Luxury watch scoops millions at auction

First published: 12-05-2010

A unique Patek Philippe watch has been snapped up at an auction for £3.76 million.

It is rumoured to have been purchased by a private museum in Switzerland and is believed to have been sold for more than double the pre-sale estimate.

The timepiece is now believed to have set a new record for a yellow gold watch at Auction, Christie''s revealed.

Aurel Bacs, international co-head of Christie''s watch department, described the item as the "Mona Lisa of all watches" and revealed it was one of 20 pieces sold by a European collector.

The auction house quoted the buyer as saying: "In my opinion, wristwatches are the most beautiful wearable item created in the 20th century."

Patek Philippe is renowned for its stylish and elegant collection of watches, which include the round-faced Calatrava and Aquanaut and square-faced Twenty_4 and Complicated.