“Lesson One” sends Rolex into orbit

It didn’t take long for the assembled crowd to realise that this would be no ordinary sale. The minute the gavel came down on the first lot, a buzz of excitement and surprise went round the room. Four hundred watch enthusiasts filled the Salle des Nations at the Four Seasons Hôtel des Bergues in Geneva, with a further one thousand online or on the phones. The opening lot in Christie’s Rolex Daytona – Lesson One sale had just fetched a hammer price of CHF 220,000, exceeding its high estimate by CHF 140,000 and setting the tone for the rest of the sale in the process. Each successive lot brought a flurry of bids and new records, culminating at CHF 989,000 (CHF 820,000 excluding buyer’s premium, estimated CHF 200,000-400,000) for a Paul Newman Daytona from 1969. This extraordinary auction comprising fifty lots totalled CHF 12,032,850. Two hours that wrote auction history.

Highly prized

Curated by the charismatic Aurel Bacs together with Italian expert Pucci Papaleo, the sale celebrated a brand but most of all a watch, the Rolex Daytona, which this year marks its fiftieth anniversary. A legend among legends, instantly recognisable with its tachymeter scale on the bezel, its story began in 1963 when Rolex’s American subsidiary suggested naming this chronograph after the Daytona circuit. Made popular by Paul Newman, who wore one when racing, it is now one of the most sought-after models among collectors.

Proof of the Daytona’s desirability, were it ever needed, came on the evening of November 10th. In an electric and at times surreal atmosphere, wealthy collectors bid in increments of CHF 100,000, egged on by Bacs in theatrical mode and by bursts of applause from the room. Not only did each of the fifty lots sell, they all outperformed estimates. The highest price, as mentioned, was for the 6263/6239 Paul Newman, which nonetheless fell short of the world record for a Rolex, namely CHF 1,107,750 for a 4113 split-seconds chronograph manufactured in 1942, which sold at Christie’s Geneva in May 2011. The second and third highest prices were CHF 785,000 (CHF 650,000 excluding buyer’s premium, estimated CHF 300,000-600,000) for the “Arabian Night”, manufactured in 1974 for the Sultan of Oman Qaboos bin Saïd Al Saïd, and CHF 761,000 (CHF 630,000 excluding buyer’s premium, estimated CHF 120,000-240,000) for the 6239 with pulsometer from 1967. The Rolex Daytona 6263 which Jean-Paul Belmondo wore in Peur sur la Ville went for CHF 203,000 (CHF 165,000 excluding buyer’s premium, estimated CHF 60,000-120,000).

A world title fight?

Given this incredible success, there seems no reason why Christie’s shouldn’t follow this “Lesson One” with a “Lesson Two”, even if Aurel Bacs has already announced his departure at the end of the year. More to the point, the sale promises to confirm the credentials of a brand which follows Patek Philippe ever more closely at auctions around the world. As a reminder, the latter claimed its title at Antiquorum’s first themed sale, on November 14th 1989, when the 231 Patek Philippe wristwatches on the block, including one purchased by Fernandel in 1945, reached dizzying heights.