website icon Record-Breaking Auction Sale: Watchmaker Acquires Discontinued Rolex for Staggering $2.5 Million" | NORTH32STREET
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Record-Breaking Auction Sale: Watchmaker Acquires Discontinued Rolex for Staggering $2.5 Million"

by anwar laksir 16 May 2023 0 Comments

A vintage Rolex Milgauss steel sport watch achieved a remarkable feat at an auction in Switzerland by selling for an astounding $2.5 million. This rare timepiece, known as "The Pinnacle," dates back to 1958 and boasts the original rotating bezel, honeycomb dial, and lightning bolt second hand. Prior to the auction, experts estimated its value to be around $1 million.

The winning bidder, reportedly acting on behalf of Rolex itself, acquired the watch, a practice not uncommon among watchmakers for historical purposes. Despite attempts to reach Rolex for comment, the company remained elusive.

Earlier this year, Rolex discreetly halted the production of the Milgauss, a timepiece renowned as the "mad scientist" watch due to its resistance to magnetic interference. This unique feature was the result of collaboration with esteemed nuclear physicists from the Conseil Européen pour la Recherche Nucléaire (CERN) in Switzerland. The watch's mechanical movement is safeguarded by a specialized cage within the case, shielding it from the magnetic fields generated by high-powered laboratory equipment.

Authentic vintage editions of the Milgauss are highly sought after, as the line was previously discontinued in 1988 and remained absent from the market for approximately two decades. According to leading Rolex reseller Bob's Watches, the latest generation of the Milgauss had a retail price of $9,300 but now commands a resale value of a few thousand dollars higher.

While "The Pinnacle" set a new record with its sale, it was overshadowed at the same auction by a gem-encrusted, yellow gold Cosmograph Daytona, which fetched a staggering $4.1 million.

It's worth noting that the all-time highest auction price for a wristwatch still stands at $17.8 million, achieved in 2017 for Paul Newman's personal Daytona Reference 6239.

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