A Patek Philippe timepiece became the most expensive wristwatch ever sold at auction over the weekend, when it was purchased for $7.3 million. The watch, called the 5016A, sold at Phillips auction in Geneva for more than 10 times its low estimate of $700,000. The sale followed nine minutes of intense bidding by two anonymous phone bidders, and led to a standing ovation by the crowd at the La Reserve Hotel. The proceeds will go to charity.

This Patek Philippe watch sold for $7.3 million at auction. Source: Patek Philippe

While pocket watches have fetched far more at auction — the record-breaking Henry Graves Supercomplication made by Patek went for $24.4 million last year — the piece sold over the weekend set a record for a wristwatch.

The previous record for a wristwatch was a Patek 18-carat gold timepiece that sold at Christie's for $5.7 million in 2010.

