A rare Rolex Milgauss in immaculate condition fetched $2.5 million at auction, beating records for the most money paid at auction for the Swiss brand’s niche timepiece designed and made for scientists, Bloomberg wrote.
The stainless steel watch, built in 1958, was designed to resist magnetic fields. It features a black honeycomb dial, hands shaped like lightning bolts, and and a rotating bezel. It was one of the most expensive timepieces sold last weekend at a slew of watch auctions in Geneva.
Phillips Auctioneers sold it on Saturday for 2.24 Swiss francs to a bidder in the room. It’s the most ever paid for a Milgauss, and twice the pre-auction high of 1 million francs, Bloomberg said. A similar watch from 1958 sold for 317,000 francs at Christies in 2013. Another, sold by Phillips, went for just over 300,000 francs in 2022.
The winning bidder may have bought the item for Rolex, Bloomberg said, citing “people familiar with the matter.” Rolex would not confirm the claim when Bloomberg called for confirmation.
It’s not unusual for luxury watch companies to buy vintage, rare versions of their products for their own archives or museums, Bloomberg said.
The Milgauss was built for researchers who worked in labs, World News Today said, which explains the sturdy steel case, designed to resist magnetic fields.
The watch, which debuted 65 years ago, was discontinued by Rolex last March, Bloomberg said.