In 1999, Sothebys auctioned off a Patek Philippe Supercomplication pocket watch that had belonged to renowned collector Henry Graves Jr. for $11 million. It was the highest price ever paid for a watch at auction and nothing came close in the intervening years. Until now. And it was for the same watch. On Tuesday in Geneva, Sotheby’s dropped the gavel on the Graves Supercomplication for a record-setting $24 million, which works out nicely to a million bucks for every hour in the day.

The gold watch weighs more than a pound and performs 24 functions, which include showing the night sky over Central Park. It was built for banker Henry Graves Jr. starting in 1925, and it took seven years to complete the assembly, which was done entirely by hand.

The Supercomplication belonged to the Qatari royal family, but they put it up for auction to help pay debts to Sotheby’s. The winning bid was placed by watch consultant Aurel Bacs, but it is unknown who he was placing the bid for.

Justin Tejada is a writer and editor based in New York City. Follow him on Twitter at @just_tejada.