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ichard Mille made the RM 11-03 from 2016 and released it in a run of named editions: a McLaren sold to McLaren’s supercar owners, a blue Jean Todt for its boutiques, a white-ceramic Le Mans Classic, and an Ultimate Edition that closed the RM 011 line. On 25 September 2026 all of them were asked well above a standard titanium example. The useful question is how far each sits above what Richard Mille charged for it.
Against Richard Mille’s launch prices, converted at the Reserve Bank’s rate of 24 September 2026, the McLaren is asked at about 1.7 times retail and the Jean Todt at about 1.9 times, each across eight or more priced Chrono24 listings. The Le Mans Classic’s only two priced listings sit at about 1.9 and 3 times retail, and a standard titanium RM 11-03 at about 1.3 times an approximate launch price. The Ultimate and Last Black are asked at A$605,232 to A$641,843, but no launch price was ever reported for either, so their premium over retail cannot be measured.[1][9][12][15][17]
All market figures are Chrono24 asking prices on 25 September 2026, not completed sales. Launch prices are those the watch press reported at release; Richard Mille does not publish prices.
Summary
Chrono24 listed 150 RM 11-03s in Australian dollars on 25 September 2026, 78 of them priced and none located in Australia. Sorted by edition and set against each edition’s own launch price, the named RM 11-03s fall into three groups: two premiums with real depth behind them, the McLaren and the Jean Todt; one large but thinly priced, the Le Mans Classic; and two with no launch price to measure against, the Ultimate and the Last Black.[1][17]
Two things change how those figures should be read. The Australian dollar buys about a fifth fewer Swiss francs than when the McLaren was released, so a premium quoted against a launch-day Australian-dollar price is partly currency. And premiums over retail move: Chrono24’s price history for a titanium RM 11-03 rose from just below its launch price in 2018 to a peak in 2022, and has fallen since.[3][17][18]
Asking prices exclude shipping; listings priced in other currencies are shown at Chrono24’s own conversion. Launch prices are as reported by the watch press, and only the McLaren’s is stated to exclude tax. Conversions use the Reserve Bank of Australia’s rates. Chrono24’s price history is its estimated value for a similar model, shown to signed-in users. Nothing here is a valuation of any watch.[2][17]
Key takeaways
How this guide was prepared
Every Chrono24 listing returned for “RM11-03” in Australian dollars on 25 September 2026 was read: 150 listings, 78 priced.[1] Each was assigned to an edition from its own title and reference, because Chrono24 files several editions under one model; rose gold, gem-set and other Quartz TPT versions are left out. Launch prices are those reported by the watch press at release, converted at the Reserve Bank of Australia’s rate of 24 September 2026. HYPA’s own listings are not used as evidence.[9][10][12][15][17]
RM 11-03 editions against Richard Mille’s launch price, 25 September 2026
| Edition | Launch price (in A$ at the RBA rate of 24 September 2026) | Chrono24 asking prices |
|---|---|---|
| McLaren (500 pieces, 2018) | CHF 180,000 (A$310,345)[12][17] | Median A$522,896 across 10 priced listings: about 1.7 times retail[1] |
| Jean Todt (150 pieces, 2016) | CHF 150,000 (A$258,621)[9][17] | Median A$488,676 across 8 priced listings: about 1.9 times retail[1] |
| Le Mans Classic (150 pieces, 2018) | €186,000 (A$300,922)[15][17] | A$579,436 and A$911,708, the only 2 priced: about 1.9 and 3 times retail[1] |
| Standard titanium (2016) | About CHF 150,000 (about A$258,621)[9][17] | Median A$332,251 across 11 priced listings: about 1.3 times retail[1] |
| Ultimate (200 pieces) | Not reported | A$605,426 and A$641,843, the only 2 priced: cannot be measured[1] |
| Last Black | Not reported | A$605,232, the only 1 priced: cannot be measured[1] |
The McLaren: built for McLaren’s own buyers
Richard Mille and McLaren Automotive presented the RM 11-03 McLaren at the 2018 Geneva International Motor Show, designed with McLaren’s design director Rob Melville. Its Carbon TPT case is interlaced with Orange Quartz TPT; the titanium pushers follow the headlights of the McLaren 720S, the bezel inserts the air-intake snorkel of the McLaren F1, and the crown is shaped like a McLaren wheel. It was an edition of 500.[7] It was priced at CHF 180,000 before tax and offered first to owners of McLaren’s Ultimate Series cars, and buyers of the Senna, also limited to 500, could match the watch’s serial number to their car’s.[12][13][14]
That restricted allocation is where the premium starts. On 25 September 2026 Chrono24 carried 21 McLarens, ten of them priced between A$481,382 and A$578,659: every one 55 to 86 per cent over the launch price at the exchange rate of 24 September 2026. The median, A$522,896, is about 1.7 times retail.[1][17] Almost all were dealer-listed full sets described as unworn or in top condition, and two pairs share a title and a price, so the ten asks may be as few as eight watches.[1] Chrono24’s McLaren-only price history began only in July 2026, too recently to show a trend.[4]
Verdict: real, and the best evidenced of any edition: ten priced listings in a tight band, all well over retail.
