A rare Rolex split-second chronograph watch has fetched a record price at a Christie's auction in Geneva, being sold for $1.16 million dollars, satisfying predictions that it would become the first million-dollar Rolex watch.

Produced by Rolex in 1942, the watch is one of only 12 models created, of which only eight are known to have survived.

The lot summary on Christie's website describes the watch as An extraordinarily rare, oversized stainless steel split seconds chronograph wristwatch with...nickel-finished lever movement, 17 jewels, silvered matte dial, applied pink gold Arabic and baton numerals, outer minute divisions, blue telemetre and black tachymetre scales, two subsidiary dials for constant seconds and 30 minutes register, oversized circular case, fluted lugs, snap on back, split seconds chronograph mechanism operated through two rectangular chronograph buttons in the band and one round chronograph button in the crown.

The auction was held at the Four Seasons Hotel des Bergues in Geneva, which is world famous for its watch production.