The rare 1999 Platinum Rolex Daytona features a mother-of-pearl dial with diamond hour markers.
Courtesy of Sotheby’s
A legendary clock is about to step into the spotlight.
The 1999 Platinum Rolex Daytona was heading for auction at Sotheby’s Geneva on Sunday, and was able to sell for up to $1.7 million.
The watch is made of platinum. The platinum was not used on the Daytona model by Rolex until 2013. His face is the mother of a mother set with 10 diamonds. Unlike almost every other Rolex on the market, it was not part of the standard collection. It was personally commissioned and custom made for clients – almost unheard of for Rolex.
“It’s very rare to come across a committee,” said Pedro Razer, senior watch specialist at Sotheby’s. “There are other brands that are more flexible and likely to do these types of exercises. While probably not regularly, it’s not the space for Rolex works that you can’t come across any fee.”
Only four of these watches are known to exist, each made for the same family with different dials. The watch heading towards the auction block is the last one for sale. Others are already doing it at a large price point, exceeding $3 million.
There is a great deal of hype around this little piece of metal. It is believed to have been created from 1992 to 2008 under the leadership of Rolex CEO Patrick Heiniger. He ran the company in an age of great growth and secrets, turning Rolex from a respected watch brand to a global luxury icon.
Rumors have swirled that Heiniger personally personally consigned or worn a similar Platinum Daytona, but Reiser warns that a link to the watch has not been confirmed.
“That’s more rumor,” Razer said. “Personally, I’ve never seen him in this film, but I know he loved platinum watches – mainly date models. It’s a great story that comes with watches, but I think it’s more of a myth.”
The fact that Rolex made the Platinum Daytona in 1999 is a major part of the watch’s mystical long before it unveiled the Platinum model in 2013.
“At that time, they only existed in stainless steel, yellow gold and white gold,” Razer said. “It’s very special to have platinum (the only known platinum Zenith Daytona).
Rolex did not begin making Platinum Daytonas until 2013.
Courtesy of Sotheby’s
This particular model is even separate from its siblings.
“This is the only one that has a diamond set dial,” Razer said. “Others had a dark mother’s mother, Lapis Lazuli, a turquoise stone dial, but no diamonds.”
The prices of these rare watches have risen as more and more people, especially wealthy collectors and younger buyers, began to see rare watches as investments.
According to Knight Frank’s latest index, watches have jumped over 125% in the last decade, ranking in the finest performance luxury investments right behind rare whiskeys and high-end designer furniture. Even after a slight cooling, the five-year growth rate of the 52.7% watch remains a reliable long-term play in the category, as prices have only risen by 1.7% over the past year.
Demand has widened, and a wave of more international buyers and under-30 collectors has entered the market, Reiser said.
