GENEVA, SWITZERLAND — Phillips in Association with Bacs & Russo has set a new world auction record for a wristwatch during its watch auction here on November 12-13.

The record-setting Patek Philippe Reference 1518 in stainless steel sold for $11,112,020 after a bidding war, more than tripling its estimate.

According to Phillips, the Patek Philippe Reference 1518 is one of only four examples known. Made in 1943, it is a stainless steel perpetual calendar chronograph wristwatch with moon phase, applied arabic hour markers, tachymeter scale and bracelet.

Overall, the sale achieved a total of $27,788,761.

Aurel Bacs, senior consultant, said it was a privilege to offer the stainless steel Patek Philippe Reference 1518. “It was breath-taking to stand in front of a packed saleroom with over 400 people and another 500 passionate watch enthusiasts from around the world following the auction online or over the phones – it was simply electric,” he said. “Its world record result is a strong testimony that the watch market is universally accepted as an important pillar of the international art collector community, and that Phillips’ strategy focusing on watches of the finest quality is the winning formula.”

For information, +41 22 317 81 81 or www.Phillips.com.