In 2021, where most people just use their phone or a smartwatch to tell the time, the idea of spending thousands – if not tens of thousands – of dollars on
a high-end mechanical watch seems completely absurd. But watches are more than just horological instruments: they’re pieces of art that you can wear on your wrist.
Just like art, you don’t need to spend a lot of money on a watch to get something cool or beautiful. Real watch collectors have just as much love for Casio and Seiko as they do for OMEGA and Rolex, for example. Also like art, many people buy expensive watches just to flaunt their wealth, not because of any sincere appreciation for what they’re buying – which is a shame, but such is life.
But we’re not here to philosophise about the nature of watches or art. We’re here to share what are, undeniably, the most expensive and valuable watches of all time. These are the absolute height of luxury and excess – they make Hublots and Richard Milles look like peasant’s watches in comparison.
Watch the top 5 most expensive watches of all time sold at auction below.
Let’s dive a little deeper and explore why these watches are so desirable and able to command such insane prices at auction.
1953 Patek Philippe Gobbi Milan ‘Heures Universelles’ (ref. 2523) – US$8,967,000
Spoiler alert – 4 of the top 5 on this list are Pateks. That’s perhaps not so surprising: Patek Philippe has long been one of the most desirable and exclusive watchmakers on the planet, and forms one-third of the exalted ‘Holy Trinity’ of watchmaking alongside Audemars Piguet and Vacheron Constantin.
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This Patek is a rare ‘double-signed’ world time watch in pink gold. ‘Double-signed’ watches are those that feature not only the brand name or logo of the manufacturer but also of another retailer, typically a boutique or jeweller. For example, Rolexes sold by Tiffany & Co. used to be stamped with Tiffany’s logo.
Double-signed watches are generally highly desirable and rare. As the name implies, this one was sold by Milanese retailer Gobbi. Moreover, it’s thought to be the only double-signed ref. 2523 in existence and one of only tow or three ever made.
1943 Patek Philippe Stainless Steel (ref. 1518) – US$11,137,000
A pristine example of the world’s first perpetual calendar chronograph wristwatch in stainless steel, this Patek is a real treat. When it sold at auction back in 2016, it was the most expensive watch of all time – but it has since been eclipsed by other, even rarer watches.
Generally speaking, stainless steel Pateks are highly desirable – in many cases, they’re more coveted than Pateks made from precious metals, such as gold or even platinum. Partly, it’s a supply issue: only around 20-30% of total Patek production is stainless steel watches, so naturally, demand far outstrips supply.
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1968 Rolex Cosmograph Daytona ‘Paul Newman’ (ref. 6239) – US$17,753,000
It’s perhaps fitting that the only non-Patek in the top 5 most expensive watches of all time is a Rolex. Rolex is easily the world’s biggest watch brand as well as perhaps the world’s most valuable brand full stop. It’s a byword for luxury, success and exclusivity… And this is the most exclusive (and famous) Rolex of all time.
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‘Paul Newman’ Daytonas, named after the American actor, race car driver and salad dressing mogul who popularised the watch, are unbelievably popular, but this one takes the cake: it’s one of only a few actually owned by Paul Newman, and the only only “exotic”-dialled one (i.e. the only ‘Paul Newman’) at that.
It’s even got an engraving on the back that reads “DRIVE SAFELY – ME”. Talk about a Holy Grail…
1932 Patek Philippe Henry Graves Supercomplication (piece unique) – US$23,983,000
Back to your regularly scheduled Patek programming. This is the only pocket watch on the list, and it’s an absolute behemoth of a pocket watch, too.
Made especially for Henry Graves Jr., a prominent American banker, this was for a very long time the most complicated watch in the world. It boasts a whopping 24 different functions, including Westminster chimes, a perpetual calendar, sunrise and sunset times, plus a celestial map of New York as seen from Graves’ old apartment at 834 Fifth Avenue.
Graves spent CHF 60,000 (US$15,000) when he commissioned the Supercomplication back in 1925. Adjusting for inflation, that’s roughly equivalent to $229,533 in 2021. A bargain, all things considered.
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2019 Patek Philippe Grandmaster Chime ‘Only One’ (ref. 6300A-010) – US$31,000,000
And now for #1: the most expensive watch of all time. The Grandmaster Chime ref. 6300 is the most complicated watch Patek currently makes, with 20 complications including 5 chiming modes. This is the only one in stainless steel (hence the name, the ‘Only One’, which even features on the dial) – but it’s not just the case material and dial that makes this timepiece special.
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The ‘Only One’ was created specifically for Only Watch: a biennial charity watch auction that supports research into Duchenne muscular dystrophy. The world’s top watchmakers create exotic, special, typically one-off watches for the auction in order to raise the most money for charity, and this was Patek’s 2019 entry.
$31 million on a watch is excessive, but when you consider that the bulk of that went to charity, it makes it a little easier to justify. We guess.
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