The Jean Todt: the largest premium with depth
Richard Mille introduced the RM 11-03 Jean Todt 50th Anniversary at Chantilly Arts & Elegance in 2016, marking fifty years of a career that began in 1966, in a blue-and-white Quartz TPT case in Todt’s favourite blue.[11] It was one of three Todt pieces, beside an RM 050 reported at CHF 900,000 and an RM 056 at CHF 1,700,000; the RM 11-03, at an indicative CHF 150,000, was by far the least expensive, limited to 150 pieces and sold only through Richard Mille boutiques.[9][10][11]
Chrono24 carried 15 Jean Todts, eight priced. Seven sat between about 83 and 109 per cent over retail; the eighth, at A$694,069, is the least certain, since its listing records a pink strap. The median, A$488,676, is about 1.9 times retail. That is a larger multiple than the McLaren’s even though the Jean Todt is asked slightly lower, because it launched CHF 30,000 cheaper.[1][17] Chrono24 has no Jean Todt-only price history.[5]
Verdict: real, and the largest premium over retail with several listings behind it.
The Le Mans Classic: the biggest multiple, the thinnest evidence
Richard Mille has partnered the Le Mans Classic, the biennial vintage race at the Le Mans circuit, since the event began in 2002. For the 2018 race it made the RM 11-03 Le Mans Classic, the first RM 11-03 in white ceramic, with British racing green accents and a red “16” on the 24-hour counter for the race’s start time, in a numbered edition of 150 at €186,000.[15]
Only two of Chrono24’s eight listings were priced: A$579,436 and A$911,708, about 1.9 and 3 times retail. Chrono24’s Le Mans Classic price history had not moved for 17 months before July 2026, which points to few comparable listings.[1][5][17]
Verdict: probably about double retail, but two listings more than A$330,000 apart are not yet a market.
The Ultimate and the Last Black: no launch price to measure against
Richard Mille described the Ultimate Edition, limited to 200 pieces, as celebrating 13 years of chronograph history and closing the curtain on the RM 011 series, from which the RM 11-03 grew.[6][8] No launch price was reported for it, or for the Last Black Edition, and neither appears on Richard Mille’s RM 11-03 page.[6]
Chrono24 carried two priced Ultimates at A$605,426 and A$641,843, and one priced Last Black, reference RM11-03 Ti TZP, at A$605,232, all above the dearest McLaren. The other seven listings were on request.[1] Without a launch price there is no baseline, so a seller quoting a premium over retail for either is estimating the retail price too.
Verdict: not measurable. The prices are high, and scarce: three priced listings between the two editions.
A premium is only as real as the launch price it is measured against and the number of watches priced above it.
The standard titanium: the baseline, and proof that premiums move
In 2016 the RM 11-03 replaced the RM 011, a fixture of the collection since 2007.[6] In February 2017 the press gave its price as approximately CHF 150,000 “depending on case material”.[9] Eleven of 17 titanium RM 11-03 listings on Chrono24 were priced, between A$284,453 and A$381,382, with a median of A$332,251: about 1.3 times that approximate figure.[1][17]
Chrono24’s price history for the titanium shows how far a premium over retail can travel. It started in July 2018 just below the launch price at that month’s exchange rate, rose to a peak in July 2022, and has fallen since.[3][18] Its pooled series for carbon RM 11-03s, which mixes the McLaren, Ultimate and Jean Todt with plain carbon examples, has also fallen since February 2025.[5] A premium quoted at the 2022 peak and one quoted in September 2026 are measured against the same launch price.
Currency is part of the premium
The multiples above convert each launch price at the Reserve Bank’s rate of 24 September 2026, A$1 to CHF 0.5800 or €0.6181.[17] Measured against what the launch price came to in Australian dollars at the time, every premium looks larger, because the dollar has weakened against the Swiss franc since 2017.[18] The same asks, measured both ways:
- McLaren: CHF 180,000 was A$246,002 in March 2018 and A$310,345 on 24 September 2026; the median ask is about 2.1 times the first and 1.7 times the second.
- Jean Todt: CHF 150,000 was A$196,696 in February 2017 and A$258,621 on 24 September 2026: about 2.5 and 1.9 times.
- Le Mans Classic: €186,000 was A$289,449 in June 2018 and A$300,922 on 24 September 2026; the euro moved far less, so the lower ask is about 2.0 and 1.9 times.
For the McLaren, nearly a quarter of the gap between the median ask on 25 September 2026 and the launch-day Australian-dollar price is the exchange rate, not the market.[1][17][18] Nor is a launch price what Richard Mille charges now: its later RM 11-05 GMT, a 140-piece grey cermet edition, was reported at CHF 204,000 in 2020.[16]
How to read the Chrono24 numbers
- Listings carry asking prices, not sale prices, and exclude shipping.[1]
- Chrono24 files RM 11-03s mostly by case material, so its price history for a carbon RM 11-03 mixes several editions; of those above, only the McLaren and Le Mans Classic have their own.[3][4][5]
- A price history that does not move for months usually means no new data; Chrono24 says its estimates are reassessed daily but that fluctuations only show across longer periods.[2]
- Two listings with the same title and price may be one watch listed twice.[1]
Buying one from Australia
None of the 150 listings were in Australia, so buying any of them means importing it. Wrist-watches are duty-free under tariff headings 9101 and 9102, but GST of 10 per cent applies to the customs value plus transport and insurance, and consumers are generally not covered by the Australian Consumer Law when a business does not directly offer its goods in Australia.[1][19][20][21] HYPA’s guides to buying a Richard Mille overseas or in Australia and buying a pre-owned Richard Mille in Australia work through the costs and checks.
Buying through HYPA
HYPA International is an independent dealer, not an authorised Richard Mille retailer, and a registered Victorian second-hand dealer, Registration No. SHD-0018017, in Melbourne. Every watch HYPA sells is inspected before sale by an expert watchmaker engaged by HYPA, its condition and inclusions are stated on its page, and anything found is disclosed before it ships.[22][23] To discuss a specific RM 11-03, contact HYPA.
Common mistakes
No launch price was reported for the Ultimate or the Last Black, so any premium over retail quoted for them rests on an estimated baseline.
The Last Black had one priced listing on Chrono24, and the Le Mans Classic two that were more than A$330,000 apart.[1]
Before you agree a price
Frequently asked questions
Which RM 11-03 edition premiums are real?
On 25 September 2026, the McLaren was asked at about 1.7 times its CHF 180,000 launch price and the Jean Todt at about 1.9 times its CHF 150,000, each across eight or more priced Chrono24 listings, converted at the Reserve Bank’s rate of the day before.[1][9][12][17] The Le Mans Classic’s two priced listings were about 1.9 and 3 times its €186,000. The Ultimate and Last Black have no reported launch price, so their premium over retail cannot be measured.
What was the retail price of the RM 11-03 McLaren?
