Now, here’s an unlikely collaboration you weren’t expecting. One is a revered, high-end watchmaker commonly associated with aviation and partnerships with Mercedes-Benz, while the other is a very popular manufacturer of toy cars.

IWC and Hot Wheels have partnered to make a set called “Racing Works,” which is meant to commemorate IWC Racing’s return to Goodwood with Austrian racing driver Laura Kraihamer piloting the Mercedes-Benz 300 SL Gullwing in the Stirling Moss Trophy.

The Pilot’s Watch Chronograph Edition “IWC x Hot Wheels Racing Works” (Ref. I W377904) features a dial with the usual affair of large, easy-to-read Arabic numerals and three subdials for other functions. It has a checkered-flag pattern that’s been laser-engraved so that there’s more depth to what would otherwise be a flat-looking design.

Ticking underneath is the IWC caliber 69385 movement, which can be seen through the smoked-glass caseback. It comes with a black-and-silver textile strap, which matches the color scheme of the IWC Racing 300 SL.

And speaking of the car, it’s also been shrunken down into 1:64 scale as the Hot Wheels Mercedes-Benz 300 SL “Racing Works Edition.” It’s one of the most detailed Hot Wheels models ever made featuring movable gullwing doors, and an interior complete with bucket seats, a roll cage, and red sill trims.

The exterior receives plenty of attention to detail with clear braced headlights and a faithful reproduction of the full-size car’s livery. Both the watch and the car bear the number 68, which is a nod to the years when IWC and Hot Wheels were founded, which are 1868 and 1968, respectively.

Only 50 pieces of this set will be made, making the car one of the rarest Hot Wheels products ever. Both items will be packed in a black-and-silver container that resembles a metal toolbox (a very fun touch), and will include an instruction manual, a booklet about the project, and a plate with the corresponding production number.

The first set will be auctioned off for charity at Bonhams where you can place your bids until October 22. For prices and reservations of the remaining 49, you’ll have to contact IWC.