“I am not surprised the watch went up to a hammer price of US$750,000 (RM2.91 million). This watch, for sure, was going to hit a record,” Bob Xue, an associated specialist in the watch department at Christie’s in Dubai, said.

The watch’s sale tag of US$912,500 (RM3.535 million) included a buyer’s premium, he said.

Made in 1944 and embossed with an old Egyptian royal crest, the Patek Philippe 1518 with perpetual calendar and chronograph is said to be one of only 281 such models ever made by the prestigious Swiss watchmaker.

The 1518 series was the first by any watch manufacturer to combine perpetual calendar and chronograph.

Christie’s had a presales estimate of US$400,000 (RM1.6 million) to US$800,000 (RM3.1 million) for the watch ahead of the auction, which took place on Friday.

King Farouk, Egypt’s last king before a 1952 revolution overthrew the monarchy, was a collector of rare watches, a hobby inherited from his father, King Fuad.

He owned Patek Philippe and Vacheron Constantin watches, and also collected cars and coins.