The Patek Philippe Grandmaster Chime Ref. 6300A sold for CHF 31 million (over $31 million) at the 8th Only Watch auction in Geneva on Saturday.This record-smashing price makes it the most expensive watch in the world.Only Watch is a biennial charity auction, with proceeds benefiting the Monaco Association against Duchenne Muscular Dystrophy, which funds research into finding a cure for Duchenne Muscular Dystrophy.Visit Business Insider's homepage for more stories.On Friday, there were rumors in Geneva that thePatek PhilippeGrandmaster Chime Ref. 6300Acould sell for over $20 million. But when the hammer finally fell on Saturday at the Only Watch auction, crowds were stunned when the watch sold for a whopping $31,194,370, a figure that cements its place as the most expensive watch in the world. Previous record holders include Patek Philippe's Henry Graves Supercomplication, which sold for $24 million in 2014, and theRolex Paul Newman Daytona wristwatch, which sold for $17 million in 2017.Let's keep in mind that while the Patek Philippe Grandmaster Chime is the most expensive and covetable watch in Patek Philippe's collection, with 1,366 movement components and 214 case components, this version is in steel. If this wasn't for charitythe proceeds from Only Watch benefit research into Duchenne Muscular Dystrophywe might think the watch collecting world had truly gone crazy. Previous iterations of the Grandmaster Chime include the Ref. 5175R in 18-karat rose gold, a $2.5 million variant introduced in 2014 for Patek Philippe's 175th anniversary. Another, the $2.2 million Ref. 6300G, was made in white gold. The Ref. 5175R was limited to just seven pieces, one of which lives at Patek Philippe's museum. The Ref. 6300G was technically not limited, but you can bet that very few have been made.What ultimately sent the Ref. 6300A into the stratosphere is the fact that this version is one-of-a-kinda fact emphasized on the dial, which spells out "The Only One." More importantly, it was available to anyone willing to shell out enough money. Other Grandmaster Chimes are reserved only for Patek Philippe's top collectorsand even they have to submit an application to prove they're more worthy than their equally wealthy counterparts. Topping it off is its golden opaline dial (sometimes referred to as salmon), a treatment that has become highly collectible. The dial on the other face is in ebony black. Ultimately though, the icing on the cake was that it comes packaged in a steel case. Steel is not a precious or rare metal, of course, but in recent years it has increasingly become the most covetable material in watch collecting.Here's to hoping the $31 million achieved for the steel Ref. 6300A helps find a cure for Duchenne Muscular Dystrophy.SEE ALSO:The woman who found a $250,000 Rolex in her thrift-store couch 'did all the right things,' according to the expert collector who later bought her watch himselfDON'T MISS:Here's how you can tell a watch might be worth more than it appears ' or if it's actually a 'super fake' designed to fool even the expertsJoin the conversation about this storyNOW WATCH: Traditional Japanese swords can take over 18 months to create ' here's what makes them so special
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