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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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Those records included "the highest result of any Patek Philippe reference 96 ever sold", according to a news release. The Ref 96 -- austere compared to the usual luxury pieces on sale in auction houses -- was the first complication wristwatch serially produced by Patek Philippe, with Perazzi saying there are currently only "three examples known" in the world.