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.
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