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Record Price for Timepiece at Geneva Auction

"The Henry Graves Supercomplication" handmade watch by Patek Philippe, Sotheby's auction house, Geneva Nov. 5, 2014.

A 1925 pocket watch described as a "masterpiece" in the art of watchmaking has set a world record for the highest price ever paid for a watch at auction.

An anonymous buyer paid $24 million Tuesday at the sale in Geneva by Sotheby's auction house.

Experts deemed it the most complicated watch ever made until the age of computerized timepieces.

The watch was made by famed Swiss watchmaker Patek Philippe for New York City banker Henry Graves in 1925.

Its many features include a perpetual calendar, a chart showing the phases of the moon, the times of sunrise and sunset in New York City, and Westminster Chimes that ring every 15 minutes.

Some information for this report comes from AFP and Reuters.