Mena:I like watches, I think a watch is a functional or utilitarian jewelry that tell the time. I want to have a Swiss and Japanese watch collection. Jewelry, watches and arts are easier to collect then cars because unlike cars it doesnt take a lot of space and they are not expensive to maintain. I watch today is the modern sophisticated main only jewelry with his wedding ring( not me I still love chains bracelets and rings). I like the watch business, a rare vintage watch, a watch belonging to a famous star and a limited edition Swiis watch may cost $100,000 to a $1,000,000.
In-Depth The Sale Of Paul Newman's Rolex Daytona, The Most Expensive Wristwatch Ever
ast night, Paul Newman's personal Paul Newman Daytona sold for a record-breaking $17.75 million, making it the most expensive wristwatch ever sold. Ever since news of the watch's consignment to Phillips broke in the Wall Street Journal on June 1, 2017, the watch world has been buzzing. What would it sell for? Who would it sell to? What would happen after the sale? We have covered this watch extensively, from placing it on the cover of the HODINKEE Magazine, Volume 1, to going hands-on with it and featuring it on Friday Live last week. In the week leading up to the auction, we spoke to a slew of watch world insiders, including dealers, collectors, auctioneers, and HODINKEE readers, to see what they had to say about the Paul Newman Daytona and what it means to the watch world and collecting as a whole.
Now, with the sale behind us, and the dust beginning to settle, let's take a look at the story of how a stainless steel chronograph made horological history.
Last night's auction took place at Phillips on Park Avenue at six o'clock sharp. Naturally, being watch people, we got there at four o'clock. Around five o'clock the room started to fill up; clearly people were not shy about being fashionably early and by 5:30 the room was packed. First you had the collectors, mostly made up of chic middle-aged men who walked in with the nonchalance of Newman himself. Then you had the American dealers like Eric Ku, Andrew Shear, and Matt Bain who were making the rounds with the Italian dealers (like Davide Parmegiani and Alfredo Paramico, who was decked out in Louis Vuitton x Supreme gear, it was dope) – who never seem to travel in a group of less than six; together, I like to think of them as the Rat Pack of the watch industry. Then you have the celebs, most of whom I can't name, along with industry folks like two Rolex executives (one in town from Geneva).
Paul Newman wearing his Rolex Daytona
The Paul Newman Daytona that sold for $17,752,500 last night at Phillips' auction.
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Mena: Mechanical watches are no longer the most advance instrument that tell the time. A $20 quartz watch is more accurate then a $8,000 mechanical Rolex watch. Today in the information age we dont even need a watch to tell us the time, our cell phone can tell us the time more accurately then both the mechanical and quartz watch. Still mechanical Swiss and Japanese watches are popular and glamorous because a watch is not only about telling the time, a watch is functional Jewelry that have great craftsmanship, great tradition, high mechanical technology and great status symbol. A businessman, a banker and a doctor will judge somebody they meet for the first time by the watch they are wearing.
Last night's auction took place at Phillips on Park Avenue at six o'clock sharp. Naturally, being watch people, we got there at four o'clock. Around five o'clock the room started to fill up; clearly people were not shy about being fashionably early and by 5:30 the room was packed. First you had the collectors, mostly made up of chic middle-aged men who walked in with the nonchalance of Newman himself. Then you had the American dealers like Eric Ku, Andrew Shear, and Matt Bain who were making the rounds with the Italian dealers (like Davide Parmegiani and Alfredo Paramico, who was decked out in Louis Vuitton x Supreme gear, it was dope) – who never seem to travel in a group of less than six; together, I like to think of them as the Rat Pack of the watch industry. Then you have the celebs, most of whom I can't name, along with industry folks like two Rolex executives (one in town from Geneva).
As promised, at six o'clock sharp, Aurel Bacs took the stand, and with a few short pre-sale announcements, Lot 1 appeared on the screen and the sale was off. The first seven lots flew by, and as lot eight loomed, the knot in my stomach grew tighter – this was it! The excitement was palpable. Prior to opening the bid, Bacs announced that there were 16 registered white "premium" paddles in the room, meaning there were 16 people who were eligible to bid on the Paul Newman Daytona live, including familiar faces such as Eric Ku, Davide Parmegiani, Jerry Lauren (Ralph's brother), and seven others. Additionally, there were 16 registered bidders on the phones with Phillips specialists, bringing the total number of players to 32. No online bidding was allowed, in an attempt to prevent false bids or the old, "my cat stepped on the keyboard and I didn't mean to buy an $18 million watch," excuse (true story).
