This one-of-a-kind timepiece by Patek Philippe beat the former record holder by a cool US$7 million

A new world record for the most expensive watch ever sold was set at Only Watch, a charity auction held in Geneva, on November 9th.

The record-shattering watch is a one-of-a-kind Patek Philippe Grandmaster Chime Ref. 6300A, which sold for a jaw-dropping US$31 million. The timepiece was created specially for Only Watch, and is the only one that will ever be made in stainless steel. 

The Grand Chime is the most complicated wristwatch by Patek Philippe and this iteration is no exception, with four spring barrels driving 20 complications, including a grande and petite sonnerie, a minute repeater, instantaneous perpetual calendar with a four-digit year display, second time zone, day/night indicator, day/date (on both dials), month, leap-year cycle, four-digit year display and 24-hour and minute subdial.

Funnily enough, the previous record holder for "world's most expensive watch" was also held by a Patek Philippe timepiece—the Henry Graves. Jr. Supercomplication, a pocket watch which sold for US$24 million at Sotheby's Geneva in 2014.

See also: These Vintage Rolex Watches May Be The Most Expensive Ever Sold