I remember the blog about that Italian banker who had a "fettish" for stainless steel Patek's. One of his was purchased for more than this I believe...
Obviously it is not the metal here, I wouldnt either and agree.. But if your bank account was a few decimals to the right then what is a few million. That is the only way I can see this selling for that. And in this industry they are out there, and you only need one.