Last week something quite extraordinary happened.
Rolex watches for sale broke one record after another. The results were so strong that some are pondering the million dollar question in the vintage watch world: Could Rolex finally be catch up to Patek in terms of auction records?
You see, up until now, there was only one ‘king’ of the hill in the vintage watch collectors market. Patek Philippe.
It still holds the record for the most expensive wristwatch ever sold see here. But last week some rare Rolex watches came up for auction and what happened was very interesting. Firstly a ref 6538 Submariner (pictured above) with a Tiffany only signed dial (experts assume this a unique piece) sold for almost $290’000 while the estimate had been only $40-60’000.
This is new world record for a Rolex submariner see details. Secondly a ref 6236 ‘Killy’ (named after the French Olympic ski champion Jean Claude Killy) set a new world record for $638’000, the estimate had been for $120-180’000 (details). Please keep in mind we are talking about a steel watch.
If that was not enough to please Rolex owners, another Ref 6036 ‘Killy’ this time in Rose Gold and with box and papers (guarantee card) sold for $614’500 (estimate was $180-280’000) another record for this reference see details.
Another star dial Rolex sold for over $500’000.
So what to make of all these records?
Well firstly Rolex vintage values are definitely on the rise. In Geneva in November a Ref 1675 GMT Master set a new world record selling for nearly $47’000 see here. At Antiquorum this year a Rolex Submariner Ref 5512 sold for an outstanding circa CHF 250’000 and just back in November sold a Single Red Seadweller ref 1665 for nearly CHF 500’000, which was 400% above its estimate see here.
Secondly Patek is still the undisputed king of commanding high prices.
So far only one Rolex has ever achieved more than $1 million at auction, and that was a split seconds chronograph which sold earlier this year. Rolex for better or worse, has not made many complications. The Killy or Ref 6236 is among the most complicated watches Rolex has made and it is ‘only’ a triple calendar watch. Rolex makes no minute repeater, no perpetual calendar, two complications which are the most sought after by collectors.
So Patek will still likely be the ‘king of the hill’ for quite some time to come- simply because of the complications they make.
But Rolex watches are clearly on the rise in values and collectors should pay attention to what is happening.
