An incredibly rare Patek Philippe watch just shattered records at Phillips auction house in Geneva, selling for an astounding $11,022,778, lightyears ahead of its anticipated $3 million price.

The Patek Philippe Reference 1518 had long been among the world’s most coveted timepieces. Made in 1943, it boasts a perpetual calendar chronograph with moon phases, Arabic numerals and a stainless steel strap, a true rarity on the yellow gold and silver-favoring watch market.

(Photo: Phillips)

“It was a privilege for me to offer the stainless steel Patek Philippe reference 1518,” Phillips Senior Consultant Aurel Bacs said. “It was breath-taking to stand in front of a packed saleroom with over 400 people and another 500 passionate watch enthusiasts from around the world following the auction online or over the phones – it was simply electric.”

(Photo: Phillips)

(Photo: Phillips)

One of only four ever made in stainless steel, the sale is testament that rarity is paramount in vintage watch collecting.