In a First, Rolex Turns to Auction With DiCaprio and Federer

Rolex announced last week it has teamed up with Roger Federer and Leonardo DiCaprio to auction four one-of-a-kind Daytona watches in London on Sept. 28, with proceeds going to charities associated with the two Testimonees. The Phillips sale will benefit the Roger Federer Foundation, which supports education programs for children, and Re:wild, a conservation organization co-founded by DiCaprio.

The sale is a first for Rolex, which has never auctioned its own watches, though it has bought rare vintage pieces with important provenance for its collection. This time, the auction allows the luxury brand to publicize its philanthropy in a way it has never done before. Still, the choice of heavily gem-set watches, using natural diamonds and other mined gemstones, is an interesting twist for raising money for the environment.

Called “The Four Seasons,” the watches represent spring, summer, autumn and winter, each in a different precious metal with a natural-stone dial. While the brand calls the four watches unique, their cases and movements are not. What makes them one of a kind is the combination of dial materials and diamonds. Spring pairs white gold with chrysoprase, lepidolite and purple sapphires; summer uses Everose gold with turquoise and pink stones; autumn combines yellow gold with mookaite and green stones; and winter pairs platinum with blue opal, lapis lazuli and sapphires.

The one-of-a-kind Rolex Daytona watches represent spring, summer, autumn and winter. (Rolex)

The watches will be auctioned as four separate lots. Hodinkee reported that Rolex initially planned to sell them as a set, but demand was so strong, with more than 1,000 names submitted despite a roughly 4-million-franc price tag, that it pivoted to an auction for charity. That demand will likely encourage Rolex to lean further into the K-shaped economy, with “unique” Rolex watches becoming the epitome of exclusivity. The announcement comes less than three weeks after Drake showed off his one-of-a-kind, gem-set Daytona on Instagram.

Rolex’s Fight Against Custom Watches Comes to Canada

An icy dispute. (Photo credit: Bijoux Medusa)

Julien Duguay, founder of Quebec jeweler Bijoux Medusa, said in a Facebook post last week he will “vigorously contest” a lawsuit filed by Rolex. Rolex accuses him of selling counterfeit watches because they were modified with aftermarket diamonds and other precious stones. The case is important because it could set a precedent for Canada’s market.

At issue is whether a Rolex is still a Rolex if the movement and case are from the brand, but the bezel has been replaced with a diamond-studded one not made by Rolex. Courts in the U.S., Switzerland and France have generally sided with Rolex when businesses sell modified watches, while allowing customers to have their own watches personalized, a distinction reported by Coronet. In an interesting twist, a U.S. appeals court has ruled that adding diamonds to genuine dials without removing or reapplying Rolex trademarks does not constitute trademark infringement.

Mr. Duguay argues that Rolex is seeking to “control and dominate” the pre-owned Rolex market. He said the lawsuit, coming as Bijoux Medusa prepares to open a Montreal boutique near official Rolex retailers, is “an attempt to intimidate a local Canadian business.”

The lawsuit against Mr. Duguay is the latest sign Rolex is building legal precedent around the world, one case at a time, redefining what makes a counterfeit watch. Bamford, Artisans de Genève, MAD Paris, Blaken, La Californienne, as well as dealers in Texas and Georgia have faced similar pressure from the brand. Canada has little case law on the issue, making the Bijoux Medusa an important one for Rolex.

Eric Wind Calls It the Best Rolex Explorer in the World. Now It’s for Sale.

Peak vintage Rolex. (Photo credit: Wind Vintage)

A prominent vintage watch dealer not usually known for hyperbole says he has a piece so important it probably belongs in the Rolex Museum. In a video published on Instagram on Sunday, Eric Wind said, “I am biased obviously because I'm offering it for sale, but I happen to think it's the best Rolex Explorer that exists on the planet today.” He is listing the watch for $350,000 on his website, and if one has ever sold for more, Coronet is not aware of it.

