There's a reason Richard Mille watches are known as "the secret billionaire's handshake." The brand is largely known only among the billionaires (and the occasional nine-digit millionaire) who can afford them. But now Mille has taken prices, and watchmaking, to a new extreme with his latest watch, which touts a $2.2 million price tag. However, even if you can afford it, don't bother trying to buy one—it's already sold out. In an interview on CNBC Tuesday, Mille said all 10 of the RM 56-02 Sapphire Tourbillon watches he plans to make have already been ordered. The RM 56-02 has all the high-tech wizardry and physics-defying properties that make Mille watches such a status badge for the rich. To create one case for the watch takes 40 continuous days of machining and an additional 400 hours of machining and finishing for the different movement bridges. Mille makes only 3,000 watches a year, compared with the hundreds of thousands made by Rolex and others.
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-- By CNBC Wealth Reporter Robert Frank
First published July 15 2014, 10:54 AM