Four Rolexes Cross the Million Mark at Phillips Geneva

Time well spent: Sotto and Pagoda. (Photo credit: Phillips)

The top Rolex lot at Phillips this weekend was a newly surfaced Oyster Sotto Paul Newman Daytona Ref. 6263, which had remained in one family for decades before being acquired by the current consignor. The Sotto is considered the most elusive variant among steel Paul Newman Daytonas, with fewer than 30 known. This example’s well-preserved case (pictured, left) and original warranty added to its appeal. Estimated at CHF 400,000 to 800,000 and sold for CHF 1,391,000, it outperformed the high estimate by 74%, the latest sign of a strong vintage market. The Sotto was one of four Rolex watches to cross the CHF 1 million threshold at the auction.

Among them was an 18-kt yellow-gold Rolex Daytona (pictured, right) nicknamed the “Golden Pagoda,” which realized CHF 1,079,500. The reference 6239, one of the earliest Daytonas produced in gold, still retains its factory sticker and sports a champagne “Paul Newman” dial that has aged evenly. Phillips described the watch as “the white whale of watch collecting.”

Not to be outdone at the same Geneva event, a Patek Philippe 1518 fetched CHF 12 million, setting a new record for a Patek wristwatch sold at auction and proving the resilience of the vintage watch market amid economic uncertainty.

Rolex Passes on the Watch That Started It All

Making a splash. (Photo credit: Sotheby’s)

At Sotheby’s Geneva auction on Sunday, the watch that once belonged to Rolex’s first brand ambassador sold for $1.73 million, exceeding its high estimate by half a million. The winning bidder of the Rolex “Companion Oyster” was a private collector from Asia, following fierce competition among four parties. When the same piece was sold twenty-five years ago, it fetched just £17,000.

British swimmer Mercedes Gleitze wore this very Rolex Oyster during her 1927 “Vindication Swim,” according to Sotheby’s. Rolex built an entire campaign around her achievement, publishing a full-page advertisement in the Daily Mail. For nearly a century since, the brand has described that moment as the birth of the modern Oyster and a turning point for both Rolex and watchmaking as a whole.

Still, Rolex strangely chose to pass on this one, even as it has quietly built a collection worthy of a museum. It’s unclear whether the brand took part in the bidding, but given its financial strength, it likely wasn’t outbid. It simply chose not to buy.

On the Resolute Desk, a New Clock That Looks a Lot Like a Rolex

Oyster in Chief. (Photo credit: The White House)

Since the visit of Rolex CEO Jean-Frédéric Dufour and four other Swiss executives to the Oval Office last Tuesday, a new object has surfaced on the Resolute Desk. Rumors from Switzerland have suggested that President Donald J. Trump received a Rolex from the Swiss delegation along with gold bars, but no one could say which model it was.

Now, a new object, first spotted by Watches of Espionage on Instagram, seems to confirm the rumor. Recent White House photos show a gold desk clock with a green dial and a fluted bezel reminiscent of a Rolex Datejust on the president’s desk. A Cyclops-style magnifier over the date window reinforces the resemblance.

Little is known about the Datejust-like desk clock, which is unavailable at retailers and does not appear on Rolex’s official website. It might even be a unique piece made for the U.S. president. Still, its design matches a model Rolex recently introduced: the Submariner Desk Clock ref. 909010LN, which is powered by the analog-digital quartz Caliber 8335 featuring a rare secular calendar that remains accurate until 2400. The seconds hand moves more smoothly than a standard quartz movement.

Whether the clock was a personal gift from Rolex to President Trump remains unconfirmed, but its presence marks a notable moment in the brand’s history. Rolex watches have adorned presidential wrists before, yet never has a Rolex clock sat in plain view on the Resolute Desk.

A New Book About Hans Wilsdorf, With a Twist

Christian Rupprecht. (Photo credit: Jürgen Gärtner)

A new book about Rolex’s founder takes an unusual approach. German author Christian Rupprecht, a theologian with a doctorate, released his novel on Hans Wilsdorf earlier this week. While many have attempted to chart Wilsdorf’s life, Rupprecht’s unique version is worth a write-up. The book is surprisingly engaging. Written like a film biopic, it brings Hans Wilsdorf to life, weaving facts into narrative fiction and reading more like a light novel than a historical tome meant for scholarship.

