Porsche Design has released a gorgeous timepiece in honor of the GP Ice Race 2023 in Zell am See, Austria.

Based on the Chronograph 1, the new wristwatch was designed with input from Ferdi Porsche and Constantin Klein, both of whom are responsible for reviving the legendary motorsport event. The aesthetic of this highly limited piece harks back to the example first released in 1972 but has been enhanced by introducing additional refinements and features.

Unlike many modern (and pricey) watches, the Chronograph 1- GP 2023 Edition is surprisingly restrained and tasteful. Porsche Design says it focused on making the watch as functional as possible - especially on the racetrack. As such, the contrasting pushers and crown, the Porsche red-painted stop hands, and the 60-minute scaling of the bezel have been styled to be as readable as possible without sacrificing style.

Other practical touches include the different straps. The textile strap has been designed to be put on quickly and can be fitted over a ski jacket, while another leather type (made from vehicle leather) can also be specified for those days you're out cruising in your 911.

Speaking of Porsche's iconic sports car, the matte black dial and contrasting white and red hands provide the same excellent readability as a 911's instrument gauges. While it draws inspiration from the original 1972 watch, several minor changes have been made to improve the new version's functionality. The previously rectangular minute hand is now pointed, the stop hands are now red, and the titanium case is now uncoated.

The chic case is watertight to 10-bar, and on the back, you'll find an engraving of a yeti sitting on a tractor - the infamous GP Ice Race Logo.

Getting your hands on one may prove difficult, though. Porsche Design is limiting this newcomer to just 250 examples - for $9,650 each. There's no denying that's a lot of money, but if you're a member of the jet-setting, supercar-driving elite, it's pocket change.

Porsche Design notes the Chronograph 1 - GP 2023 Edition will be made exclusively available for supporters of the motorsport event.

The automaker's design subsidiary recently revealed a Chronograph 1 inspired by the all-new 911 Dakar, and even though 2,500 examples will be made, it's even costlier than the GP 2023 Edition, at $14,500.

In terms of price, both are outclassed by TAG Heuer's Carrera RS-inspired limited edition watch, which can set you back as much as $23,550 depending on the chosen color scheme.