How much is an RM 11-03 McLaren worth now?
What was the retail price of the RM 11-03 Jean Todt?
What did the RM 11-03 Ultimate Edition cost new?
What did a standard RM 11-03 cost new?
Has the RM 11-03 gone up or down?
Both. On Chrono24’s price history the titanium RM 11-03 started just below its launch price in July 2018, peaked in July 2022 and has fallen since; its median asking price on 25 September 2026 was still about 1.3 times the reported launch price. The pooled series for carbon RM 11-03s has also fallen since February 2025.[1][3][5][18]
Sources and references
- ↑[1] search results for “RM11-03”, Australian-dollar prices, 150 listings, read 25 September 2026
- ↑[2] Watch Collection: “Estimated values are reassessed on a daily basis. However, price fluctuations are only visible across longer periods of time.”
- ↑[3] price history (“Performance of a Similar Model”), RM 11-03 titanium, July 2018 to September 2026; shown to signed-in users on titanium RM 11-03 listings
- ↑[4] price history, RM11-03 MCL CA-FQ (McLaren), July to September 2026; shown to signed-in users on McLaren listings
- ↑[5] price history, RM 11-03 carbon (pooled) and RM11-03 CA ATZ (Le Mans Classic); shown to signed-in users on those listings
- ↑[6] RM 11-03 Automatic Flyback Chronograph (historical models; 2016; successor to the RM 011, “a fixture of the Richard Mille collection since 2007”)
- ↑[7] RM 11-03 Automatic Flyback Chronograph McLaren (historical models; limited edition of 500 timepieces)
- ↑[8] Richard Mille (Facebook): “The RM 11-03 Automatic Ultimate Edition, produced in a limited edition of only 200 pieces, celebrates 13 years of Chronograph history and closes the curtain on one of the brand’s most iconic models, the ‘RM 011’ series.”
- ↑[9] SJX Watches: SIHH 2017 Personal Perspectives: Richard Mille, 7 February 2017 (RM 11-03 approximately SFr150,000 depending on case material; RM 11-03 Jean Todt 50th Anniversary SFr150,000, 150 pieces)
- ↑[10] Time and Watches: Richard Mille Jean Todt 50th Anniversary Collection, 7 February 2017 (indicative prices: CHF 150,000 for the RM 11-03, CHF 900,000 for the RM 050, CHF 1,700,000 for the RM 056)
- ↑[11] Quill & Pad: Richard Mille’s Celebration of Jean Todt, 2 February 2017 (introduced at Chantilly Arts & Elegance Richard Mille 2016; 150 pieces, available only at Richard Mille boutiques; CHF 148,500 including tax)
- ↑[12] SJX Watches: Introducing the Richard Mille RM 11-03 McLaren Chronograph, March 2018 (SFr180,000; 500 pieces; available only to McLaren Ultimate Series owners; Senna buyers could match the serial number)
- ↑[13] Time and Watches: Richard Mille RM 11-03 McLaren Automatic Flyback Chronograph, 7 March 2018 (Swiss Francs 180,000 plus tax)
- ↑[14] Monochrome Watches: Hands-on: Richard Mille RM 11-03 McLaren, 7 March 2018 (CHF 194,000; prioritised for McLaren Ultimate Series clients)
- ↑[15] Time and Watches: Richard Mille RM 11-03 Le Mans Classic, 17 June 2018 (Euro 186,000; individually numbered limited edition of 150 pieces; first RM 11-03 in white ceramic)
- ↑[16] SJX Watches: Richard Mille Introduces the RM 11-05 Automatic Flyback Chronograph GMT, 13 July 2020 (grey cermet, 140 pieces, 204,000 Swiss francs)
Eden John founded HYPA International in Melbourne and has over 10 years’ experience in luxury Swiss watches, working across buying, selling and sourcing for collectors and private clients in Australia and internationally.
Every watch HYPA sells is inspected before sale by an expert watchmaker engaged by HYPA, and condition and inclusions are stated on each watch’s page; the same standard is applied to a watch it is offered.
