High Price of Time: $2.74 Million

The world’s most complicated watch, which took a team of jewelers nine years to design and assemble, became the world’s most expensive watch when it was auctioned off in less than two minutes Sunday for $2.74 million.

Bidding for the 18-carat gold Patek Philippe watch that packs 1,728 parts--but must be wound every 30 hours--began at $1.67 million and moved up quickly.

The buyer’s name was withheld, but the auctioneer--Habsburg, Feldman of Geneva--identified him as a South American. With a 10% commission and 6.2% federal sales tax, he will pay $3,169,000 for the timepiece.

Previously, the highest price paid for a watch at auction was $1.2 million in 1984 for a clock from the mid-17th Century.