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Geneva, Switzerland--At a recent auction, a pristine Rolex Milgauss from 1958 achieved a record-shattering $2.5 million price tag, setting a new high for the specialized Swiss watch for scientists. 

[Image via Creative Commons]

Constructed from stainless steel, this unique watch was engineered to withstand magnetic fields, and its design elements, including a black honeycomb dial, lightning bolt-shaped hands, and a rotating bezel, have made it a coveted collectors' item.

In the auction, Phillips Auctioneers fielded the winning bid of 2.24 million Swiss francs, marking a record-breaking price for a Milgauss, doubling the earlier 1 million franc record, as per a news report in Jacksonville’s News & Talk 

A similar Milgauss piece from the same year fetched 317,000 francs at a Christie's auction in 2013, while Phillips sold another for slightly over 300,000 francs last year.

According to insiders cited by Bloomberg, the top bidder could be Rolex. However, the Swiss luxury watch manufacturer has yet to confirm this. It's common for high-end watch brands to acquire vintage or rare iterations of their creations for preservation in museums or archives.

Intended for use by researchers in labs, the robust steel case of the Milgauss was designed to resist magnetic fields. After gracing the wrists of enthusiasts for 65 years, this iconic timepiece was officially discontinued by Rolex in March last year.

Learn more in the report in Jacksonville’s News & Talk.