Collector Insight The Bao Dai Rolex: 6062 Oyster Perpetual
Fine WatchesCollector's InsightCollecting & Investing
I have been on the hunt for the Bao Dai Rolex for quite some time. In many ways it is the most famous, for sure one of the most complicated and perhaps the most valuable Rolex in the world.
While I was doing research on the HK themed sale that Phillips hosted in HK, I accidentally came across some information that I find most fascinating and that I would like to share it with you. I finally know what happen to ‘the Bao Dai Rolex‘ after the Emperor passed away.
I now know when it was sold. Who owned the watch after Bao Dai. Who sold it. And how much it was sold for.
(Main picture credit: John Goldberger).
Try to Google information on the Bao Dai Rolex. You will not find much.
Yes – it is in the Goldberger book of 100 superlative Rolex watches, and you might find a piece on the 6062 Black dials that I did mentioning the Bao Dai watch. Other than that there is simply not much information on that watch. For example I wanted to know when it was last sold and by whom. I also wanted to know what happened to the watch after Bao Dai.
Only when I did a recent interview with John Goldberger for the Rolex milestone HK sale did I accidentally find out more. Goldberger mentioned in my interview with him that this was the one Rolex that had so far eluded him. He also added that the Bao Dai Rolex had been sold by Phillips – (not the Phillips watches today but rather Phillips de Pury). I ‘Googled’ Bao Dai Rolex and found an obscure article in German mentioning that a certain Rolex had been sold in 2002 for a record sum.
The watch carried an estimate of CHF 200-250’000 or approx. $130-160’000 according to Phillips de Pury the auction house.
It ended up selling for $235’000 a world record price for any Rolex wristwatch. I only realized then that this MUST be the famous Bao Dai Rolex.
(Picture Credit: Aurel Bacs & Phillips de Pury)
To understand the importance of the Bao Dai watch and why it fetched a world record in 2002 – lets step back in time to 1954.
Emperor Bao Dai was asked to travel to Geneva in 1954 to help broker peace talks between France and Vietnam.
While peace talks were being held in the Hotel de Bergues in Geneva in 1954, Emperor Dai excused himself one afternoon and went shopping (so the story goes). He asked Rolex in Geneva for the most expensive wristwatch available and Rolex Beguin in Geneva (according to Aurel Bacs) supplied him with best watch they had. A black dial 6062 fitted with 5 diamond baguettes. Emperor Dai was known to have very expensive taste, he owned some of the finest Ferrari cars including a Ferrari 375MM spider, which was converted to a coupe for Emperor Dai. He was, like many men of his generation including Shah of Persia, Giovanni Agnelli, Briggs Cunningham etc, a bon vivant (a French term for gentlemen who like to live the good social and luxurious life).
The Emperor would keep his Rolex until his death in 1997 in Paris – where it then was passed down to his favourite son who left the watch in a Parisian bank vault. Sometime in 2002 Emperor Bao Dai’s favourite son and a young expert appraiser from Phillips de Pury – Aurel Bacs – got together in Paris to view the watch and put a minimum promised reserve of a then unheard of CHF 200’000 – which was a highest reserve ever offered by an auction house for a Rolex wristwatch. The son agreed to sell the watch, and it was bought by an Italian collector in the room. He in turn sold it to another anonymous collector (who continues to own the watch today).
(Picture Credit: Goldberger).
Lets briefly take a look at the watch itself – a 6062 Rolex Oyster with a black dial and 5 baguette diamonds on the dial.
The Rolex 6062 is one of two triple calendar models ever made with moon phases (the other being ref 8171). In terms of collectability – the black dial and diamond markers sits at the very top of the pyramid even before the star dialed watch (for more on the 6062 black dials – see our report here). So the Emperor (who even appeared on Times magazines front cover in May of 1950) bought the finest and most exclusive 6062 Rolex model there was. In terms of numbers – I am only aware of 3 black dial Rolex dart indexes with diamonds that exist. Another similar watch to the Bao Dai example (but with 6 diamond markers) was owned by Mondani and sold for CHF 470’000 in 2006 at Antiquorum.
The Bao Dai Rolex 6062 is the only known black dial example (at least to me) with the Officially certified chronometer) written in the moon phase area. The case number of this watch is 916 3xx which is not far behind the Mondani example of 942 5xx. Having looked at the watch and understanding its rarity and dial layout – we can perhaps now put into context the price it achieved of $235’000 back in 2002.
Take a look at the auction description below of the Phillips de Pury catalogue back in 2002.
It explains in detail why the Officially certified chronometer is written in the moonphase. ‘Because of placing the diamond above at 12 o’clock they had to move the Rolex crown further down and the Official Chronometer writing did not fit anymore below the date‘.
What is most interesting about the Bao Dai Rolex selling for USD 235’000 back in 2002, is that in 2002 the world was a very different place than today.
First imagine that at CHF 370’000 (circa), this was the most expensive Rolex ever sold. Today that amount is nothing special in the Rolex world – vintage Rolex today regularly sells for over $1m (I can count at least 5 Rolex watches at the top of my head). In fact just earlier this year Phillips sold a black dial 6062 (without diamonds) for CHF 905’000.
Second the USD was much stronger than the CHF, at almost 1.6 CHF to 1 USD (completely unimaginable today), while the USD and EUR were at parity (which we are heading back to at the moment).
Third in 2002 the world was still recovering from the technology bubble and financial markets were extremely depressed. You could argue in many ways that the Bao Dai Rolex would have achieved an even higher price had the world economy been more stable and healthy.
What would the watch be worth today?
Well we have another data point besides this sale. In 2006, so ten years ago, a very similar watch was sold by Mondani (also with black dial and diamonds) for CHF 469’700. My best guess is that it could be worth $2.5m today perhaps even $3m. I think it could most definitely rival the most expensive Rolex ever sold at auction, which is the split seconds Rolex 4113 that sold for CHF 2.4m or $2.5m just in May this year 2016. The Bao Dai watch is not only more rare – it is in my opinion much more beautiful too.
The entire world will be waiting for this watch to re-appear at auction. When it does appear – I will attempt to be the very first source to let you know.
Below the Bao Dai Rolex 6062 with black dial again fitted this time with gold jubilee bracelet – I personally prefer it with a leather strap as above in main picture. (Credit: Phillips de Pury).
Below the Ferrari of Bao Dai , the 375MM Spider, together with the Emblem of the Royal House of Vietnam (Credit: Etienne Images).
The Emperor Bao Dai on the cover of Time Magazine in May of 1950.