Bacs opened the bidding to the room, saying he had a $1 million absentee bid in the books from earlier in the day, but before he could even turn his head to the phone banks, Tiffany To, a Geneva-based specialist who was on the phone with an Asian client, shouted out, "Ten million dollars!" The room erupted with equal parts laughter and disbelief. Most assumed that the jump from $1 million to $10 million was either a strange joke or a well-executed plan by Phillips to avoid 30 minutes of meager bids. However, we have confirmation from multiple sources (who wish to remain anonymous) that this unprecedented $10 million bid was very, very real. This aggressive second bid wiped out all of the qualified bidders in the room and it was now a battle of the phone bidders. Not a single paddle was raised. Not one.
Bacs composed himself and said, "Well, I wasn't expecting this to happen," and asked if there was anyone interested in venturing $11 million. There was, someone on the phone with Nathalie Monbaron (head of Business Development in Geneva), bidding en français. The bidding then jumped to Leigh Zagoory, a New York-based specialist on the phone with her client who was in for $12.5 million. Bidding eventually landed at $14 million, with Monbaron's client on top – and then there was an excruciatingly long and tense pause.
Now, keep in mind, the watch had already surpassed the stainless steel Patek Philippe 1518 as the most expensive wristwatch ever sold, and it was creeping closer to Supercomplication territory – but Bacs is all too good at this dance. "Leigh, Leigh how are you doing? How is your telephone bidder?," Bacs chimed in. "What would he like to do now, go to dinner, maybe drinks?" The bidding was re-ignited, as he knew it would be, and it climbed all the way up to $15.5 million. It was now between To's client (the original $10 million bidder) and Monbaron's. After what felt like eternity, Bacs began to wind it down: "IT IS HISTORY NOW, FIFTEEN MILLION FIVE HUNDRED THOUSAND!"
Including buyer's premium, the most-talked-about watch of the year (and maybe the last few decades) had fetched a final sale price of $17,752,500, a new world record.
With unrivaled provenance, this watch has taught us a lot.
Paul Newman and Joanne Woodward.
Paul Newman being cool in his car
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What We Learned From The May 2018 Geneva Auctions Our editors look at the latest crop of sales for some insight into the state of the watch market today.
he last few days have been host to a handful of high-profile watch auctions in Geneva from all the major auction houses, including Christie's, Phillips, and Sotheby's. More Rolex records were set, a superstar's special watch blew its estimate out of the water, and a unique steel Lange got collectors' paddles flying. It was a big weekend. We thought it would be worthwhile now, with the sales all finished up, to have each of our editors look back over the last few days to see what they think we can learn about the watch market more broadly from the results, whether it's what watches are hot, what bargains you should be looking out for, or what came as the biggest surprises.
Elvis Presley's Tiffany-signed Omega is now the most expensive Omega ever sold, having commanded $1.8 million at Phillips.
And then of course, the same Phillips Geneva Watch Auction: Seven that saw the new Speedmaster record also gave us the new overall record for an Omega wristwatch. Granted, this one came in the form of a “celebrity watch” that was owned and frequently worn by Elvis Presley. It absolutely crushed its pre-sale estimates of CHF 50,000-100,000 on the way to $1.8 million, overtaking a record set by a rare observatory tourbillon sold at Phillips’s November 2017 Geneva sale.
This is not the first Elvis watch to come up for sale, but it's definitely one of the coolest.
Elvis is known to have loved watches, especially those with a little bling.
Breaking News Ref. 6062 'Bao Dai' Sells For $5,060,427, Becoming The Most Expensive Rolex Ever Sold At Auction (Again)
It's no surprise this watch took back its old record – just look at it.
The Rolex reference 6062 "Bao Dai" just sold for $5,060,427, making it the most expensive Rolex ever sold at auction. The watch sold as lot 93 of today's Phillips Geneva Watch Auction: Five, setting the new world record (as everyone expected).
