This Jacob & Co. timepiece is fronted in crystal-clear sapphire. Jacob & Co. When it comes to pricey timepieces, most people think of brands like Rolex, which sells watches that can cost tens of thousands of dollars. But in reality, that's just the tip of the iceberg.

The 11 watches below are the latest crop of the most expensive on the market today, and many of them are going for millions of dollars. Most were recently unveiled at Baselworld 2016, the luxury-watch industry's biggest trade show, which takes place annually in Basel, Switzerland.

Why so costly? The complexities of the mechanics and the additions of precious gems — think lots of diamonds — up the ante for these accessories.

Check out the best of the best below: