Most expensive watch on Earth sells out in months at R32-million a piece

The world’s most expensive watch - The Grandmaster Chime – took eight years to develop and costs R32-million, about the same as a 64-foot Italian-made Azimut yacht with oak and leather interiors and a walk-in closet (or a mansion on Cape Town’s Atlantic Seaboard).

To celebrate its 175th anniversary Swiss luxury watchmaker Patek Philippe made seven Grandmaster Chimes of which six has been sold within months.

Patek Philippe will showcase the seventh one at the Geneva-based watchmaker’s museum.

You don’t ever own a Patek Philippe. You simply look after it for the next generation.

Patek Philippe, luxury watchmaker

Three crazy stats about watch sales and prices

  • The entire Swiss watch industry produced just 29-million finished watches in 2014.

  • Those watches represented just 2.3 percent of worldwide manufacture but nearly 67 percent of retail expenditure.

  • Watches with an RRP of over $10 000 accounted for 48.5 percent of retail expenditure on all watches worldwide in 2014, but only 0.1 percent of total unit sales.

(from Generator Research)

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