Patek Sells Out Line of Watches That Cost as Much as a Yacht

Patek Philippe’s $2.5 million Grandmaster Chime watches sold out just months after they debuted, a sign of the buoyancy at the top of the luxury-goods market as buyers paid as much for a timepiece as they could have spent on a yacht.

Six of the pieces commemorating Patek Philippe’s 175th anniversary have been ordered, and the seventh will be showcased at the Geneva-based watchmaker’s museum. The line is still in production, and the third will be delivered to its new owner next month, Chairman Thierry Stern said Wednesday in an interview at the watch fair in Basel, Switzerland. It will take two years to make all of them.