There is no doubt. There was one brand that was on fire this auction season. It has 5 letters (much like its more sophisticated rival). 

I have to admit – it even caught me off guard. The Bao Dai is a cool watch, but CHF 5m cool is something I did not see coming. Not to mention nearly CHF 2m for a steel triple calendar moon phase watch, or CHF 3.7m for a gold Panda Daytona. The strength is vintage Rolex is nothing new, I wrote about the trend already in 2012 and in  2013. Vintage Rolex is cool and sexy – collectors around the world are understanding the power and allure of the brand with the crown.

But before you crown Rolex the new king of the auction world – here is something to consider: I think the right Rolex watches came to the market (my sincere congratulations to Phillips). And not the right Patek. And that made all the difference. 

Let me explain exactly what I mean.

---

The Bao Dai is the king of all 6062’s. It does not get any better than this. The steel 6062 is just super rare – can you remember the last time there was one for sale? I can’t (it was 2013).  And the example that hit the market was pretty much perfect (I fell completely in love with it). The gold Panda? It is no secret that I prefer Predaytona to the Daytona. But that gold one? Even I freakin loved it when I tried it on. I was drooling all over that watch. And the Green Khanjar Daytona that belonged to the pilot? Well, we all love a nice story, and it does not get more authentic than that one.

Not everything that was made by Rolex did well. Far from it.

In fact I would say that many Rolex models sold for what they are worth in the current market today. In that respect it was quite rational and the market was not hyped for all thing Rolex (see further down what I mean). Having said that even in a market which is becoming so sophisticated and knowledgeable – if you bring the right trophy watches – your going to get the right price. 

So when you get the best auction house in the world right now in terms of securing trophy watches (Phillips), attract the best quality and rarity (Bao Dai, Gold Panda etc) – of course the prices of Rolex will be re-written and new world records made.

I actually think that if the right Patek watches had come to the market (besides the black dial 2497), the outcome would have been very different between the two brands. A two crown world time 2523 in gold or even better in white gold with Enamel map on the dial of lets say North America or Asia?* It would have made the Bao Dai look like a warm up exercise. Or a 2438 with black dial which remains in a private collection? Expect serious fireworks.

The one Patek that had this sportiness and elegance all combined in one was the 2497 of the Ethiopian Emperor and it sold for a whopping CHF 2.9m – an incredibly strong result. That was a damn cool Patek. As much as I love the 2499 in all the series (bring a 2499 with a black dial – one of only four known – and then we are talking a different story) and the 1518 or the 530 in gold (steel might be another matter) – these are not watches that can compete with the Bao Dai of the world or the Gold Panda Daytona. It might not be justified in terms of movement or quality, but it is the way it is. 

There is no question – vintage Rolex has a perception of coolness and sexiness among collectors today. It is timeless in design and very functional. I think of this the following way:

Although I respect the old Masters in painting, I much rather would want a Rothko, Warhol, Lichtenstein, or Murakami hanging in my living room. It just fits better with my furniture and lifestyle. Rolex represents this timeless art in my opinion. It will look good in another 100 years. 

I think the top lots of Rolex that sold will all prove to be worth every penny what was paid for them. This is saying a lot because some incredible prices were paid.

The prices seem strong today, no doubt, but all three of these Rolex watches mentioned above were trophy assets. They were extremely rare, beautiful, and really pieces of industrial art. Each of the buyers for all three lots knew a golden rule in collecting: Don’t be afraid to pay tomorrow’s price today for exceptional pieces. Because these items will always remain exceptional and the prices in due time will prove to be their worth and more.

Lets look at some pictures of some exceptional Rolex watches that sold and comment on them in detail.

(In part 2 I will look at some trends I noticed in the auction room and in other watch brands and show you some exceptional watches, all non Rolex, that I got to see in Geneva at auction. I will also show you some special stuff that was not for sale. And disclose what I bought and what I sold).

(*Picture credit: Watchonista).

---

My favourite Rolex watch of the entire sale of any auction had to be this 6062 in steel. 

Although I thought it was a nice watch – it was only looking at it up close where I truly could see its beauty. It was perfect.

I have studied many 6062 in the last few months since I am writing my report. But rarely have seen such a strong example. This watch was a dream.

The 6062 was born a two tone dial. Look at this picture below – watch on the right. It has aged perfectly.

Timeless complicated watches from Rolex.

Perfect blue outer calendar ring. I could not find one single flaw on this 6062.

I really think this watch is industrial art as a friend of mine calls it (thank you Mr. A). 

Let us look at a close up of the dial. This is perfection. 

The watch ended up going to an Asian collector – my sincere congratulations to him on his good taste and willingness to pay up for this. Well played in my view. This watch is worth every single cent he paid and perhaps more.

