1993, and then completed it in 2011. So not only are we dealing with a one-of-a-kind timepiece from the leading name in luxury Swiss watches, but also a watch that was at least 18-years in the making.
Now that we got that out of the way, let’s actually talk about the watch and what it has to offer. The most surprising thing about this watch are the materials used. Instead of using a high-quality metal, Patek Philippe used stainless steel for the case of the 5016A. You’d expect a $7.26 million dollar timepiece to be made from gold or titanium, however that is not the case at all. The choice to use stainless steel was very interesting, however Patek Philippe never imagined that the watch would sell for $7.26 million. The watch was initially estimated to sell for somewhere between $698,000 to $898,000 dollars, but that figure was obviously shattered. Still, despite the use of stainless steel, the 5016A is a beauty. It has a stylish blue face that coupled with its blue strap, make it a very visually appealing watch. On the face we see indicators for the time, the full date, the phases of day and night, and more. But at the heart of this timepiece is the most important aspect of this watch: its complication.
Back in history, the 5016 was the most complex watch that Patek Philippe made. While that has changed now, the 5016 is still a truly incredible movement. According to Patek they wanted to combine the three “grand” complications into one unique complication. So that means this watch features a tourbillon, a minute repeater, and a perpetual calendar. The amount of skill needed to create and design a watch like this is almost inconceivable, but we’d expect nothing less from one of the best watch manufacturers in the world. Patek Philippe were able to cram all of those things into one complication that fits in a wristwatch that measures out to be 36.8 mm in diameter; a true feat of watch engineering.
While the 5016A is made from stainless steel, it is still a magnificent watch that can stand on its own. You can’t buy a 5016 new nowadays, so the 5016A was extremely sought after by collectors. Not only does it have one of the most intricate and impressive complications seen in a timepiece, it is also a one-of-a-kind unit. Combine those features and with the fact that it was sold at a charitable auction, and you will soon see as to why it was sold for $7.26 million dollars. While it may not be inherently “worth” that price, given their initial cost estimates, it is still the most expensive watch that was ever sold to the public.
Photos from www.phillipswatches.com