This unique ref. 6062 is special for a number of reasons. It is the only known example of the ref. 6062 with a black dial and diamond indexes, and it belonged to the last emperor of Vietnam, who was quite the character. Many expected it to break the previous Rolex record (held by a split-seconds chronograph ref. 4113 sold by Phillips just 12 months ago), but the Bao Dai smashed past the CHF 2.5 million mark right from the start, and the only unknown left was how far collectors would go for this watch.
The result means the Bao Dai reclaims a record which it set in 2002, when it was sold for $235,000. In other words, the value of this watch is 21 times what it was 15 years ago. Pretty insane.
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Mena: Watches also symbolize the wheel of the zodiac, the 12 hours hand symbolize the 12 houses of the zodiac. The hour hand of the watch represent the Sun and the Sun God Horus (hour is derived from Horus). the minute hand of the watch represent the moon or the God Min or Goddess Isis. the fast second hand represent the Planet and God Mercury.
A detail of a mosaic depicting the signs of the zodiac. From a 6th century CE synagogue at Beth Alpha, Jezreel Valley, northern Israel.
This Zodiac illustrates the signs and houses around the astrological wheel.
The Zodiac begins here with Aries and travels its astrological route through the twelve signs. This wheel shows how the sign-rulers for each of the twelve houses, begins with Aries in the 1st House and ends with Pisces in the 12th House.
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quote:Originally posted by mena7: Mena: Watches also symbolize the wheel of the zodiac, the 12 hours hand symbolize the 12 houses of the zodiac. The hour hand of the watch represent the Sun and the Sun God Horus (hour is derived from Horus). the minute hand of the watch represent the moon or the God Min or Goddess Isis. the fast second hand represent the Planet and God Mercury.
A detail of a mosaic depicting the signs of the zodiac. From a 6th century CE synagogue at Beth Alpha, Jezreel Valley, northern Israel.
This Zodiac illustrates the signs and houses around the astrological wheel.
The Zodiac begins here with Aries and travels its astrological route through the twelve signs. This wheel shows how the sign-rulers for each of the twelve houses, begins with Aries in the 1st House and ends with Pisces in the 12th House.
Deep post, it never occurred to me before. Thanks.
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Olivier Audemars, Jasmine Audemars et Raynald Ponzio
The great-grandson of Edward Auguste Piguet, Olivier Audemars is an eloquent ambassador for the rich traditions of the Vallée de Joux and the watch brand that bears his family name.
There are not too many family-owned business with ties that go back to the founding fathers left in the watch industry today. Audemars Piguet is among the few brands (Carl F. Bucherer is a notable other) where the fourth generation of the founding family still takes a close interest in the business.
During Art Basel earlier this year, we had the opportunity to have a leisure chat with Olivier Audemars, the vice-chairman of the board of directors at the company and great-grandson of co-founder Edward Auguste Piguet. Here are excerpts from the chat.
On his childhood in the founder’s family
When I was growing up, Audemars Piguet was a small company with about 40 people, it was just someplace that my grandfather worked in the Vallée de Joux. I was very close to him and we spent a lot of time together during holidays and weekends. As a kid it was frustrating to watch him spend time at home with these intricate watch movements, but I remember being vowed as a 5 year-old when he showed me how an escapement came alive like a beating heart after the movement was assembled.
I was asked to join the family business because they thought it was important for someone with an intimate knowledge of the company to be involved. I still have memories of what my grandpa had showed me. When I joined the business in 1998-99, we were still a small company of about 200 people. We are now at about 1,500.
On lessons learnt at the dinner table
During my youth I remember hearing stories from my grandfather about the struggles the company went through. For example, in 1928 our US agent responsible for more than 50 per cent of our turnover went bankrupt. It nearly killed the company. We went through a really tough few years as this happened just before The Great Depression. Years later when the Chinese market was really booming, all the big brands focused heavily on the Chinese market. Everyone thought this was going to last forever.
We didn’t do that, we didn’t want to put all our eggs in one basket. So we continued to develop the US market, Europe and Middle East – markets which at the point were much more difficult to develop than the Chinese one. We did this because we remembered the lessons we had learnt in 1928. My point is that when you are a family-owned business, there are things you learn along the way, things that are discussed at the dinner table.
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