Before the auction season in Geneva, one of the biggest questions everyone seemed to be asking was if a Rolex Milgauss could really be worth a million bucks. There was a rare Milgauss 6541 with a black honeycomb dial at Phillips and yes, it was nice, but could it match the estimate Phillips had placed on it and set a record for the “scientists’ Rolex?”
In the end, the Milgauss sold for CHF 2.24 million (about $2.5 million), blowing away the previous high for a Milgauss, CHF 317,000 set in 2013. It was just one of a few Rolex records set over the weekend: Sotheby’s sold a gold 6241 “John Player Special” for CHF 2.23 million and Phillips also sold a diamond-set 6270 for CHF 3.69 million. While not every corner of the auction market was as strong, these record-breaking results illustrate that interest in rare watches in top condition remains as high as ever, especially from one bidder in particular.
The Rolex Impact At Auction
Auctions are mostly about Rolex and Patek – across the three live sales, 57 percent of all lots were from these two brands (not including the 39 watches from Christie’s “Art of Journe” sale, which we’ll get to). And this year, it was all about Rolex.
Perhaps more interesting than these record results is the winner: Rolex. A representative from the Crown was in auction rooms all weekend, and in addition to the record-breaking Milgauss, JPS, and 6270, they also won at least two other lots: a pink gold “Jean-Claude Killy” 6036 for CHF 571,000 and the GMT-Master “Captain Warren” for CHF 177,800.
All five of these lots were undeniably special: The Milgauss, JPS, 6270, and Killy for their condition, and the Captain Warren for its provenance – it was featured in Rolex ads for the GMT-Master in the 1950s and came to Sotheby’s from the family of the original owner. Pretty much everyone agreed the Milgauss was the nicest they’d ever seen, and by a wide margin. The case was sharp as a knife, the honeycomb dial pristine, and it came with pretty much all the accessories you could ask for.
It’s estimated that Rolex produced as few as 200 examples of the 6541, as the model wasn’t very popular and produced only from 1957 through 1960 when it was replaced by the 1019. The original Milgauss is admittedly a niche watch and probably always will be, but handling this example made me understand why some call it a grail – it’s got everything you could ask for from a vintage Rolex: a modest 38mm case with strong bevels, rich honeycomb dial, and a rotating bezel.
The record-breaking Milgauss. Image: Courtesy of Phillips
The record-setting JPS also illustrates the demand for top-quality condition. While that example sold for about $2.5 million, another JPS at Antiquorum in less-than-stellar condition failed to sell. More than ever, condition is what truly matters.
Finally, we covered the record-breaking 6270 in our preview last week, but it bears repeating: it’s one of the coolest watches ever. This level of diamond-setting in what, at the end of the day, is just a Valjoux-powered manual wind chronograph? Insane. This particular example has also developed a gorgeous patina on the gold bracelet.
Of course, Rolex doesn’t have a museum (yet?), but its recent activity at auctions illustrates a continued interest in its own heritage and history; Rolex also bought a few lots last November. That said, Rolex did have a handful of Daytonas on display at Watches & Wonders this past year alongside the release of the new Daytona, a model which itself has a few explicit nods to past Daytonas. The public bidding from Rolex was exciting to watch – sometimes it took little more than eye contact and a head nod between the auctioneer and the brand’s representative to make another bid. Discreet, yes, but immediately noticeable to keen onlookers.
The GMT-Master 6542 that belonged to Captain Warren, featured in Rolex advertisements in the 1950s. Image: Courtesy of Sotheby’s
Other Rolex watches in top condition did well, too – A gold 6263 in true new old stock condition sold at Antiquorum for CHF 312,500 (est. CHF 200,000 to 300,000), and a coral Day-Date in platinum sold for CHF 327,600 (est. CHF 100,000 to 200,000), leading a number of strong stone and stella dials from Rolex (and Piaget).
Not all Rolex watches performed as well. A gold 6269 with a Khanjar engraved on the back that some had questioned the authenticity of underperformed, selling for CHF 1.1 million at Christie’s.
But buoyed by the bidding of the brand itself at the top, the vintage Rolex market remains strong, while modern continues to slow down (though there are some results, like a modern ceramic Daytona selling for $50,000, that still didn’t make sense).
Source : HODINKEE
