Seen on the wrist joint of the coolest of the nerveless — thinkJames Bond , Paul Newman and Idris Elba . But these guys do n’t just wear out any Rolex . Elba , for illustration , was spot during 2021 London Fashion Week wearing a murdered - outRolex Datejust II customize by Black Venom . It could be the stealthiest Rolex ever made .
At anAugust 2019 Sotheby ’s auctionof watches , some Rolexes went for as much as $ 27,500 .
That sounds like a hatful for a watch — and it is — until you learn that about Paul Newman ’s famous 1968 Rolex Daytona . In 2017 , that one - of - a - kind watchsold for $ 15.5 million . Although that special vigil is literally the only one of its sort ( and come on , it was once Paul Newman ’s ) , its hammer price was indicative of the confluence of divisor that have made Rolex in many way the dominate drawing card amongexclusive lookout man .
A Brief History of Rolex
From its beginning in 1905 as Wilsdorf & Davis , a timepiece distribution company in London , Rolex has evolve into the king of watches , and not just because of its recognizable crown logo . Founded byGerman watchmaker Hans Wilsdorf , the brand has become synonymous with the idea of success .
In " The Rolex Story , " author Franz - Christoph Heel item how in the early 20th century , Wilsdorf need to design a wristwatch so accurate that it could successfully compete with pocket watches . At that time , wrist watch were thought to be inferior to air hole watches , in accuracy and their power to withstand the elements . " Gentlemen were heard to notice that they would sooner wear a skirt as wear a wrist watch [ sic ] , " George Gordon wrote in " Rolex 1905 - 1989 . " But Wilsdorf see these weaknesses as opportunity .
He developed a transmission line of wristwatches in a variety of styles , and by 1908 , had prefer thename Rolexfor the steel . In 1910 , the Rolex motion — what makes the watch ticktack — was the first in the world to receive the Swiss Certificate of Chronometric Precision , granted by the Official Watch Rating Centre in Bienne .
In addition to having a desire for excogitation , Wilsdorf was also a gifted salesman and a marketing expert . His construct of using multitude for testimonials drove early promotion of the make and is in part responsible for for its seniority and current reputation .
" Hans was a marketing genius , " says Larry Mendel , fourth-year evaluator and watchmaker withBob ’s Watches , a preowned Rolex exchange in Newport Beach , California . " He was literally ten ahead of his sentence . " Wilsdorf advance Rolex as the best of the beneficial . " He also backed it up . Quality has always been No . 1 for Rolex from the very starting time . "
Rolex Innovates With Public Relations
In 1920 , Wilsdorf , who by then had relocated to Geneva , Switzerland , separated from Davis and rename the companyMontres Rolex S.A .. He pose about to " perfect the wristwatch , " according to Heel , including grow one that was waterproof .
In a promotional stunt that would have made the Padre ofpublic relation Edward Bernaysproud , Wilsdorf proved the waterproof nature of the new Rolex Oyster by getting one on the wrist ofMercedes Gleitze for her swim across the English Channelin 1927 . After 10 hours in the water , the scout was in " gross workings order . "
Rolex has continued to introduce , agree to Eric Wind , vintage watch trader and collector withWind Vintagein West Palm Beach , Florida . The brand was an former trailblazer in the ego - winding scout motion , and in the belated 1930s , it begin pop the question the iconicOyster and Jubilee bracelets . Taking the focus off leather and crocodile strap seems a prescient conclusion considering today ’s free-and-easy fashion .
The King of Watches
Owning a Rolex watch might be a status symbol , but they are not the most expensive watch by far . At the same August 2019 Sotheby ’s auction where Rolex offerings top out at $ 27,500 , aPatek Philippe watchcommanded $ 68,750 .
