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CHF 9.5 Million for a clock
At the ninth edition of Only Watch, Patek Philippe's contribution – a highly complicated clock inspired by a desk clock delivered to James Ward Packard in 1923 – sold for CHF 9.5 million, reaching the fourth-highest price paid at auction for a timepiece.
The Patek Philippe Complicated Desk Clock will surely be the top lot at this year's Only Watch (the auction was ongoing when this story was published), continuing a trend that was highlighted at the 2019 edition, when the Grandmaster Chime in stainless steel sold for CHF CHF 31 Million, becoming the most expensive watch in the world in the process... More here.
Some interesting comments were added to the above article concerning money laundering. It is not for me, and I would not dare, to comment on the validity of such a claim, but I have seen a few auctions where seemingly ordinary watches have achieved way above their retail pricing at auction and way above the current market value.
This presumably does not just happen with watches, but there comes a point where the prices are so high that the normal checks and balances do not seem to occur as they should.
Having said that, this clock is beautiful and extremely well made, and an example of how we are capable of building wonderful objects given enough time, money and passion.