The Patek Philippe 1518 in steel formerly held the record of most expensive wristwatch ever sold at auction. It sold for $11 million at Phillips Geneva in November 2016.
Richard Mille makes the most expensive watches in the world, with an average sales price of $185,000.
The company just launched its $1 million McLaren-Honda watch — the lightest mechanical chronograph ever made — and sold out of all 70 pieces upon its release.
Richard Mille doesn't expect the rise of the Apple watch and other smartwatches to hurt its sales.