Phillips NY Auction results: History was rewritten Part 1
Fine WatchesCollector's InsightFine WatchesEventsHistory was rewritten in the watch auction world on thursday night at Phillips in New York.
With an audacious opening bid at $10m (the bid was almost as cool as the watch itself), Paul Newman’s Paul Newman Daytona Ref 6239 sold in the end for $17.7m. It is a new world record for any wristwatch and eclipses the steel Patek 1518- that held the previous world record– by more than $6m. It is also a new record for a Rolex wristwatch. But I think if any watch should be capable of this – it was rightfully this one. It had everything going for it. Most importantly the story behind it.
On my instagram I wrote the following caption to perhaps explain the strong result thursday night. ‘When the story of the watch is even better than the watch itself.’ To which a fellow collector/dealer – sweeping hand replied, ‘The story is the watch’. I think we were both right. Let me explain.
The story of kindness and love was already incredibly powerful irrespective of the watch. A caring wife giving a watch to her husband engraving: ‘Drive carefully, Me.‘ Paul Newman taking the watch off his wrist and giving it to his daughters boyfriend. These are incredible gestures of love and kindness and about people who thought about others first and then about themselves. It speaks to just how special the Newman family was and is. Let’s not forget that part of the proceeds are going to a foundation which Paul Newman would be proud of. In this sense the story of the watch is just perfect without even paying attention to the brand Rolex.
At the same time the comment of ‘the story is the watch’ is also true. Paul Newman created the ‘Paul Newman’ category if you will. We name the watch because of him. His racing in the 1970s/80s wearing a Daytona and timing his laps gave rise to the exotic dial Daytona being officially nicknamed the ‘Paul Newman’ watch by Italian collectors in the 1980s. It does not get more authentic than this. This is THE very watch that started an entire watch collecting movement.
In my opinion this was the watch that deserved to break all records. And it did. What about the figure itself? What does it mean?
Let’s be honest. Nobody was expecting such a result. In no way did I think it would surpass the 1518 steel from Patek. In terms of horological importance and complication, it should not. Also not in terms of rarity. But it did.
This is the great thing about collecting. It does not have to be rational all the time. Sometimes we can throw these parameters out of the window. Collecting is about passion. About dreaming. About aspiration. Who cares if the buyer paid a fortune. Buying vintage watches is not about getting a financial return. With roaring asset prices globally we have become obsessed about talking about prices all the time and if it makes sense to pay ‘x’ amount. Instead of everybody scatching their heads and trying to explain the figure – lets just accept it for what it is. Maybe a car collector who could relate bought it and will enjoy it just as Paul Newman had done.
Will this sale affect prices for other Paul Newman watches?
I was clever enough not to predict what the Paul Newman would sell for (I would have been dead wrong anyway) and I should be clever enough not to pretend to know what will happen to the other Paul Newman watches out there. But here is what I think:
It will help Paul Newman watches keep their healthy prices already achieved. It might even cause a demand spike in the short term. But I don’t see Paul Newman Daytona prices going ballistic going forward. This Daytona was unique. And there are too many Paul Newman Daytona’s out there – supply and demand will take care of euphoria not being long lasting. Rather I think of the sale more as a validation of the Daytona category within vintage Rolex being a star performer. Like my friend Thomas Crown Affair stated to me once ,’ The Daytona is a brand within a brand’. He is right. The Daytona is rightfully or wrongfully maybe the most powerful brand within Rolex right now (also helped by the fact that their new models are well received and have long waiting lists).
What about the new Daytona record and how it effects other vintage Rolex watches?
Well of course it will help. Headlines will be going around the world (I already saw CNN, Forbes, FT online etc) and collectors will be even more curious about vintage Rolex. All vintage Rolex collectors (I include myself here) can be happy about this result. It will help the Rolex brand no doubt. I have been saying since many years that Rolex has huge momentum. Already in one of my first articles in 2012 but also in 2013. It is very wearable and just has this coolness factor about it. I honestly think this coolness factor played a big part in the Daytona result. Vintage Rolex is attracting more and more young buyers who want a Rolex watch on their wrist.
Rolex now holds the title for the world’s most valuable wristwatch but is it the king of the hill? Is Rolex the number one brand within vintage wristwatches?
Well it certainly has the most momentum of any brand.
Only a few years ago (I think back to 2013) it was rare to see a Rolex watch sell over $1m. Today it is quite common. This year alone saw several Rolex models sell for many millions, first 6263 Gold daytona $3m+ and then just this year the 6062 Bao Dai for more than $5m – the holder of the previous world record Rolex. But I think the jury is still out if Rolex is the true number one and if there is a generational shift taking place – of new young collectors wanting Rolex at all costs. I say this because we saw the prices of other Rolex watches fare well but steady. Prices were strong but there was no euphoria. It is not that collectors had to have any Rolex model at all costs. At least this is the way I saw it.
As a collector of vintage Rolex watches it was a special moment to witness watch auction history being re-written.
Attending the cocktail on Wednesday and listening to the daughter of Paul Newman and Sam made me realise what a special story this watch had. Watches, especially vintage watches, are all about stories at the end of the day. And this story was unbeatable. It was a joy and honour to sit in the auction room and witness watch auction history once again being rewritten by Phillips watches. The current Rolex official advertising campaign (which I love) says ‘Rolex does not tell time. It tells history’.
Rolex could have well been referring to what took place in NY this week.
(A sincere thank you to Phillips watches for putting on the incredible auction and also organising a seat for me in the packed auction room. It was a privilege and honour to be part of it).
