11 of the most expensive new watches money can buy

When it comes to pricey timepieces, most people think of brands like Rolex, which sells watches that can cost tens of thousands of dollars. But in reality, that's just the tip of the iceberg.

The 11 watches below are the latest crop of the most expensive on the market today, and many of them are going for millions of dollars. Most were recently unveiled at Baselworld 2016, the luxury-watch industry's biggest trade show, which takes place annually in Basel, Switzerland.

Why so costly? The complexities of the mechanics and the additions of precious gems — think lots of diamonds — up the ante for these accessories.

Check out the best of the best below:

SEE ALSO: These are the watches worn by Wall Street's most powerful men

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Greubel Forsey Double Balancier à Différentiel Constant ($350,000)

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Greubel Forsey created a $2 million "Art Piece" watch in 2014, but its latest creation is much more reasonably priced — and a striking piece of art. The half-revealed timepiece has, among many other innovations, two angled balance wheels. Together, they ensure absolutely perfect timekeeping.

MB&F HM6 Sapphire Vision ($400,000)

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A "horological machine," this year's update to the MB&F Sapphire Vision family incorporates 11 pieces of sapphire crystal to create an indestructible and unique watch made of 475 components, including a flying tourbillon. It'll definitely turn heads.

Harry Winston Histoire de Tourbillon 7 ($600,000)

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You may not expect this almost sporty-looking watch from Harry Winston, whose brand is usually associated with ornate jewels. But look closer and there are, indeed, jewels — 84 of them, along with 500 components in an 18k white-gold case. The big technological development is the introduction of two biaxial tourbillons, which required "extraordinary technical intensity."