The watch is an early Rolex Explorer reference 6350 with its rare waffle dial. Its case appears to be unpolished, according to Mr. Wind. “This watch is arguably the greatest example of the reference 6350 in terms of its condition,” Mr. Wind said, also pointing to its unusually thick bezel, something often lost on vintage examples. Mr. Wind has run Wind Vintage for almost a decade and was previously a vice president and senior specialist at Christie’s.

The watch belonged to Hollywood actor Spencer Tracy, the first actor to win consecutive Academy Awards for Best Actor. Mr. Tracy wore it in The Mountain (1956), playing a retired Alpine guide who agrees to climb a dangerous peak to stop his younger brother, played by Robert Wagner, from looting a plane crash. “It is possibly one of the earliest product placements of a Rolex in a film,” Mr. Wind said.

Mr. Tracy wore the watch for many years on a Rolex strap with a steel buckle. Mr. Wind has added a period-correct Rolex Oyster rivet bracelet dating to 1957, but said the original strap is included in the sale.

As More Rolex Watches Need Service, Rolex to Shift More Work to Retailers

Rolex has its hands full. (Photo credit: Rolex)

With more than a million Rolex watches entering circulation each year, the brand also has to figure out what to do when they come back. Since 2022, the growing Certified Pre-Owned program adds to that demand, including for watches less than five years old. CPO watches come with a two-year guarantee, requiring servicing as more are traded in. We still don’t know what watch components will be made at Rolex’s new Bulle manufacture, but we do know it will include a hub for Rolex World Service, a sign of the growing need facing the biggest luxury watch brand.

Rolex’s strategy is to push more servicing to local retailers and develop on-demand services outside the brand’s own service centers. Rolex says it has established guidelines for retailers to help speed estimates, maintenance and repairs, while promoting services such as polishing. It is launching for the first time an After-Sales Service Polisher program, a three-month course training specialists for retailer workshops, alongside its existing 18-month watchmaker program. The share of customer servicing performed by retailer watchmakers is growing, the brand says, and is reaching nearly half (49%) of all servicing operations. “The brand’s objective is to offer more local services, thereby ensuring shorter lead times through a streamlined process,” Rolex said.

Rolex also wants to streamline when parts need to be replaced, a decision usually left to the watchmaker. It keeps spare parts available in Geneva for up to 35 years after production ends and can make some parts to order for collectors’ watches. Now it plans standardized rules for replacing individual components, reducing the need for new parts. “These principles will be fully defined by 2030 for all serviced models,” Rolex said.

4 Months After Rolex Killed an Icon, an Unusual Market Response

Price trend for the Rolex GMT-Master II 126710BLRO on the secondary market. (Data: WatchCharts.com)

The discontinuation of the GMT-Master II "Pepsi" was not completely a surprise. What is a surprise today is that four months after the brand killed off one of its most difficult-to-obtain watches, prices have settled so quickly, in one of the most unusual market responses to a Rolex discontinuation.

The model might be iconic, but today’s prices suggest there is a limit to what buyers will pay for a bezel color. With more GMT-Master II options than ever, the market is deciding just how much red and blue is worth.

Still, the market is skeptical the 126710BLRO is the last Pepsi. When Coronet asked a Rolex rep about the fate of one of its biggest icons, the response from Geneva seemed purposely ambiguous. So, the Pepsi’s historical importance is working against its premium, something we've rarely seen at Rolex. The market fears an improved version will draw buyers to the new watch, especially if Rolex has perfected the bicolor-bezel process.

But the more interesting explanation may be long-term psychology. Few Rolex watches have been rumored for discontinuation as often as the Pepsi. As prices steadily rose in anticipation, much of the effect was already baked in, leaving little new catalyst when production finally ended. To be sure, prices did jump once the discontinuation became official, but they settled far sooner than anyone expected, as Coronet observed already in May.

Finally, there is the unusual way the Pepsi market was divided. The model was nearly impossible to get at retail, and buyers willing to pay a premium had turned to the secondary market long ago. Those who refused and stayed on retailers’ waitlists are not suddenly willing to pay premium prices today. Ending production simply closed the already-tight retail route; it did not remove the thousands of Pepsis in circulation on the preowned market, many of them hoarded by dealers who were lying in wait.