Rupprecht chose storytelling after concluding that, despite his research, there wasn’t enough documentation for a conventional biography. His 400-page novel, Rolex: Der Traum des Hans Wilsdorf (“Rolex: The Dream of Hans Wilsdorf”), follows Wilsdorf’s path from his Bavarian childhood through London and Geneva, outlining his ambition and pursuit of perfection, traits that would turn his modest company into an international symbol of success.

The book was just released in German, with no English edition available yet. But Coronet has translated an authorized excerpt for your enjoyment. You can read it here.

Rolex’s New Link to a Global Shipping Empire

Alexa and Diego Aponte. (Photo courtesy: MSC)

Diego Aponte, heir to one of Switzerland’s wealthiest families and president of Geneva-based MSC, the world’s largest container shipping group, is said to have played a key role in arranging the White House meeting earlier this week by enlisting former Trump diplomat Carlos Trujillo. Aponte himself, however, was reportedly absent from the Oval Office “due to a scheduling conflict.”

His sister, Alexa Aponte, MSC’s chief financial officer, joined Rolex’s board of directors last month, the first new appointment since Michel Juvet in 2022 and among the few women serving alongside Anne Bobillier.

Like Rolex, MSC is a closely held and famously private company. It is run by one of Switzerland’s most prominent families. “We grew up more in the office than outside it. This is our family,” Alexa, the founder’s daughter, once said. The Apontes live quietly in several villas around Geneva, and Forbes estimates their fortune at 63 billion francs. Diego has previously worked with Trump’s allies on a proposed deal to acquire Chinese-owned port terminals through a partnership with BlackRock, including two along the Panama Canal, a project that aligned with Trump’s push to expand U.S. influence over the region.

By bringing MSC’s chief financial officer onto its board of directors, Rolex has linked itself to one of the world’s most powerful logistics networks and, indirectly, to the trade interests now circling Washington.

Jean-Frédéric Dufour in D.C.: An Analysis

A Swiss movement. (Photo credit: The White House)

It's been since 1977 that a Rolex CEO set foot in the White House, when André Heiniger joined a delegation of European business leaders organized by Time magazine. Nearly half a century later, the head of a brand known for staying out of politics is again in the Oval Office, alongside a handful of Swiss executives, a sign of the gravity facing the Helvetic country.

Still, Dufour has remained cool-headed, showing restraint and appearing to be playing the long game even amid the urgency of the moment. When he met Trump face to face at the U.S. Open in September, a feat not even the Swiss government had managed, he kept the exchange personal rather than political and did not mention tariffs.

Now, in Washington, even as a steep 39-percent tariff looms over Switzerland, the CEO of the world’s most important watch brand said he avoided “direct negotiation.” The goal, according to a joint statement later released by the businessmen, was to show “support for the ongoing dialogue” between the two countries “in a constructive spirit.” In a photo first published by Hodinkee, Dufour, whose roots lie in the city most associated with diplomacy, is seen seated front and center, directly facing Trump.

Yet, his approach, according to those who’ve known him, is never confrontational, a sharp contrast to Trump's style. Where the U.S. president is known for impulsiveness and showmanship, Dufour has shown discretion and restraint. Perhaps it’s because he knows his industry has survived countless crises over the centuries — and will surely survive this one.

Trump Meets With Rolex Chief Jean-Frédéric Dufour in Washington

Time for diplomacy. (Photo credit: WHHA)

Rolex CEO Jean-Frédéric Dufour traveled to Washington, D.C., earlier this week for a meeting with President Donald J. Trump, joined by a small group of Swiss business leaders.

The meeting was not publicly disclosed. On Tuesday evening, Trump posted on social media that it had been his “Great Honor to just meet with high level Representatives of Switzerland.” He was joined by his son Eric and daughter-in-law Lara, neither of whom holds a government position.

According to people familiar with the meeting, who spoke on condition of anonymity, Johann Rupert, chairman of Richemont, was also present, along with Daniel Jaeggi, co-founder of energy trader Mercuria, and Alfred Gantner, co-founder of Partners Group.

The Swiss government confirmed it had been informed of the visit and said it provided support during preparations, but noted that the discussions took place “independently of the Federal Council’s involvement in this matter.”