---

This cool Rolex set the buyer back nearly CHF 700k. But for that he gets something extra-ordinarily rare. It ended up selling for more than 3x the low estimate. 

Proof that collectors today want something different than the standard stuff.

Another cool Rolex was found at Christies – only 8 known with honeycomb dial. Selling for nearly CHF 190’000.

Walk into any collectors gathering and show up with this thing – I promise you will be noticed. Beats any Paul Newman in my view.

Yes the dial has some traces of age (notice the brown color around the center) but it was a beautiful watch  in my opinion.

Matches the tablecloth at the four seasons hotel in Geneva.

Next another dream Rolex, the Gold Paul Newman Panda with Lemon dial. The watch was flamboyant and thankfully so was the bidding for this model.

I tip my hat off to one Italian bidder who bid in bold large increments, supremely confident and knowing what the watch was worth. I also tip my hat off to the buyer who prevailed in the end and stood his ground. 

Your looking at the new world record for a Daytona and also the second most valuable Rolex that ever sold. CHF 3.7m.

A wrist shot of this now even more legendary watch. 

Ofcourse I should mention the Predaytona 14k gold watch with black dial that sold. 

I thought the price was a fair one and quite strong, it did set a new world record by over CHF 100’000. However I do think it could have done even better. The example was perfect glossy and it is so bloody rare – I think it was a good buy for the collector who snapped it up (it went to Asia).

It is nice to see that Predaytona in general continues to hold up well – with the black dial and steel version beating its high estimate and creeping into Paul Newman Daytona territory.

This GMT 6542 Rolex was in good condition, extremely glossy dial and came with the rare bulletin papers. Sold by Christies for CHF 150’000 – a solid and good result.

Let us look at the watch more closely.

 

We talked about how cool Rolex has become, right?

Well this example is a good reflection of that perception of coolness and just plain attractiveness. A Daytona with sub – dials that have changed to terra cotta. It was a dream example and looked even better in real than on the pictures. It fetched a strong CHF 162’500 – above the high estimate of CHF 140k.

Here perhaps an even better picture highlighting the sub dials.

The other complicated Rolex model that was for sale at Phillips, the 8171 sold for a reasonable CHF 212’000. Well below the high estimate of CHF 300’000.

I think the market was being efficient here. I looked at the watch and while nice – it just was missing this character – this patina that the 6062 had in spades.

The case was strong on the 8171 Padelone and numbers crisp – but it certainly was not in the same caliber of watch that was sold by Phillips in the last auction – HK 2016 November where it achieved a superb result – over CHF 1m. I think the main difference was the dial. The HK one had this killer two – tone dial contrast – this one did not. Also apparently this 8171 had case stampings that were unfamiliar to many collectors.

That is what a difference in quality and perception can do. Almost a 5x difference in price for the same reference. Talk about market differentiation.

The next Rolex is an interesting one. It was either the steal of the entire auction or something was wrong with the watch.

We are talking about the Killy, a hyper rare complicated Rolex model that carries a Chronograph and triple calendar function all in one. The example Phillips was a 6236 – the last generation one. Either it was the bargain of the sale at CHF 162’000, just reaching its low estimate of CHF 160’000, or there was something wrong with the quality (I briefly took a look at it and could not detect anything- on the contrary the case was strong – see below).

I tried the watch on and think I have to take a closer look at the Killy – which has been out of favor by the Rolex community for some time now.

The next Rolex I could not wait to see in real. 

It was superb in real life – no doubt. But when I tried it on – I could not bend the bracelet as I wanted to suit my small wrist. It belongs in a good home as the watch was extremely attractive. Sold for above estimate and rightly so.

The last Rolex watch had a great story to tell. 

It was one of the first watches I noticed in the window when I entered Christies. Sitting there in the calm, before the storm.

I went up to take a closer look. I somehow felt already in the window – that this watch would be special.

There is something surreal when you look at a watch sleeping in the window. Just lying there peacefully before it comes under the hammer.

What a superb story this watch had to tell. A very original 6263 Daytona with Khanjar emblem given to an airline pilot who flew the Sultan of Oman in 1974. Those were the days when gestures were grand and people had manners.

The airline pilot kept every single document even the import tax papers and clearly treasured this watch. Even more touching was the fact that he was even in the auction room to witness, fierce bidding on this watch (again by an Italian who showed the world how to bid with confidence – and boldness – he is my new benchmark on how to bid).

It was a win win for everybody – the retired airline pilot, the auction house and the proud new owner. This is how beautiful the watch auction business can be.

---

Stay tuned for Part 2: I will discuss some trends I saw and show some incredible watches that were not part of the auctions.