For Rolex, the U.S. Courtship Continues

Rolex CEO Jean-Frédéric Dufour, left, U.S. Ambassador to Switzerland Callista Gingrich and Rolex General Counsel Alexander Troller at Rolex in Geneva on Thursday. (Photo courtesy of the U.S. Embassy in Bern)

Almost a year after Rolex invited President Donald Trump to the U.S. Open, the brand has invited another member of his administration, this time behind the doors of its manufactures in Geneva.

On Thursday, U.S. Ambassador to Switzerland Callista Gingrich visited Rolex for the first time, touring its watchmaking facilities, learning about the history of the brand and meeting CEO Jean-Frédéric Dufour and General Counsel Alexander Troller. The meeting is the latest example of Rolex's unusually visible role in U.S.-Swiss relations chronicled by Coronet.

It is Ms. Gingrich's first visit to a Swiss watch manufacture since becoming ambassador, after being nominated by Trump in Dec. 2024 and confirmed by the Senate in Sept. 2025. In April, she attended Watches and Wonders in Geneva, meeting several members of the industry, including Watches and Wonders Geneva Foundation CEO Matthieu Humair and Patek Philippe President Thierry Stern.

Thursday’s visit to Rolex’s headquarters comes as trade remains sensitive between Washington and Bern. Less than three weeks ago, new U.S. duties on Swiss imports took effect, generally bringing the rate to 12.5%. While Rolex regularly invites new Testimonees to tour its facilities, visits by ambassadors are rare.

Mr. Troller's presence is perhaps the most intriguing part of the visit. Rolex's first in-house general counsel joined the brand just last year, as first reported by Coronet, and his appearance alongside Dufour is a sign his role may reach beyond legal matters as Rolex now navigates a complex geopolitical environment. The ambassador's visit follows a year in which Mr. Dufour hosted Mr. Trump at the U.S. Open, answered questions from a U.S. senator about the invitation and traveled to the Oval Office with other Swiss executives.

Rolex’s Latest Trademark Has a Familiar Ring

(From: Swiss Federal Institute of Intellectual Property)

Rolex has registered a name that may point to a new movement technology. A Swiss trademark application for STELLOXI published last week covers Class 14, including watches and watch components. The filing does not say what Stelloxi is.

Rolex’s silicon hairspring, introduced in 2014, was named "Syloxi" and is made from a composite of silicon and silicon oxide. Currently used on small- and medium-diameter Rolex models and thinner watches, the material resists magnetic fields and compensates for temperature changes. The similarity in name raises the possibility that Stelloxi could be another silicon-based hairspring, though "Stell-" (from Latin stella, star, perhaps?) is even further away than "Syl-" for "silicon."

A Rolex patent previously covered by Coronet but not yet used in any Rolex watch replaces the conventional hairspring with a spiral made from hundreds of repeating, linked elements designed to store more energy in the same space, allowing a watch to run longer or power more complications — a moonphase, perhaps? — without a larger barrel.

(European Patent Office)

The patent says the spring could be made from silicon or silicon carbide, optionally coated with silicon oxide. None of that guarantees Stelloxi as the name of this invention. But a new Rolex spring in need of a name, silicon and silicon oxide, and a Syloxi-like trademark all make for an intriguing possibility.

At Chrono24, Rolex’s Falling Market Share Tells a Bigger Story

(Data: Chrono24)

Karlsruhe, Germany-based Chrono24 released its latest report last week. Unlike reports from WatchCharts or EveryWatch, which track sales across multiple platforms but generally lack visibility into final negotiated prices, Chrono24 covers only its own marketplace but knows what watches actually sold for. Its report is based on several million transactions from 2018 through the second quarter of 2026, Chrono24 said.

Rolex may remain the most important brand in the global luxury watch market, but its dominance is waning, the report shows. Its share of Chrono24’s total transaction value continues to trend downward as other brands gain ground.

