Swiss pocket watch nets world record $24 million - Sotheby's

GENEVA - A gold pocket watch made by Patek Philippe for a New York banker in the early 1930s fetched 23.2 million Swiss francs (S$31 million) at auction on Tuesday, smashing the record for a timepiece it set 15 years ago, Sotheby's said.

Henry Graves commissioned the famed Swiss watchmaker to produce the world's most complicated watch and surpass one made for James Packard, the American automobile manufacturer.

"The Henry Graves Supercomplication re-established its supreme status as the most valuable timepiece in auction history, selling for CHF 23,237,000, thereby beating the record of $11 million it established in 1999,"Sotheby's said in a statement after the Geneva evening sale.