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Watch owned by China's last emperor sells for $5 million

A Patek Philippe wristwatch once owned by China's last emperor sold for more than $5 million on the auction block in Hong Kong on Tuesday.

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It was expected to fetch about $3 million but, after about five minutes of spirited bidding, it was sold for HK$40 million ($5.1 million). With the commission fee, the total price came to about $6.2 million. Thomas Perazzi, Phillips' head of watches in Asia, said he was "thrilled with this groundbreaking sale" because it set records.