The red hot market for vintage luxury watches shows no signs of cooling, with Phillips auction house recording record prices at this week’s specialist Rolex sale in Hong Kong.
The sale was marketed as Rolex Milestones: 38 Legendary Watches That Shaped History, the first time an auction had been themed for a single brand by Phillips in Asia.
Almost half of the Rolexes (47%) sold at prices above their high pre-sale estimate, with the average price per timepiece $200,000.
The top lot of the sale, a Rolex Reference 8171 ‘Padellone’ in stainless steel, sold for just over $1 million, a new auction record for a Rolex in Asia.
The top 10 lots were:
- ROLEX, Ref. 8171 ‘Padellone’. A stainless steel triple calendar wristwatch with moonphases, which sold for $1,015,732.
2. ROLEX, Ref. 4645. A yellow gold square wristwatch with cloisonné enamel dial depicting Neptune and heavy bracelet, sold for $752,776.
3. ROLEX, Ref. 6263, inside case back stamped 6262. A stainless steel chronograph wristwatch with ‘Oyster Sotto’ dial and bracelet, sold for $752,776.
4. ROLEX, Ref. 6062. A yellow gold triple calendar wristwatch with star-set numerals, moon phases and bracelet, achieved $659,968.
5. ROLEX, Ref. 6263, inside case back stamped 6239. A stainless steel chronograph wristwatch with ‘Paul Newman’ dial, ‘tropical’ outer minute track, bracelet and guarantee, sold for $629,032.
6. ROLEX, Ref. 1665, inside case back 1.72. A steel wristwatch with date, ‘Khanjar’ dial, bracelet, guarantee and box, made for the Sultan of Oman and retailed by Asprey, sold for $520,756.
7. ROLEX, Ref. 6036. A pink gold Spanish triple calendar chronograph wristwatch with two-tone dial, bracelet and guarantee, retailed by Serpico Y Laino, went for $381,544.
8. ROLEX, Ref. 6234. A stainless steel chronograph wristwatch with black lacquer ‘tropical’ dial and bracelet, sold for $319,672.
9. ROLEX, Ref. 1831, inside case back stamped 1850. A platinum and diamond-set tonneau-shaped calendar wristwatch with sweep center seconds, light blue dial and bracelet. went for $225,575.
10. ROLEX, Ref. 6263, inside case back stamped 6265. A stainless steel chronograph wristwatch with UAE Coat of Arms dial, bracelet and box, made for Dubai ruler Mohammed bin Rashid Al Maktoum, sold for $225,575.