To be sure, a declining share does not necessarily mean Rolex sales are falling. The rest of the market may be growing faster. Cartier has enjoyed a resurgence, while Patek Philippe, Audemars Piguet and Vacheron Constantin have gained ground with collectors, especially in a K-shaped economy, where more money is going toward haute horlogerie. And because Chrono24 measures transaction value rather than the actual number of units sold, a small increase in transactions for Patek, AP or Vacheron watches can disproportionately affect the data.

Still, the trend may tell a broader story than collectors simply diversifying. As Rolex raises prices and continues to produce more than a million watches a year, availability has improved for some models, giving buyers less reason to pay premiums on Chrono24 and more reason to wait for one at retail. Since 2022, Rolex’s Certified Pre-Owned program, which has been chronicled in this magazine, has created another major channel for preowned watches, likely taking Rolex sales away from Chrono24.

A Forgotten Court Ruling and Rolex’s Fight for the Oyster

(Photo credit: Rolex & Fallrecht.ch)

As Rolex marks 100 years of the Oyster, a remarkable part of its history has resurfaced. A Swiss court ruling from 1937 appears to document the earliest known case of Rolex founder Hans Wilsdorf going to court to defend a patent, fighting for the invention that would define Rolex. The case reached Switzerland’s highest court, which brought in experts before siding with Wilsdorf. The ruling shows that at least one key moment in Rolex’s history has played out in a courtroom, with its fate in the hands of judges, perhaps one reason the brand continues to be litigious today.

The nearly 90-year-old case, discovered by watch writer Nick Gould on Monday, tells of Wilsdorf confronting a rival over a key Rolex invention. In 1934, Swiss watch-case maker Schmitz Frères & Cie told Rolex it planned to market its own waterproof screw-down crown, acknowledging “much analogy” with Rolex’s 1926 patent while insisting its construction was different. After Schmitz began selling the crown, Wilsdorf had one examined by an engineer, who concluded it infringed the Oyster system.

Wilsdorf filed a criminal complaint in 1935, and the dispute ultimately went before the Supreme Court after Schmitz challenged the validity of the Rolex patent. The court’s experts found the Oyster crown represented a meaningful technical advance. “L'idée n'est pas ‘géniale,’ mais c'est une bonne idée” (the idea was “not brilliant” but “a good idea”), the court said, meaning it needed not be brilliant to qualify for protection, especially in watchmaking, where innovation lies in small details. It upheld Wilsdorf’s patent and awarded him 10,000 francs in damages because Rolex had lost sales of complete watches, not merely crowns.

Inside Rolex's Latest Invention for a More Durable Dial

(Photo credit: Rolex)

A newly published patent offers an unusual glimpse into what Rolex considers a weak point in watch dial production. Nearly every dial receives a transparent finishing lacquer, often made from a material known as zapon, that protects decorative finishes from moisture and oxidation. Rolex says zapon also gives the dial "a depth effect" and highlights its surface finish.

The problem, according to Rolex, is that the lacquer does not always adhere well enough over time. As the coating ages and is exposed to humidity, its bond can weaken, causing the protective layer to separate from the dial, a process called "décollement" in the patent. For Rolex, stronger adhesion is "essential for the reliability and robustness" of the dial to "guarantee its longevity over many years."

Instead of changing the protective lacquer itself, Rolex engineers found through experiments that inserting an ultrathin layer of metal, like chromium or titanium, between the dial surface and the lacquer improved adhesion "très significativement,” the patent said. Rolex never explained how its engineers came up with the idea of adding a metal layer just a few nanometers thick. But in accelerated aging tests in Rolex’s labs, dials were exposed for three days to 30°C (86°F) and 95% relative humidity before adhesive tape was applied and peeled away. Dials without the metallic layer showed the so-called "décollement," or delamination, while those with it showed none.

The invention is the latest example of Rolex’s R&D spending to improve its watches in ways customers won’t notice when they buy them. The metallic layer is invisible to the naked eye, and the benefit won’t become apparent for decades.

Rolex Bought Bucherer. Bucherer May Have Won.

