There is an old saying. Nothing goes upwards forever. Eventually everything comes back down to earth.

Except it seems, prices of vintage Rolex.

What happened wednesday night at Antiquorum in New York is simply exceptional. Normally we report on prices of watches. But today we are reporting on a part of watch. Not a movement. Not even a dial which would be important. But on a part that is usually plastic and sits on top of Rolex sports watches. Today we are reporting on a bezel.

On wednesday, someone paid $32’500 for essentially a piece of plastic. Yes we have the number right. Not $320. Not even $3’200, which also would be a nice sum. But $32’500! Why would a collector do that?

Surely they overpaid? Maybe. But perhaps not. Let us explain. The bezel part you see above belongs to one of the most famous and sought after Rolex references in the world, the GMT Master. First introduced in the 1950s, the GMT was a revolutionary toolwatch designed to help Pilots in multiple time zones. The first GMT master is reference 6542 and was made only for a short period of time. The first watches carried a ‘Bakelite’ bezel – much like the one above. But they would crack under heat and so Rolex later replaced the bezels for ‘normal’ plastic ones. As a result original Bakelite bezels in good condition are very rare.

While many ‘Bakelite’ bezels exist, most are cracked and damaged slightly. The bezel above while not NOS (new old stock as stated in the catalogue), was slightly used but still in very very good condition. So what is a 6542 Rolex GMT master worth today? Well the record price paid for a reference Rolex GMT Master 6542 was CHF 255′ooo (see result here). So on a relative basis, the $32’500 does not look that expensive. Until you realize that $32’500 buys you a very nice second generation GMT Master reference 1675 with a gilt dial, chapter ring and pointed crown guards.

For our in-depth review of the Rolex 6542 GMT Master please see our report here