Rolex’s Deepsea Challenge Resurfaces in a Changing Era

A deeper purpose. (Photo courtesy: Rolex)

Rolex will loan the experimental Rolex Deepsea Challenge watch that accompanied James Cameron on his 2012 solo dive to the Mariana Trench to the Australian National Maritime Museum until next August, for its exhibition on deep-sea exploration titled “Ultimate Depth: A Journey to the Bottom of the Sea.” In hindsight, the watch represents a turning point in Rolex’s tradition of exploration.

If Cameron approached the brand today to sponsor a dive to the ocean’s deepest point, it might hesitate. Rolex’s view of exploration has evolved since the days of Hillary and Norgay, Piccard and Walsh, and even Cameron’s solo dive. It now supports expeditions to help protect the planet rather than explore for exploration’s sake.

Still, the watch on Cameron’s submersible was a feat of engineering, designed and built in Rolex labs in just over four weeks. When Rolex tested it in la cuve UHP, tension filled the room. Employees had gathered and watched as it endured pressures equal to 15,000 metres, a record. When the watch emerged unscathed, the room erupted in applause, a rare burst of emotion from the usually reserved Swiss brand.

It was one of the last moments when pure exploration drove Rolex to innovate. Today, deep-sea or mountaineering projects backed by the brand are environmentally framed, often studying coral reefs or glacial melt.

Even Cameron’s watch is now presented through that lens. Rolex Australia’s managing director, Benoît Falleti, said he was honored to provide the museum with a “true icon of exploration.”

“This unique opportunity underscores Rolex’s ongoing commitment to innovation and human endeavor, to better understand and protect the planet,” he said.

New Rolex USA Building Almost Ready

(Photo credit: Michael Young)

Construction is nearly finished at 665 Fifth Avenue, the new U.S. headquarters for Rolex in Midtown Manhattan. Designed by David Chipperfield Architects and developed by Rolex Realty Company, the 28-story tower stands at the corner of Fifth Avenue and East 53rd Street. The project is expected to be completed by the end of the year, with a grand opening planned for 2026. Coronet previously published photos of the old Rolex U.S.A. building during its demolition.

The new 469-foot-tall structure will provide 199,000 square feet of office and retail space for Rolex, arranged in three stacked sections, each set back slightly as it rises. The first four floors will contain retail and public areas, referred to as the “Point of Sale & Lobby,” while Levels 5 through 25 will be used for office space. The top two floors — Levels 27 and 28 — will be dedicated for private dining and events for Rolex guests.

See more pictures of the new Rolex USA building here.

In Bulle, Rolex Plans to Extend Its Footprint Again

More land-dwelling in Bulle. (Map: City of Bulle)

Rolex is seeking to acquire additional land in Bulle, Switzerland, as work progresses on its new manufacturing site, slated to open in 2029, with the signing of a sale contract expected soon. The acquisition would give the brand control of an adjacent parcel, allowing for potential future expansion to the northeast of its 100,000-square-meter production complex, a sign it expects production to continue growing even amid new economic uncertainties.

Rolex is in talks to acquire the former premises of Progin SA, a metal-industry company that went bankrupt last year after four decades of operation. The site, adjacent to Rolex’s future production campus now rising on the edge of town, is being sold by the cantonal bankruptcy office. Once the purchase is completed, the brand would gain control of a strategically located parcel that could allow it to extend its industrial complex.

The Progin building is a modern glass-and-steel structure completed in 2006. Still, it’s unclear whether it fits into Rolex’s plans to expand its manufacture. The property is not listed as a protected site, leaving Rolex free to retain or demolish it as it integrates the parcel into its new campus.

Rolex Adds Accessories to Its Website, a First for the Brand

(From Rolex.com)

Rolex has introduced a new “Accessories” section on its official website, the first time the brand has listed non-watch products online. The page features 18-carat gold cufflinks inspired by Rolex design motifs such as the fluted bezel and crown emblem, along with a desk clock styled after the Submariner Date. According to Rolex, the accessories “reflect the visual codes of the brand while meeting the same high standards in terms of quality and reliability as those of any Rolex watch.”