Bucherer boutique in West London. (Photo credit: WatchPro)

When the news broke three years ago this month that Rolex would acquire the world's largest luxury watch retailer, speculation ran high — from Bucherer turning its entire network into Rolex boutiques to Rolex acquiring more retailers and building its own network. Either way, the deal was seen as a masterstroke for Rolex, which was expected to benefit the most. Three years later, the evidence suggests the biggest winner may instead be Bucherer.

Even before the acquisition, Rolex was selling almost every watch it made and exercised tight control over its retailers, with contracts governing much of the retail experience. It's unclear whether the estimated four billion francs Rolex spent to acquire Bucherer has done much to improve that experience or boost demand, which was already strong. Bucherer has neither abandoned competing brands nor shared their commercially sensitive information with Rolex. Under a so-called "Chinese wall," Bucherer says only highly aggregated data is sent to Rolex headquarters in Geneva.

Backed by the world's most powerful luxury watch brand, Bucherer is now in an enviable position. "We have big ambitions and have never had so many projects as we do now," CEO Guido Zumbühl told a Swiss business magazine last week. Around 40 boutique renovations and openings are in the pipeline. In June, the retailer opened the world's highest watch boutique atop a mountain in the Alps, an idea entirely Mr. Zumbühl's. Luxury retail experiences require money, and Bucherer now has plenty of it. "Having Rolex behind us was the best possible succession plan for Bucherer," he said.

For Rolex, whose image remains its most valuable asset, owning Bucherer also brings risk. If the retailer or its public-facing employees fall short, they become a liability to the brand's image. Rolex CEO Jean-Frédéric Dufour said at Dubai Watch Week that he has no interest in buying another retailer, describing the acquisition as a learning curve. "We have no intention of growing further than that," he said. "It was an opportunity, and we had to do it. Now we are maybe understanding the retail business a little better, and that is a good thing."

In Bavaria, Rolex Awards a Brewer Apprentice a Datejust

Joshua Sobotta, right. (Credit: TV Oberfranken)

One of the more unusual and lesser-known traditions associated with Rolex is its annual prize for an apprentice in Kulmbach, Germany, the Bavarian town where Hans Wilsdorf was born. On Friday, this year's recipient, Joshua Sobotta, was not a watchmaker but a brewer and maltster.

The Hans-Wilsdorf Schule, a public trade school located a short walk from the house where the Rolex founder was born, enrolls about 1,600 students in fields including metalworking and automotive technology. But its brewing and malting program remains one of its best known, with apprentices dividing their time between classroom instruction and brewery training in one of Germany's oldest brewing regions.

The annual ceremony, which dates to 1985, when brewer Maria Schmitt became the first recipient, has grown into a regional event attended by Rolex Germany representatives and senior public officials, with Bavaria's Minister of Economic Affairs, Hubert Aiwanger, among this year's guests.

Mr. Sobotta, who received an engraved Rolex Datejust, completed his apprenticeship at the Maisel brewery, founded in 1887 in Kulmbach by Hans Wilsdorf's uncles, Hans and Eberhard Maisel. Hans Wilsdorf's mother, Anna Wilsdorf, née Maisel, came from the prominent brewing family, making this year's winner not only a graduate of the school bearing the founder's name but also an apprentice trained at his family's brewery.

At Rolex, a Growing Focus on Chemical Safety

Rolex’s Chêne-Bourg site. (Photo credit: Rolex)

From refining precious metals and producing dial finishes to fabricating Cerachrom bezels, cleaning components and applying protective coatings, the role of chemicals in Rolex's manufacturing is growing bigger than ever.

Rolex said it will start chemical spill exercises this year, a sign that the brand’s manufacturing processes are becoming more complex and chemically intensive.

Chemicals are also used in the fluids for a fleet of roughly 400 manufacturing machines across the Plan-les-Ouates and Chêne-Bourg production sites, according to Rolex, as well as in electroplating, lubrication, laboratory testing and materials research. In 2024, Rolex’s manufacture in Chêne-Bourg, a site responsible for the production of dials and Cerachrom bezels, was evacuated after a runaway chemical reaction following the mixing of certain products released toxic fumes.

