【Geneva, Swit】Historic Rolex Oyster Fetches $1.7M at Sotheby’s

An early Rolex Oyster model regarded as “the Rolex that made Rolex” sold above its estimate for $1.7 million at Sotheby’s Important Watches sale in Geneva on Sunday.

The watch, a prototype of the world’s first practical waterproof wristwatch, belonged to British professional endurance swimmer Mercedes Gleitze (1900-1981).

In a marketing move for its then-breakthrough innovation, Rolex gifted Gleitze the watch to wear for her widely publicized 1927 swim across the English Channel, during which it proved a “reliable and accurate timekeeping companion,” she later stated.

At the auction, it sold to a private bidder from Asia in the room who, battling an absentee bidder and two bidders on the phone, “quickly” took the bidding to more than $1 million, Sotheby’s said.

Important Watches, offering a diverse selection of vintage and modern watches, grossed $11.9 million, led by Cartier, Rolex, and Patek Philippe pieces.

Sotheby’s said bids were “bouncing dynamically” from a packed auction room to online and phone bidders.

The top-grossing lot and only piece to outsell the Mercedes Gleitze Rolex Oyster was a Patek Philippe “First Series,” Ref. 2499 yellow gold manual winding wristwatch from 1952, which sold within its estimate for $2.4 million.

A limited-edition pink gold Cartier “Crash” made for the Hong Kong market, circa 1994, was the third-most expensive lot. It sold for $354,902 against an estimate of approximately $125,000 to $250,000.

Also in the top 10, a rare black dial Cartier “Baignoire,” hallmarked for London, 1967, set a world auction record for a regular size Cartier Baignoire. Estimated to fetch approximately $37,000 to $62,000, it sold for $283,921.

Another highlight was the sale of a 1944 Patek Philippe “Calatrava,” Reference 96, which “stunned” the room, Sotheby’s said. It sold for $204,996, more than five time its pre-sale high-end estimate of approximately $37,000—one of the strongest values ever achieved for the reference, according to the auction house.

Following the Important Watches auction, Sotheby’s hosted a special evening sale honoring the 250th anniversary of Swiss watchmaker Breguet, the largest auction of Breguet timepieces in more than thirty years.

The offering of nearly 70 watches included some of the best and rarest timepieces from throughout the brand’s history, said the auction house, and included a mix of pocket watches, wristwatches, and clocks.

A star lot was a Breguet weight-driven pendule à trois roues (three-wheel clock) produced in 1968 by innovative watchmaker George Daniels. It sold for $2.3 million, more than four times its pre-sale high-end estimate of approximately $500,000.

An 18-karat gold four-minute tourbillon watch by Breguet No. 1890 also sold for $2.3 million. The piece, which Sotheby’s said is among founder Abraham-Louis Breguet’s most technically ambitious creations, was estimated to fetch up to about $870,000.

It was followed by the Breguet No. 1052 (est. approx. $32,000 to $62,000), which sold for more than $1 million.

Also in the top 10, a special-order 18-karat yellow gold, ruby- and diamond-set minute repeating watch Breguet No. 3132 / 2861 Ref. 3631, circa 1999, sold for $630,757, setting a world auction record for a gem-set wristwatch and a world auction record for a Breguet minute repeater wristwatch, said Sotheby’s.

Other notable sales included a two-color, open-faced keyless lever one-minute tourbillon watch ($236,534) that set a world auction record for a 20th century tourbillon, and a rare “Type XX” flyback chronograph wristwatch ($220,765) that set a world auction record for a “Type XX” Breguet.

The live watch auctions garnered $27 million combined, making it Sotheby’s highest value sale day in Geneva in more than a decade.

said Benoit Colson, head of watches, Sotheby’s Geneva.