Geneva  - In spite of the global financial crisis, auction house Christie's managed to beat expectations at its most recent watch sale in Geneva, a Christie's official said Tuesday.

"The auction was a big success," said Carine Decroi.

She said the total sales figure of 17.8 million Swiss francs (11.8 million euros) for the luxury watches far exceeded early estimates and was "extremely encouraging" in light of the world's current economic woes.

An 18 carat gold watch by Patek Philippe sold for over 950,000 francs, setting a world record for the piece.

Over 125 international bidders, including private collectors and museum curators, took part in the auction on Sunday. (dpa)