Recently a Patek Phillipe wristwatch was sold at an auction in New York City for a new US record price of $1,240,400 (£620,000). The watch was a “Pink Gold Sky Moon Tourbillon” (pictured right), crafted from 18K pink gold in 2003. As the name suggests, the watch is equipped with a tourbillon, but it also has a perpetual calendar, moon phase and orbit displays, and a nocturnal sky map of the northern hemisphere, which is viewable on the reverse side.

Several other Patek Phillipes were sold for high prices at the same auction, including a very complicated 1992 18K yellow gold minute-repeater, which fetched $383,000 (£191,000). Other manufactures watches were also sold, such as a Richard Mille RM008 “Tourbillon Split-Seconds Chronograph”, which sold for $299,600 (£150,000). The auction was held by Antiquorum, and it attracted a lot of attention from buyers all over the world - including Malta and Singapore.