From employee training on how to handle chemicals to spacing out drainage frequency, installing fluid recovery devices and limiting contamination, chemical management has become a focus point, as the brand is expanding the range of materials and finishes used in its roughly one million watches a year.

Now, with more than 2,000 chemical deliveries a year to its production sites, Rolex said it has identified spills during loading operations as another risk. The company said it has mapped drainage systems that could be affected by a spill and reviewed the safeguards already in place. It now plans to begin spill-response drills to train employees in the use of absorbent spill kits and drainage shutoff valves that can be activated in the event of an incident.

Three Years In, Rolex's Pre-Owned Program Remains a Limited Club

(Photo credit: The 1916 Company)

Three and a half years after Rolex allowed its retailers to sell pre-owned Rolex watches, the Certified Pre-Owned Program is available at fewer than a quarter of Rolex locations, a sign that many retailers remain unconvinced the benefits outweigh the program's operational demands. The program's expansion has tapered, according to a WatchCharts report out last week, with just 13 retailers joining in 2026, including only three in the second quarter. Today, just three retail companies account for nearly half of all CPO inventory.

Still, sales are at record levels, the same report shows. Halfway through 2026, CPO sales totaled $330 million. That’s already two-thirds of last year's total. But little is known about retailers' profits. Although Rolex lets retailers set their own CPO prices, they also bear the cost of servicing every watch, a requirement before it can be sold.

"It's taken an enormous commitment on our part," The 1916 Company CEO John Shmerler said on the Luxury Society Podcast this week, adding that the investment had been greater than expected. Together, The 1916 Company, Bucherer and Watches of Switzerland account for 48% of all CPO inventory, data show. The 1916 Company decided to open its own Rolex-accredited service center to help meet the CPO requirement. "We committed ourselves to the servicing end of the business in a much greater way than we would have anticipated," Mr. Shmerler said.

A Flagship Race Is Unfolding Among Rolex Retailers

Rolex’s boutique in Beverly Hills. (Photo credit: Gearys)

As Rolex continues to concentrate its presence into bigger but fewer locations, well-funded retailers are now competing to secure the right to operate the very lucrative Rolex flagships. In its investor report last week, the UK's largest Rolex retailer, Watches of Switzerland, said showroom investment is "central to our approach," shifting its strategy toward "fewer, higher-impact locations" which "can deliver the strongest returns." One example is its flagship Rolex boutique on Old Bond Street that opened in March of 2025 which has performed "exceptionally well."

In the US, now Watches of Switzerland's largest market by revenue and profit, the group is also helping consolidate the fragmented Rolex network. "Acquisitions remain an important component of our growth strategy," the report said.

Still, as the group pursues expansion in the US, it will have to contend with Tourneau, the American retailer Rolex acquired through its 2023 purchase of Bucherer. Rolex, through Bucherer, already operates four boutiques in Manhattan. As it completes its new New York headquarters, the brand has ended its 45-year partnership with Wempe at 700 Fifth Avenue and plans to open a Brooklyn boutique, its fifth wholly owned store in New York.

The 1916 Company, another large U.S. retail partner of Rolex, has also signaled it wants to be part of the flagship race, as more retailers like Gearys in Beverly Hills vie for the right to operate multi-story Rolex-exclusive boutiques. In an interview with the Luxury Society Podcast released Monday, John Shmerler, CEO of The 1916 Company, said the company has the financial wherewithal to help grow or consolidate Rolex's network.

"We've expressed an interest to Rolex that we'd like to grow in the United States," Mr. Shmerler said. "Whether or not that's opening new doors, potentially finding acquisitions, if that's the case. We've built the foundation at this point to be able to grow."

