Royal Rashid Bin Humaid Al Nuaimi spotted wearing a Richard Mille

Reeling in fish off the coast of Ajman, Prince Rashid Bin Humaid Al Nuaimi was photographed wearing what may be the single most coveted flyback chronograph in current circulation: the Richard Mille RM 11-03 Automatic Ultimate Edition. The setting — relaxed, utilitarian, deeply informal — only underscores the watch's paradox: a $195,000 list-price instrument built for punishment, now changing hands at multiples that rival fine art.

The Richard Mille RM 11-03 Automatic Ultimate Edition carries reference RM11-03 and represents the final production run of the RM 11 family, a line that debuted in partnership with Felipe Massa and helped establish Richard Mille's reputation for motorsport-grade horology. The case construction is central to this piece's identity: the top and bottom plates are rendered in Carbon TPT®, Richard Mille's proprietary carbon fiber composite laid up in 45-micron layers at alternating angles, while the middle section deploys turquoise quartz TPT® — silica filaments infused with turquoise pigment that produce a visually unrepeatable marbled surface. No two cases look identical.

Inside, the calibre RMAC3 automatic movement is constructed entirely from titanium, keeping mass low and structural integrity high. The movement integrates a flyback chronograph, an annual calendar, and a GMT function — three complications sharing a single skeletonized architecture — with a 55-hour power reserve. The architecture draws on Richard Mille's Formula 1-derived philosophy: every gram justified, every component load-bearing.

Collector significance is hard to overstate. Richard Mille produced exactly 200 examples of the RM 11-03 Automatic Ultimate Edition before closing the reference permanently. The edition sold out through authorized channels almost immediately, and the grey market responded accordingly: examples are currently trading at approximately $850,000, a markup of roughly 335 percent over retail. That trajectory places it alongside the RM 27 and RM 56 families as one of the brand's most aggressively appreciating references.

Prince Rashid Bin Humaid Al Nuaimi, a member of the ruling family of the Emirate of Ajman, is no stranger to exceptional horology, and this sighting adds the RM 11-03 Automatic Ultimate Edition to an informal register of royal-endorsed Richard Mille references that consistently influence secondary-market sentiment.