The extremely rare Rolex Split-Second was sold for a record $3.5 million at auction.

A rare Rolex with a split-second chronograph was sold for 3.3 million euros ($3.5 million) at an auction in Monaco, a record price for the model. The Rolex 4113, made in 1942 and one of only 12 ever made and nine known to exist, was sold on Saturday at an auction by the Monaco Legend Group. The sale beats the model’s previous record of 2.4 million Swiss francs ($2.6 million), which was paid in 2016 at a Phillips auction in Geneva.

Collectors are still willing to pay record sums for rare and unique items, despite the decline in used Rolex, Patek Philippe and Audemars Piguet watch prices, which peaked in 2022. The 4113 is an unusual Rolex and is believed to be the only chronograph that measures fractions of a second, also known as a rattrapante, ever produced by the Geneva-based watch brand. The watch has a case diameter of 44 millimeters (1.73 inches), making it one of the largest watches ever made by Rolex.

The watch comes from the collection of Auro Montanari, one of the world’s most renowned collectors and watch scholar. He also wrote several books under the pseudonym John Goldberger, including 100 Superlative Rolex Watches, which includes 4113 on the cover. The watch was auctioned off with the cheese knife Montanari used to remove the case of the watch to show its innards during a 2013 video.