Putin is selling his $1 million watch, and it's one of the rarest and most expensive in the world

Vladimir Putin won't be in Monaco for the Monaco Legend Auctions in July, but a piece of him will be.

The Russian president will be offering his Patek Philippe 5208P, a watch at the top of the storied Swiss brand's line.

The 5208P is an extremely complicated watch with features like a minute repeater (the watch will chime on demand when a button is pressed), a chronograph (a stopwatch), and a perpetual calendar, which takes leap years into account.

The watch is only sold to trusted clients of Patek (a.k.a. customers who buy a lot of their watches), and it retails for 980,000 Swiss Francs ($1 million), making it one of the most expensive watches at retail, according to Hodinkee.

See the timepieces worn by the most powerful men in finance:

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Watches worn by some of the most powerful men in finance
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Watches worn by some of the most powerful men in finance

Anthony Scaramucci, formerly of SkyBridge Capital

Anthony Scaramucci had been expected to serve in the Trump administration as the director of the office of public liaison and intergovernmental affairs, and won plaudits for his performance in Davos. He sold his alternative investment fund Skybrige Capital, which he founded in 2005, in January. It's now unclear whether Scaramucci will take up a role with the administration.

REUTERS/Ruben Sprich

Breitling Avenger - $5,835

Scaramucci was seen during the World Economic Forum sporting a Breitling Avenger, a luxury watch that retails for $5,835.

(Breitling)

Clifford Asness, AQR Capital

Cliff Asness is one of the co-founders of AQR Capital Management, a global investment firm based in Connecticut, US. The firm manages $180.6 billion as of December 31, 2016.

Photographer: Jonathan Fickies/Bloomberg via Getty Images

Patek Phillippe Perpetual Calendar - $41,500

Asness is pictured in the prior slide wearing what the Swiss watch experts at Crown & Caliber believe to be a Patek Philippe Perpetual Calendar. It costs a whopping $41,500 pre-owned.

(Truefacet.com)

Warren Buffett, Berkshire Hathaway

The 'Oracle of Omaha' is known for his frugality. The 86-year-old investment legend still lives in the house he bought for $31,500 in 1957 and he doesn't own a smart phone. But there is one the thing that gives away Buffett's vast fortune: his timepiece.

(Photo by Steve Pope/Getty Images

Rolex Day Date President - $34,050

Buffett is rarely seen without his gold Rolex Day Date President. The luxury watch retails for $34,050.

(Vesper & Co.)

James Gorman, Morgan Stanley

James Gorman is the Chairman and CEO of Morgan Stanley, an American investment bank with over $787 billion in assets as of 2015.

Photographer: Peter Foley/Bloomberg via Getty Images

Rolex Daytona - $12,198.99

Gorman has been photographed wearing many different watches. In the image on the previous slide he is sporting a silver Rolex Daytona. The watch can be purchased on Amazon for $12,198.99.

(Rolex)

Ray Dalio, Bridgewater Associates

Ray Dalio is the founder of Bridgewater Associates, the largest hedge fund in the world by assets under management. The firm manages over $104 billion as of December 2016.

With a net worth of over $16.8 billion, Dalio can afford to buy a lot of watches.

REUTERS/Ruben Sprich

Apple Watch - $269

At this year's World Economic Forum, Dalio was photographed sporting what appears to be an Apple Watch. They retail from $269 to $1049.

Apple

Stephen A. Schwarzman, Blackstone Group

Despite his fortune of over $10 billion, Stephen Schwarzman isn't flashy. The CEO of Blackstone Group, a private equity firm, uses a flip phone and prefers Swatches over luxury watches. 

(Photo by Emmanuel Wong/Getty Images)

Swatch Sistem51 - $150

He's pictured in the previous slide wearing a sporty Swatch Sistem51, which retails for a modest sum of just $150.00.

(Swatch)

David Solomon, Goldman Sachs

David Solomon is the president and co-chief operating officer of Goldman Sachs. He and Harvey Schwartz were named to succeed Gary Cohn in that role in December 2016.

Photographer: Patrick T. Fallon/Bloomberg via Getty Images

Shinola Runwell Chronograph - $750

Solomon has been photographed wearing a Shinola Runwell Chronograph. The watch retails for $750 on Shinola.com.

(Zappos.com)

Sergio Ermotti, UBS

Sergio Ermotti is the CEO of UBS Group, a multi-national financial services company based in Switzerland. Unsurprisingly the Swiss-native wears a Swiss watch.

Photographer: Philipp Schmidli/Bloomberg via Getty Images

Rolex Daytona - $13,995

He has been photographed wearing a leather band gold Rolex Daytona. A similarly styled Rolex Daytona can be purchased used for $13,995 on Crown & Caliber.

(Rolex)

Larry Fink, Blackrock

Larry Fink is the chairman and chief executive officer of BlackRock, the biggest fund manager in the world, with over $5 trillion in assets.

Photographer: Justin Chin/Bloomberg via Getty Images

Tag Heuer Grand Carrera - $4,657

The team at Crown and Caliber wasn't a hundred percent sure on this one. But their best guess is that Fink is wearing a Tag Heuer Grand Carrera in the picture on the previous slide. It goes for $4,657.25 on Jomashop.com.

(Jomashop)

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It's unclear what year Putin's watch is from, as the documentation is not dated, but it appears that it was purchased in London.

In some respects, it's not surprising that Putin would be selling such a rare and expensive watch. He's a noted watch fan, appearing on many occasions with watch selections only an aficionado would choose. The cost of these watches are several times higher than his declared salary of an estimated $112,000 a year.

Some have doubted that this is actually Putin's watch as the accompanying documentation says. Though Patek retailers are told to print the real name of the new owner when it is delivered, there's no way to verify it. In addition, Putin's middle name is usually spelled with an "H" in English.

The auction for the watch does not yet have an estimate, though it's certain to be high.

Vladimir putin's watchMonaco Legend AuctionsVladimir putin's watchMonaco Legend Auctions

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