A limited edition platinum Patek Philippe wristwatch brought $561,116 to Sotheby's Geneva on May 11.

The sale price represents a strong 23.8% increase on the watch's $453,325 top estimate.

Patek Philippe's Ref 5092 was launched in 1997

The luxurious watch, Ref 5092, was launched in 1997. In total, 30 watches were produced: 10 cased in platinum, 10 in white gold and 10 in yellow gold.

Although understated in appearance, the watch houses an extremely sophisticated mechanism - Patek Philippe experimented with a multitude of alloys before developing a brand new acoustic steel for the sole purpose of ensuring chime clarity.

The platinum, officer's style case was made by the firm's celebrated watchmaker Jean-Pierre Hagmann, and is duly stamped with Hagmann's sought after maker's mark, JHP, on the inside of the hinged case back.

Time pieces produced by pre-eminent Swiss watch manufacturer Patek Philippe seldom fail to do well at auction.

In April 2013, a remarkable single-owner collection of unique Patek Philippe clocks sold with strong results in Hong Kong. The elaborate Magpie's Treasure Nest Clock led the sale, racing past its $644,000 top valuation, making $2.3m - an increase of 260%.

Check out Paul Fraser Collectibles' guide to investing in watches and jewellery for more information on the sector.

We currently have this iconic Longines Olympic Series watch in stock.

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