Watch fetches more than $6 million at New York auction

A limited-edition Patek Philippe watch designed in conjunction with Tiffany’s sold for more than $6 million at auction Saturday.

Bidding was fast and furious for the Patek Philippe 5711 1A-018 timepiece at a live Phillips auction on Park Avenue.

The watch, which features a Tiffany & Co. signed dial, sold for $5,350,000, with the auction house premium taking the total price tag to $6,503,000. The winning bid was made by an unnamed New Yorker, who was bidding online, according to a report.

The bidding took a little more than 14 minutes and began at $20,000, quickly rising in increments of at first $50,000 and then $500,000, according to the report.

The Swiss luxury watch, which was crafted in a limited edition of 170, is being marketed by Tiffany & Co. in the US, the report said.

The highest price ever paid for a watch at auction was $31.19 million for the Patek Philippe Grandmaster Chime Ref. 6300A-010 in Geneva in Nov. 2019.

All proceeds from the auction will benefit the Virginia-based Nature Conservancy non-profit, which runs environmental programs around the world.