In a remarkable auction event in Hong Kong, a rare luxury watch that was once owned by China's last emperor, Aisin-Gioro Puyi, has fetched a record-breaking price of $6.2 million.

The exquisite piece, a Patek Philippe Reference 96 Quantieme Lune, is one of only eight known to exist. The six-minute bidding war concluded with an Asian collector from Hong Kong securing the watch over the phone. This sale sets a new record for both wristwatches previously owned by an emperor.

The auction was managed by Phillips, a London-based auction house. Thomas Perazzi, Phillips' head of watches for Asia, expressed delight at the successful sale, stating that it was the result of more than three years of rigorous research to confirm the watch's provenance. He added that this achievement establishes Hong Kong as a premier hub for fine watches and highly significant collectible timepieces.

The 86-year-old timepiece has a fascinating history. It was given by Puyi, the last emperor of the Qing Dynasty, to his Russian interpreter Georgy Permyakov during his imprisonment in the Soviet Union after World War II. The exact circumstances of how the watch came into Puyi's possession remains unclear.

Patek Philippe watches have long been sought-after by collectors. In 2019, a one-of-a-kind Grandmaster Chime from the Swiss manufacturer became the most expensive watch ever sold at auction, commanding a price of $31.2 million.

Watchmaker John Ng, a prominent figure in Hong Kong, noted that the sale of the emperor's watch may lead to a new trend in the market. He suggested that smaller and more intricate timepieces might garner increased attention, considering the current popularity of larger, minimalist watches.