A legendary Rolex once owned by the last emperor of Vietnam has set a new world record for the highest price ever achieved at auction.

The Rolex wristwatch fetched US$5,060,427 at the Geneva Watch Auction held by Phillips and Aurel Bacs on Saturday.

The rare watch was bought by Vietnam’s late emperor Bao Dai during Geneva peace negotiations in 1954 and was sold to an unnamed bidder on the phone, according to the auction house.

A closer look at the Bao Dai Rolex. (Photo courtesy: Phillips)

The bidding war lasted eight minutes among 10 in-room bidders at the Hotel La Reserve in Geneva, and three on the phone.

The Reference 6062: “Bao Dai” watch, crafted in 18-karat yellow gold with a triple calendar and moonphase indication, is one of only three black-dial models known to exist with diamond hour markers.

Bao Dai, which means “keeper of greatness”, was the 13th and final emperor of the Nguyen Dynasty. He officially took to the throne in 1925 at the age of 12.