The Only Watch charity auction, which raises money for Muscular Dystrophy research, earned a record CHF 10,776,500 (£8.27 million) at a sale in Geneva this weekend.
The auction sold 50 unique timepieces that were designed and donated specially for the auction by most of the world’s leading watchmakers.
As expected, a Patek Philippe’s Ref.5208T-010 model reached the highest price on the day when the hammer dropped on a bid of CHF 6,200,000 (£4.75m), six times higher than its pre-sale estimate.
More surprising was the price of CHF 350,000 (£268,000) paid for a Tudor Black Bay Bronze model, a watch with a pre-sale estimate of just CHF 5500 (£4220).
It is the highest price ever paid for a Tudor watch, according to the auction house, and demonstrates growing excitement for the Rolex-owned company. It may also signal a move towards producing more limited editions, a strategy that neither Rolex nor Tudor favours.