Stewart Dalby
They are not the most expensive items in their field, nor are they the best crafted, but Rolexes are the most famous watches.
Virtually every month one of the four big auction houses, Sotheby’s, Christie’s, Phillips or Bonham’s, holds a watch sale and there are specialised dealers. But Rolex will have an auction all to itself, at Christie’s, South Kensington, on June 24.
A watch by Tompion, the 17th-century father of British clockmaking and watchmaking, can fetch a higher price, as can a timepiece by Breguet, the 17th-century Paris craftsman, an item by Cartier from the 1920s, or a Vaucheron Constatin. The highest price achieved for a watch was for a 1944 stainless-steel Patek Phillipe wristwatch which sold for 530 000.
But none of these carries quite the household or brand name that Rolex has become. Richard Chadwick at Christie’s says: “Rolexes are having a sale of their own because there is such a range and such a strong demand.”
Dealers usually sell even the oldest Rolex in working order. A watch is not just a collectable rarity, it is a working tool, a timepiece, an item of jewellery, a fashion accessory, a status symbol and often a present.
Rolex was founded in 1905 by Hans Wilsdorf and Alfred Davis. Wilsdorf was concerned with the accuracy of his company’s watches and submitted them to rigorous tests. He believed there were three vital components to a good wristwatch: to be precise, waterproof and self-winding.
The second criterion was achieved with the patenting of the waterproof “oyster” watch case in 1926. Other watchmakers experimented with automatic movements in the Thirties but in 1934 Rolex triumphed with its deceptively simple auto-rotor device.
Between 1928 and 1940 they turned out the most enduring design classic, the Rolex Prince. The rectangular movement which was used for the Prince was patented in 1927. Early Princes ran on a spring barrel, which meant they could run for 58 hours. Then the self-wind models came in.
The Fifties were a golden era for Rolexes. The Explorer model was launched in 1954 and drew its inspiration from Sherpa Norgay Tenzing, who wore a Rolex on the famous climb of Everest in 1953. This was followed by the Submariner, the Turn-o-Graph, the woman’s Perpetual Chronometer and the Calender. The introduction of the Oyster Perpetual Day Date in 1956 provided Rolex with the flagship of the range and is still one of the most popular models today.
Prices at auction usually start at about 1 000. Collectors’ items can sell for 40 000. The most expensive piece at the June auction, estimated at 25 000 to 30 000, is a gold Oyster Perpetual with a cloisonn enamelled dial.
Demand is strong for vintage Rolexes and prices are rising steadily, but they can come cheaper than a new one. Says Richard Chadwick: “A new gents’ 18-carat gold Oyster Perpetual Daydate would cost you 12 000, but you could get a not-so-vintage model for 5 000.”