Coronet reported Rolex’s plans to introduce accessories on its website back in September, giving new visibility to items previously available only through Official Jewelers. For Rolex enthusiasts, the introduction of accessories creates a new entry point into the brand. Still, prices remain firmly within the luxury tier, with gold cufflinks starting above $5,000. The Submariner desk clock is listed at $10,270.

The move is not unique in the industry. Patek Philippe maintains a “Jewelry & Accessories” section on its website that includes cufflinks, rings and earrings. Rolex’s new section is the latest sign it sees demand for jewelry items that extend beyond watches.

Rolex Plans a New Boutique in New York as It Expands Retail Control

Rendering of Rolex’s future boutique. (Image: ESRT)

Rolex is expanding its presence in New York City and plans to open a new boutique in the Williamsburg neighborhood of Brooklyn, marking its fifth wholly owned store in the city. The 3,767-square-foot boutique will occupy an existing corner building at 86 North Sixth Street. Rolex has been refining its retail footprint since the Bucherer AG acquisition, expanding flagship and brand-operated stores while closing others.

Tourneau, the American retailer Rolex acquired through its 2023 purchase of Bucherer, signed a 15-year agreement with Empire State Realty Trust, which had acquired 86–90 North Sixth Street earlier this year as part of a $31 million portfolio purchase, according to city records made public in July. The move is the latest sign of Rolex's push for greater control over its retail network across major markets despite of tariff uncertainties in the U.S.

Rolex, through Bucherer, already operates four boutiques in Manhattan. As the brand completes construction of its new 199,000-square-foot New York headquarters at 665 Fifth Avenue, it plans to end its 45-year partnership with Wempe at 700 Fifth Avenue by the end of 2025.

In Brooklyn, the new store will complement William Barthman, the borough’s only Official Rolex Jeweler, located about nine miles away.

Rolex Deal Leaves a Legacy, and a Dispute, in Switzerland

Jörg Bucherer in an undated photo. (Credit: Corriere del Ticino)

It was two years ago, on Nov. 6, 2023, that Jörg G. Bucherer, the owner of the largest watch and jewelry retailer in the world, passed away, weeks after selling his company to Rolex.

Now, the foundation he left behind, worth several billion francs and among the largest in the country, has come under closer scrutiny from Swiss authorities, who have appointed two independent trustees to ensure its proper and independent functioning, according to the Federal Supervisory Authority for Foundations (FSAF).

Coronet reported in July 2024 that proceeds from the Rolex acquisition would go to a newly created Bucherer Foundation, established under Bucherer’s will by his executor and personal attorney, Urs Mühlebach, to support cultural, scientific and social causes in the Lucerne region.

Because Mühlebach is now both the will’s executor and the foundation’s board chairman, he can select board members likely to be sympathetic to him while they’re supposed to oversee his own decisions. The Swiss authority described this a “potentially serious structural and personnel conflicts of interest within the foundation's board.”

Mühlebach said the arrangement reflects Bucherer’s wishes. Bucherer had named him both executor of the will and a member of the foundation’s board, but the document does not specify his appointment as chairman.

Through a Podcast, Rolex Gives Its Perpetual Planet a Voice

(Photo: Planet Visionaries Podcast)

Rolex is producing a podcast through its Perpetual Planet Initiative, a sign luxury brands are increasingly turning to the popular format for storytelling.

“Planet Visionaries” is hosted by professional rock climber Alex Honnold, who opens its fifth season today with an episode titled “What Does It Take to Be Rolex National Geographic Explorer of the Year,” featuring this year’s laureates, wildlife filmmaker Bertie Gregory and penguin researcher Pablo García Borboroglu. The episode is available on all major podcast platforms. For the first time, the series will also stream on Rolex’s YouTube channel, where it is currently unlisted but accessible at this link.

Rolex’s philosophy has shifted from supporting explorers who seek discovery for its own sake to those working to protect the planet and its oceans. Future guests will include actor and climate champion Mark Ruffalo, wildlife photographer Cristina Mittermeier and conservationist Kris Tompkins.

The Rolex brand takes a visible role in Mr. Honnold’s podcast, appearing not only in the title logo but also in the show’s description for its conservation work. By producing “Planet Visionaries,” the watchmaker continues to align its storytelling with the environment rather than traditional marketing. The watches themselves are never mentioned; instead, Rolex highlights explorers and scientists rather than Testimonees to build its image as a brand devoted to conservation at a time when consumers increasingly align their purchases with company values.