" [ Rolex is a ] sumptuousness watch for the common valet , " Mendel says . And yet , Rolex is tycoon . The combination of the marketing , the logo being a peak and the quality creates " a consummate tempest to bring everything together to give them that title and keep them there . "
Aside from not being priciest , Rolex watch also might not keep the best meter ( although they are among the best ) . In fact , a $ 15 watch from Target will do that just fine , but that is n’t a Rolex .
" Does it keep fourth dimension better ? No , " says Mendel . " It goes back to the mindset of that lavishness owner . Will it last longer ? Absolutely . "
So yes , other scout might be more expensive , and aquartz watchor a smartphone will offer timekeeping truth , but that ’s not the point . Rolex dominates the grocery , say Paul Altieri , founder and CEO of Bob ’s Watches , because the quality is guaranteed .
" They are affordable luxury compared to some other brand , " he say . " It ’s Swiss engineering at its unspoiled . They are very well made . "
A Rolex vigil will also give its value for X — not the case for that Target watch or an iPhone — and even offer vendee an investment for their money . While demand for Rolexes has increase , supply remains flat . The company make fewer than 1 million vigil a year globally .
" It couch pressure on prices , " Altieri state . specify supply also think there is a two- or three - twelvemonth waiting inclination for some new button , or possibly even longer .
Some Rolex Greatest Hits
In cases like these , the cachet of a celeb association ups the monetary value . And in one famed case , that cachet drove the price tag up to $ 17.8 million ( $ 15.5 million plus the buyer ’s agio , a percentage that must be pay by the vendee to the auction star sign in addition to the marketer ’s commission fee ) . We ’re talking about the Paul Newman " Paul Newman Daytona " Rolex we mentioned earlier . When it was purchased at Phillips auction bridge theatre in New York in 2017 , it became thepriciest wristwatch ever sold at vendue . Dubbed the Paul Newman Daytona because the thespian wear down it while hotfoot cable car , just a few thousand were made . ( you’re able to determine the auction biddinghere . )
" I cerebrate we were all shocked , " Altieri says , who was in the audience at the auction . The opening bid was $ 10 million . " There ’s only one Paul Newman Paul Newman . " The marketer , James Cox , received the spotter as a gift from Newman and donate a portion of the fund from the sales event to theNell Newman Foundation .
There , of line , have beenother watchesthat have sold for more . In 2014 , a Patek Philippe Supercomplication sack watch become for more than $ 24 million at a Sotheby ’s auction in Geneva . The Chopard 201 Carat with 800 diamonds bring $ 25 million , and the Graff Diamond Hallucination is priced at $ 55 million .
But the furrowed Rolex is made to be worn , not just admire . " They are very indestructible , " Mendel says . " They are dick watches . " Wilsdorf created them for a intent — diving , racing , traveling and other dynamic endeavors .
Whether selected for a specific consumption or just for the style , everyone seems to have a favourite , and the brand unceasingly innovates .
Mendel note the updated"Batman " GMT , now on a Jubilee Bracelet , calling it " one of the hot fresh watches that Rolex has put out in 20 years . " But his personal favorite is theMilgauss , which can withstand magnetic fields of up to 1,000 gauss — those are the units that refer the strength of a charismatic airfield . It was designed for scientists .
For Wind , he allege the Rolex of the moment is the " Pepsi"GMT - Master II , which boasts a dingy and red 24 - time of day rotatable bezel . An earlier dismal and red variant was introduced in the 1950s , but before that , the bezel was always grim and ruby-red , direct to the nickname " Coke . " The new Pepsi retail for $ 9,200 , if you could get one . Because of wait lists and special supply , some Rolex watch can immediately switch for more than their retail note value .
But getting into the Rolex game does n’t have to mean yr of waiting and spend many thousands of dollars . Preowned Rolex watches from a reputable dealer that have been thoroughly scrutinize , rejuvenate and polished can be bought for as low as $ 2,000 to $ 3,000 . You might even find a little lady ’s cocktail watch for around $ 1,000 .
Plus , in gain to being among the coolest of the cool , you could see your watch ’s value gain as clip passes .
