Breaking NewsA Yellow Gold Rolex ref. 6062 Sets Record for the Reference, Third Most Expensive Rolex Ever Sold, At $6.2 Million

"The Emperor" was dethroned over the weekend as Monaco Legend Group set a record price for a Rolex ref. 6062, with an example selling for €5.33 million with buyer's premium and VAT. The price, approximately $6.2 million USD, made the watch the third most expensive Rolex ever sold. The record remains Paul Newman's personal "Paul Newman" Daytona, which sold for $17.75 million at Phillips in 2017, followed by the probably unique Rainbow Daytona sold last year at Phillips for CHF 5,050,000. That also means the result this weekend set the record for the reference, beating the famous "Bao Dai" Rolex, which was made on special commission for the last emperor of Vietnam.

The Monaco Legend Group's Rolex ref. 6062 features a yellow-gold case, a glossy black dial, and diamond indices—one of three watches known in similar configuration—and bears some resemblance to the "Bao Dai." That watch, which also sold in 2017 at Phillips, formerly held the record for a 6062 at $5.06 million, a nearly $1.2 million difference. The result, part of a €28.6 million million sale with 97% sell through, shows a stronger market than might have been expected with uncertainty in the United States due to tariffs.

There was some confusion online about whether the watch at Monaco Legend Group was, in fact, the famous Bao Dai, but there are obvious differences. Details include diamond indices at all odd-numbered hour markers on the most recent example and at even-numbered locations on the Bao Dai. The Bao Dai also had two English day-and-date discs on the calendar, while MLG's example had both English and French. Both, however, have aged equally, which implies they'd been that way for some time. According to collectors in the room who had seen both watches, the MLG example was also in better condition, which prompted intense bidding.

The action in the room started at €3 million. It swiftly climbed past €3,500,000 thanks to interest on the floor and on the phones. All specialists from the auction house had phone bidders, but bidding quickly outpaced anyone's ability to keep up. An Italian bidder, seated front row, center, made a strong play for the watch, willing to advance the bid at €100,000 intervals despite €50,000 bids from Davide Parmegiani's client on the phone. Subtle gestures from the Italian advanced the action until Parmegiani crossed the €4 million mark, at which point the bidder in the room began to take more time, having already passed the "Bao Dai's" record and venturing into uncharted territory.

Tactics reversed as the room bidder advanced by €50,000 to €4.15 million, then the phone bidder "threw the paddle" (in auction parlance) and jumped back to a final €100,000 increment, winning with the hammer price of €4.25 million. With added buyer's premium and VAT, the all-in price was €5.33 million.

On paper, this is indeed a record for the reference and also bumped "the Unicorn" Daytona from the number three spot on the Rolex record list (that watch sold at Phillips in 2018 for $5.937 million). However, adjusted for inflation, the "Bao Dai" was approximately $6.6 million in today's dollars, and "the Unicorn" was $7.759 million. 

I asked the underbidder about the impact of inflation on prices, and he responded that it's not a factor in the room, especially when bidding in euros. Comparisons can be difficult; the Swiss Franc was much weaker from 2017 to 2018, while the U.S. dollar has been more volatile in the past few years. What matters is how the number feels in the room, he said, adding that he expected that if the "Bao Dai" returned, it would take back its record yet again.