Rolex’s Financials Reveal Robust Growth Down Under

Rolex Sydney boutique. (Photo credit: Rolex)

Australia is among the few countries that require companies to file annual financial reports. For Coronet, this offers a rare glimpse into Rolex’s operations in one of the fastest-growing regions for Swiss watchmakers. This magazine reported earlier this month on Rolex’s financials in the United Kingdom.

Rolex Australia Pty Ltd, a subsidiary of Rolex S.A., reported revenue of A$414.4 million for the year ending Dec. 31, 2024. To compare, Rolex in the U.K. reported flat revenue at £701.5 million, about A$1.43 billion. While the U.K. total is roughly three and a half times larger, it lacked the 11% growth recorded in Australia.

Australia is quickly emerging as a new growth frontier for Rolex, supported by younger consumers as China’s luxury demand remains tepid and U.S. tariffs add uncertainty. The wealth of Australia’s richest households has nearly tripled over the past two decades, according to the Australia Institute. Oceania also stands out as the only region worldwide to record a year-over-year increase in Swiss watch shipments, according to the latest data.

Rolex Australia reported a profit of A$29.3 million, representing a margin of 7.1%, a solid figure for a luxury-goods distributor. The result marks a turnaround from the A$1.9 million loss the year before, when Rolex made a major investment in its new Oceania headquarters in Melbourne, which also houses a state-of-the-art watchmaking training facility.

Can Rolex Bring Back the Padellone?

Rolex 8171. (Photo credit: Hodinkee)

In a recent patent filing, Rolex appears to be revisiting one of the most storied designs in its history. The document, made public last week and first reported by Nick Gould, describes a triple-calendar mechanism with day and month windows at 12 o’clock and a central date hand, a configuration reminiscent of the brand’s early-1950s models. “Additionally or alternatively,” the patent says, “there can be a moonphase indication, for example.”

From Rolex’s patent published Oct. 16, 2025. (Rolex via USPTO)

This magazine reported in September that Rolex had trademarked the word Padellone, a rare move by the brand to formally claim ownership of a collector’s nickname for the triple-calendar moonphase reference 8171, produced only briefly in the early 1950s.

Last year, Coronet also reported on a Grande Date mechanism patented by Rolex; the year before, a perpetual calendar system. Patent filings are rarely reliable indicators of what’s next at Rolex, but they’re the latest sign the brand is investing in research and development to bring iconic designs into the modern era. A Rolex triple calendar in yellow gold from 1953 sold for more than €4 million at auction earlier this month.

With the 1908 and the Land-Dweller, the brand has introduced two entirely new lines of Classic watches in just two years, a sign of shifting tastes among Rolex buyers. Both have been successful releases, defying typical market trends for value retention in dress pieces. By contrast, Patek Philippe’s dress collections trade at roughly 40 percent below retail.

Once Overshadowed, Rolex’s Dress Watches Rival in Value Retention

Average value retention by collection. (Credit: WatchCharts)

The analysis of value retention by collection has long shown a clear hierarchy within the Rolex lineup. But today, the ranking of the brand’s Classic line relative to its Professional models is unusual and worth writing about. The value retention of dress watches at Rolex is rare among industry peers and is the latest sign that consumer tastes may be shifting as the brand’s strategy to beef up its Classic line begins to resonate with buyers.

Rolex remains the only major watch brand whose models, on average, continue to trade above retail prices. WatchCharts, which provides the data, defines value retention as the premium a watch commands on the secondary market. For Rolex, it stands at +15%, driven in part by models from the Classic line. By comparison, Patek Philippe and Audemars Piguet see premiums concentrated mostly in their sports models, while most other brands trade at discounts exceeding -30% relative to retail.

At Rolex, the Land-Dweller, its latest model from the Classic collection, now tops the chart by a wide margin, a position usually held by Professional models. The Day-Date drops only -1% on average, a remarkable result given it is offered exclusively in precious metals, while the 1908, Datejust and Sky-Dweller show positive premiums. In contrast, Patek Philippe’s dress collections trade at more than -40% below retail. It is a testament to Rolex’s strength in the secondary market that both its dress and sports watches continue to hold value so well.