Luxury watch sells for a record $31 million

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Luxury watch sells for a record $31 million
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The Patek Philippe watch, which sold for over $31 million, has never been worn -- it was created specially for Saturday's auction in Geneva to raise money for research into Duchenne muscular dystrophy

A watch by Swiss luxury brand Patek Philippe has sold for over $31 million, the highest price ever paid for a timepiece at auction.

The Grandmaster Chime 6300A-010 has never been worn -- it was created specially for Saturday's auction in Geneva to raise money for research into Duchenne muscular dystrophy, according toIt is the only version of the timepiece ever produced in stainless steel and the alarm sub-dial is marked with a special inscription,"the only one."

The watch has a reversible case in black and rose gold, 18-karat solid gold dial plates and is fixed with a band made of black, hand-stitched alligator leather. It also includes all the features one might expect of luxury timepiece: gold Breguet numerals, a hand-guilloched hobnail center, a year display and a plethora of sub-dials.Its sale on Saturday to a mystery buyer for 31 million Swiss francs, or $31.1 million, promotes it to a highly exclusive club.

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