Image: Sotheby’s
Last week, a 14kt gold Daytona “John Player Special” sold for triple the estimate set by Sotheby's and reached seven figures. The watch belonged to a gentleman who had passed away in 1974, a few years after its purchase. The family had just recently discovered the Daytona 6241 in a pouch that had been kept in a safe, untouched for nearly 50 years.
At that same auction, a 1999 Submariner 16610 with a “Panama Canal” dial had a top estimate of $70,000; it sold for $215,900. Over at Phillips the same week-end, a Space-Dweller 1016 sold for nearly double the high-end estimate. A gold GMT 16758 sold for six figures after the estimates pegged it at around $60,000. Both auction houses had 36mm vintage Day-Dates whose sales shattered the auction houses’ top estimates.
While recent headlines have highlighted Rolex market’s two-year slump, auction results for discontinued watches in top condition have told a different story, exceeding all expectations, the latest sign of a split secondary market whose trend disparity is widening more than ever.