Tonight, at the first session of Phillips Watches’ Geneva Auction Week: Seven, the Tiffany stamped 18K white gold Omega wristwatch that was presented to Elvis Presley on the occasion of his having sold 75 million records worldwide, has become the most expensive Omega wristwatch to have ever been sold at a public auction.

After much contest on the floor and on the phones, the final hammered price settled on a hefty USD1.5mil (before buyer’s premium). Word on the street is that the buyer is a representative from Omega.

The previous record holder for the most expensive Omega wristwatch to have been sold at auction was the stainless steel piece that housed the Calibre 30 I tourbillon movement. That watch sold for USD1.4mil, and this was with buyer’s premium included.