Gold pocket watch sells for record $24 million

GENEVA, Switzerland, Nov. 12 (UPI) -- Sotheby's auction house said a Switzerland auction winner is paying a record $24 million for a watch with 24 "complications."

The auctioneer said the "Henry Graves Supercomplication," a watch created by Patek Philippe in 1925 and named for the New York banker who ordered it, was sold Tuesday in Geneva for $21.3 million.

The bidder will pay a total $24 million including the commission, making the amount paid for the watch a new world record, Sotheby's said.

The watch is composed of 900 parts, which create 24 "complications," or additional functions, including a calendar, a celestial map, Westminster chimes and times for the daily sunrise and sunset.

The watch took five years to assemble, Sotheby's said.