A Rolex Clock Could Help Us See Deeper Into Space

(Photo courtesy of Rolex)

As astronomers try to see farther into the universe, building bigger telescopes is no longer enough. Instead, they link telescopes into synchronized networks that function as a single, much larger instrument. That approach depends on extraordinary time precision, which is why scientists at the University of Geneva, NASA and the European Space Agency are interested in the accuracy of Rolex's optical atomic clocks.

More than a year after Rolex Quantum's creation, we still know very little about the Neuchâtel-based subsidiary, except that it is emerging as the other face of a luxury brand famous for its iconic mechanical watches. Rolex Quantum, meanwhile, is quietly pursuing the most precise clocks ever built in the history of humanity for the world's most advanced scientific applications. Coronet reported last year on Rolex's two-photon rubidium optical atomic clock, with accuracy up to 60 times greater than other atomic clocks.

Rolex said the idea to develop an optical atomic clock came from the need for a quality-control tool for its own precision-testing equipment after the launch of the new Superlative Chronometer certification in 2015.

Now, the same clock is undergoing a 27-month evaluation by the European Space Agency that could determine whether a clock developed by Rolex will one day help astronomers see deeper into space. Under the GOACE (Ground Optical Atomic Clock for Evaluation) project, engineers at ESA's technology center, ESTEC, in the Netherlands, are assessing its suitability for future space applications. The evaluation is expected to conclude in May 2028.

At the Foundation Behind Rolex, Geneva's Elite Still Prevails

Antoine Turrettini, left, and his uncle, Henri Turrettini. (Credit: Quaero Capital and de Pury Pictet Turrettini)

The Hans Wilsdorf Foundation is continuing its tradition of appointing directors from Geneva's business, legal and civic elite. It named Antoine Turrettini to its board, making him one of the board's seven current members overseeing the private foundation that owns 100% of Rolex while supporting public projects across Geneva, according to a filing in the Geneva commercial register published this month.

Mr. Turrettini is the nephew of Henri Turrettini, who co-founded the Geneva wealth management firm de Pury Pictet Turrettini in 1996 and served on the boards of both Rolex and the Hans Wilsdorf Foundation from 2006 to 2020. Originally from Lucca, Italy, the Turrettini family settled in Geneva during the Protestant Reformation and has produced generations of bankers, lawyers and public officials. When Henri Turrettini’s father, a former member of Geneva's legislature, died at 90 in 2012, both Rolex and the foundation published memorial notices.

Now, representing a younger generation of one of Geneva's oldest families, Antoine Turrettini, the foundation's newest appointee, is already well established in Geneva's financial circles. A partner overseeing infrastructure investments at Quaero Capital, he joined the firm in 2014 after working in infrastructure finance at Edmond de Rothschild.

Auction Houses Are Struggling to Price Vintage Rolexes

Muriel Sivazlian. (Photo courtesy of Artcurial)

Artcurial's sale of the Rolex COMEX Sea-Dweller reference 16600 issued to pioneering French commercial diver Muriel Sivazlian is the latest sign of an increasing gap between auction estimates and the market for vintage Rolexes. The watch sold last week in Monaco for €244,940, more than double the high end of its pre-sale estimate of €80,000 to €120,000. Coronet wrote about Ms. Sivazlian's watch in early July.

It's not exactly news that vintage Rolexes trade in a market of their own, detached from modern prices. While Rolex has continued to raise retail prices, in some cases twice a year, secondary-market values have cooled from their post-pandemic fever and preowned supply has increased. Today, half of Rolex's modern collection trades below retail, according to a Morgan Stanley and WatchCharts report just published today.

Rolex value retention by collection. (Data: Morgan Stanley/WatchCharts)

The more interesting story may be that, for vintage Rolexes like Ms. Sivazlian's, auction estimates are becoming almost irrelevant, serving little more than as opening bids. To be sure, estimates are often conservative to encourage bidding and create momentum, not to forecast the final price.

But when vintage Rolex pieces blow past their estimates by that much, it becomes harder to dismiss the result as auction strategy. Either auction houses are struggling to value vintage pieces and the market's appetite for provenance — or bidding wars for rare vintage Rolexes have reached a new level, becoming more intense than at any point in recent memory.