Francis Ford Coppola Sells Unique Watch for $10.8 Million Amid Financial Struggles

Oscar-winning filmmaker Francis Ford Coppola has sold a unique F.P Journe wristwatch for a staggering $10.8 million at an auction in New York. This prototype watch far exceeded its estimated value, which was initially set at $1 million.

The sale comes as Coppola faces financial struggles after investing millions of his own money into his latest film, 'Megalopolis,' which performed poorly at the box office. The watch, known as the F.P Journe FFC, was created specifically for Coppola after he met the watchmaker in 2012 at his Inglenook winery in Napa Valley, California.

The inspiration for the design came from a conversation about using a human hand to indicate time, culminating in a piece that represents a collaboration between great creative minds. The FFC is not only the first watch designed by Francois-Paul Journe based on someone else's idea, but it also carries historical significance, drawing inspiration from Ambroise Pare, a 16th-century pioneer in prosthetics.

The auction attracted global bidders, with the watch selling after eleven minutes of bidding to an anonymous buyer on the phone. This sale sets a new world auction record for F.P Journe and marks the highest price for a watch sold by an independent watchmaker.

Additionally, the total auction raised $43 million from 144 lots, showcasing other notable pieces from Coppola's collection, including a Patek Philippe Calatrava, which sold for $87,630, and an IWC Schaffhausen Portugieser Chronograph, selling for $21,000.

The auction was an impressive display of luxury timepieces, with each piece reflecting Coppola's taste and the art of horology.