A Patek Philippe watch has sold for a record $31M at a charity auction hosted by Christie’s in Switzerland.

The Patek Philippe Grandmaster Chime Ref. 6300A sold for CHF 31 million (over $31 million) at the 8th Only Watch auction in Geneva on Saturday.This record-smashing price makes it the most expensive watch in the world.Only Watch is a biennial charity auction, with proceeds benefiting the Monaco Association against Duchenne Muscular Dystrophy, which funds research into finding a cure for Duchenne Muscular Dystrophy.

Let’s keep in mind that while the Patek Philippe Grandmaster Chime is the most expensive and covetable watch in Patek Philippe’s collection, with 1,366 movement components and 214 case components, this version is in steel. If this wasn’t for charity — the proceeds from Only Watch benefit research into Duchenne Muscular Dystrophy — we might think the watch collecting world had truly gone crazy.

Source: CNN