Over the weekend of Saturday May 14 and Sunday May 15, 2016, some of the world’s top auction houses and richest watch collectors traveled to Geneva, Switzerland, for a series of high-profile sales. These events take place in the city twice a year, in May and November, and many of the timepieces change hands for millions of dollars.This year, however, it was a relative newcomer to the scene who stole all of the headlines. Indeed, Phillips, in only their third watch-selling visit to the city, set a new world record for a Rolex wristwatch at auction, as their 1942 Anti-magnetic Reference 4113 sold for just a little under $2.5 million.
Rolex Anti-magnetic Split-Seconds Reference 4113
Phillips’ record-breaking sale took place at the company’s ‘Start-Stop-Reset‘ auction, which focused entirely on steel chronographs. Therefore, it may surprise some readers to learn that the highest-selling Rolex at auction had a steel case, rather than being made from a precious metal, which would typically be considered more valuable.
Nevertheless, when it comes to auctions of this magnitude, rarity is usually a far greater indicator of value than the materials. In this case, the Rolex Anti-Magnetic Reference 4113 is extremely rare, with only 12 models ever produced, all during the 1940s. To date, only eight have been located, including Phillips’ record breaker.
The timepiece itself dates back to 1942, and is a 44mm, manually wound split-seconds chronograph, with rose-gold Arabic numerals. Originally, the 12 models were given to various racing teams and drivers, including Ettore Bugatti, as part of the brand’s long-standing association with Motorsports. The model was never released for general sale.
As Phillips were quick to point out in their catalog, the Reference 4113 has appeared at auction before and has previously broken the Rolex auction record on two different occasions. The most notable of these previous auctions took place in 2013 at Christie’s, where a Reference 4113 sold for slightly more than $1.16 million.
The timepiece sold in Geneva was given a pre-event estimate of $824,266 – $1,648,465, meaning it far outperformed expectations by breaking the record for the highest price ever paid for a Rolex wristwatch at auction.
Other Auctioned Timepieces
Over the course of the weekend, Phillips sold all 88 of their stainless steel chronographs, receiving more than $16.5 million. Aside from the record-breaking sale of the Reference 4113, its other main success was the sale of a Rolex Cosmograph Daytona “Paul Newman Oyster Sotto” (Reference 6239) for more than $2 million.
It was one of only 20 Paul Newman Daytona in the world with the Sotto configuration and is notable for the fact that the word ‘Chronograph’ appears above the word ‘Oyster’. The particular timepiece sold by Phillips also had a ‘tropical’ brown dial, which is considered an extremely desirable trait on old Rolex models.
The other big news from the weekend in Geneva came at Sotheby’s ‘Important Watches’ auction, where an 18k gold Heuer Carrera Chronometer sold for $230,000; approximately ten times its estimate. As it transpired, the timepiece had been a gift from Jack Heuer, presented to Swedish Formula One driver, Ronnie Peterson, back in 1972.
Further Reading:
Steel Rolex From 1942 Sets Auction Record | Forbes.com
TAG Heuer & Rolex Set Records at Geneva Auctions | Daman.co.id
11 Rare Watches the World’s Rich Guys Will Fight Over This Weekend | GQ.com
Phillips: Start-Stop-Reset: 88 Epic Stainless Steel Chronographs | Phillips.com
» Check out our Pre-Owned Rolex models «
