Hot Wheels apparently wants to move upmarket because hot on the heels of its Cadillac Seville model car with Gucci branding the toy maker is now collaborating with the watch brand IWC Schaffhausen. The IWC x Hot Wheels Racing Works collector’s set retails for an eye-watering price of £9,350. The total production is just 50 units.

The car included in the set is a model of a 1955 Mercedes-Benz 300 SL Gullwing that belongs to Austrian racing driver Laura Kraihamer. Her IWC-sponsored car is a two-tone mix of black and silver. The toy version's doors open to expose the bucket seats, roll cage, and red sill trim. The machine sits on a numbered display stand. To complete the presentation, the vehicle comes in a metal toolbox.

Gallery: IWC Schaffhausen and Hot Wheels Partner On Watch, Toy, Tool Box

The watch is IWC's Pilot’s Watch Chronograph Edition. The mechanical timepiece runs at 28,800 vibrations per hour and has a 46-hour power reserve. It has chronograph functions for the hours, minutes, seconds for timing long-term events. There's also a day and date display.

The watch has a grade 5 titanium case, and there's an engraving of the Hot Wheels flame logo on the 9 o'clock edge. The face has a chequered-flat pattern. The numerals are white, and the hands are white with black edges. It measures 43 millimetres wide and 14.9 millimetres long. The strap is a textile material with a black-and-silver two-tone pattern.

Bonhams is selling the first IWC x Hot Wheels Racing Works collector’s set at auction. The current bidding is at £14,000, and the sale ends on October 22. The winner also gets a virtual tour of the IWC Manufacture centre and signed gloves from Laura Kraihamer.

All of the proceeds from the auction go to the Two Bit Circus Foundation. The non-profit organisation works to inspire entrepreneurship in children, encourage young inventors, and promote environmental stewardship