Story Highlight
– Paul Newman’s Rolex Daytona sold for $17.75 million.
– Demand for Rolex watches surged after 2017 auction.
– Only one watch sold for over $10 million until 2025.
– 2026 shows increasing frequency of $10 million watch sales.
– Watch collecting has become mainstream, attracting new collectors.
Full Story
On October 26, 2017, a significant milestone in the world of watch collecting was marked when a Rolex Daytona, once owned by the iconic Paul Newman, fetched an astonishing $17,752,500 at a Phillips auction in Geneva. This sale is often viewed as a pivotal moment that ignited a surge in interest and demand for Rolex watches, particularly the steel Daytona models, which ultimately contributed to the lengthy waiting lists and inflated secondary market prices experienced in 2022.
Following this landmark event, the high-end watch market saw limited activity, with only one timepiece surpassing the $10 million mark until 2025. This was the Patek Philippe Grandmaster Chime, which commanded CHF 31 million (approximately $33 million) at the Only Watch charity auction in 2019, marking a rare exception in a market that remained relatively subdued thereafter.
It was not until the sale of a 1943 Patek Philippe Ref. 1518 in steel for $17.6 million by Phillips in 2025 that the $10 million threshold was breached once more, establishing a new record for the Geneva-based watchmaker.
Recent auction results from 2026 suggest a potential shift towards more regular occurrences of eight-figure sales in the watch market. While the sample is still small, Phillips has seen three auctions in 2026 where lots surpassed the $10 million milestone, matching the total from the previous decade.
For instance, collectors of the 20 unique Chronomètre à Résonance Souscription watches produced by F.P. Journe in the early 2000s are considering the upcoming autumn auctions as an opportune moment for selling what has proven to be a lucrative investment. The market’s excitement has been piqued by the valuation of No. 007 at $14 million, prompting speculation about the potential worth of No. 001, which was last sold for $4.3 million in 2021.
The dynamics of the auction market have evolved, as seven-figure sales that once drew attention have now become customary. Research by EveryWatch indicates a notable increase in high-value watch sales, rising from 13 in 2012 to 81 in 2025. The momentum appears to continue into 2026, with 70 sales already reported, despite several key auctions still pending.
Expert Eric Wind, who leads Wind Vintage in Florida, acknowledges this year’s impressive results but advises caution in interpreting them as indicative of a broad-based demand. “I would love to say that all is fine and dandy, but I do think the top end of the market is being driven by a relatively small number of buyers, many of whom are newer to the world of vintage and rare watches,” he stated. He noted a decline in the number of bidders for the record-setting auctions compared to previous years, suggesting a potential narrowing of the buyer pool.
Nonetheless, Wind believes there is still significant potential for growth in the high-end vintage watch market. “Many will look back at 2026 and say they wish they had purchased more trophy watches this year. I just think that it is a smaller amount of people driving the market than some might realise. It only takes two bidders to cause a huge spike in price,” he remarked.
Conversely, Paul Boutros, deputy chairman and head of Americas for Phillips, perceives a different trend. “Watch collecting really has become mainstream,” he shared in an interview, highlighting a shift in the demographic of collectors, many of whom previously focused on art rather than timepieces.
Highlights of recent $10 million watch sales include:
– 2016: Patek Philippe ref. 1518 perpetual calendar with chronograph – sold for CHF 11 million ($11,136,642) at Phillips in Geneva.
– 2017: Rolex ‘Paul Newman’ Cosmograph Daytona – achieved a record sale of $17.8 million.
– 2019: Patek Philippe Grandmaster Chime in steel – sold for $31 million at the Only Watch charity auction, setting a new world record.
– 2025: 1943 Patek Philippe Ref. 1518 in steel – sold for CHF 12 million ($17.6 million) at Phillips Geneva.
– 2026: F.P. Journe Chronomètre à Résonance “Souscription No. 007” in gold – set a record for the brand at $13.9 million at Phillips New York.
– 2026: Patek Philippe Ref. 2499 in pink gold – sold for $10.3 million in Hong Kong.
– 2026: Patek Philippe Ref. 2523 Worldtime with polychrome dial – also sold for $10.3 million in Geneva.
