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https://robbreport.com/style/watch-collector/rolex-milgauss-auction-1234843638/

Last weekend, a Rolex Milgauss sold at Phillips Auction Geneva for $A3,750.000. Almost four million dollars! Yes it was a complete set in very fine condition, showing very little wear. But my goodness, that is absolutely crazy money for a vintage Rolex. As reported: "A bidding war ensued between an American collector and a buyer who was, reportedly, shopping on behalf of Rolex. Seemingly determined to add the watch to their private collection, it was the unidentified buyer who secured the lot for more than double the estimate. While it's an astonishing amount of money, it is but a crumb to Rolex (if they were indeed the buyer) who Morgan Stanley estimated made CHF 9.3 billion in sales in 2022." It is no secret that record auction prices are often the result of brands biding on their own watches. The benefit is clear: massive advertising exercise, literally free publicity, and the opportunity to take the brand's image and prestige to the next level.  About ten years ago, I was offered an almost identical Milgauss, a complete set, for $40,000. I said no, thanks. It was later sold to an overseas dealer for $70K. I guess I should have said yes. Damn! Should you invest in a vintage Rolex? As they say, only bet what you can afford to lose. But buying a vintage watch - of any brand - could be a smart decision: assuming you really like the look, stylistically the watch fits your wrist perfectly, and the watch is your birth year. If it ticks those three boxes, you can't go wrong. On today's offer: 1959 Rolex Submariner Ref 5512 What makes this piece special is that it was made in 1959, the year when reference 5512 was actually released. This was the first no-date submariner with crown guards, first issued with gloss dial and a few years later with matte.  To say that a 1959 5512 is actually quite rare would be an understatement. Don't take my word for it - do your own research and feel free to make me an offer. This watch comes from my private collection, with original box and papers (manufactured in 1959 sold new in 1961) so as you would imagine, I am not a desperate seller. On the contrary - quite happy to take it back to my deposit box and remain it's guardian for years to come.

The Mysterious Rolex Submariner 5512

Here is the story of the "mysterious" Rolex 5512 from the 1960s that came in with the owner's note: "I had left my 5512 Submariner with a local watchmaker to service a few weeks ago. Anyway yesterday he tells me he cannot adjust the accuracy of the watch below 30 minutes a day. He doesn't know what is exactly wrong..."

That sounds like an interesting challenge and I really couldn't wait to get into it!





Bracelets were removed and serial numbers checked and recorded




This is the most exciting moment: what mystery is hidden inside?



Cal. 1570 movement is held with 2 clamps



Initial timing machine revealed that the 'hearth beat' reading was very erratic but somehow consistent. But the error was only 40 seconds per day, not 30 minutes as reported.



Further inspection of balance wheel revealed a poorly aligned hairspring



and loose weight screw (C). The hairspring was rubbing against the spoke of the balance wheel. This could be one possible reason for excessive gain.



hairspring was realigned to correct position (from A to B) which resulted in much better timekeeping.



The amplitude was much better, the bal. wheel was resonating at 19,800 bph which is correct for cal. 1570.



Yet the watch was still gaining like crazy!
Obviously there was another problem hidden deeper inside! Movement was disassembled once again.



This time I was looking for train wheel with incorrect tooth count. New set of original Rolex cal 1570 wheels was there as reference (green)



... and the culprit is 4th wheel ! Although of exactly same diameter as the correct wheel, this one has a different number of teeth!



the watch was reassembled again and voila - the excessive gain magically disappeared!
But could this well-beaten up 5512 keep even better time, perhaps within chronometer specification? Let's see...
Once again, the complete movement was disassembled, cleaned, lubricated and adjusted. Fast forward - 2 hours later, the result speaks for itself.



Final adjustment: +1 sec / day. Naturally, once worn on the wrist the actual error could be slightly higher, I would still expect this 5512 to perform within chronometer specification.



And finally, one mystery that will probably remain unsolved for ever: who fitted the wrong 4th wheel in the first place?