A historically important wristwatch made by independent French watchmaker Francois-Paul Journe sold for a record at auction in Geneva, fetching 7.32 million Swiss francs ($8.4 million).

The price is the highest ever paid for a wristwatch made by Swiss-based Journe and the most for one by an independent maker at auction. The pre-auction price estimate was in excess of 2 million francs.

Produced in 1993, and put on the block by auction house Phillips in Geneva on Friday, it was the first wristwatch that Journe ever sold and is considered the timepiece that launched his Swiss-based brand and his career as an independent. 

The ‘Tourbillon Souverain à Remontoire d’Egalité’ embodies an “Adam and Eve,” moment for the career of F.P. Journe, his brand and business, Phillips auctioneer and senior consultant Aurel Bacs said during the sale. The watchmaker himself was among the crowd of bidders and onlookers.

The record result cements Journe’s place in the top echelon of contemporary independent watchmakers whose unique pieces can sell for millions at auction.

Before he produced and sold this wristwatch, Journe had only made pocket watches or created movements and watches for other brands including Cartier. The first F.P. Journe wristwatch he made was for himself and was not sold to the public.

The F.P. Journe brand now produces fewer than 1,000 timepieces a year, with buyers placed on waitlists that can last for months or even years.

The Phillips auction also featured the first Rolex Rainbow Daytona chronograph made by the biggest Swiss brand. The unique watch, made in 1994 and encrusted with sapphires and diamonds, sold for 5.5 million Swiss francs, including fees, surpassing the pre-auction estimate of 3 million francs. That’s the highest price paid at auction for an automatic winding Rolex Daytona chronograph, Phillips said.