A tense bidding war over a rare Patek Philippe watch made history. The extraordinarily rare Patek Philippe Ref. 2523 "South America" sold for CHF 7,961,000, or roughly $10,247,000 USD, during Phillips' Geneva Watch Auction: XXIlI on Saturday (May 9) in Geneva, according to Timekeeper's Club . The result set a world-record price for the reference and made the watch only the second vintage Patek Philippe wristwatch ever to surpass 10 million USD at auction, behind the stainless steel Patek Philippe Ref. 1518—which was sold by Phillips last November. Per Timekeeper’s Club, the sale took place in front of a packed room with heavy online and phone participation before narrowing to “an extended battle between telephone bidders and a room bidder,” with the winning bid ultimately coming from the room. Widely considered one of the ultimate trophy watches among collectors, the 18k yellow-gold, two-crown Ref. 2523 features a polychrome cloisonné enamel dial depicting a map of South America.…