The first-ever Rolex ‘Rainbow’ Daytona chronograph watch, a highly sought-after and rare model, is set to go under the hammer and could sell for more than $3.5 million. This iconic watch from the 1990s will be auctioned in Geneva on November 8, in an event anticipated to draw considerable interest from collectors and connoisseurs worldwide.
In a departure from usual auction practices, Phillips, the auction house handling the sale, has opted not to set a high estimate value for this exceptional piece. Instead, they expect the watch to command a minimum price of 3 million Swiss francs (approximately $3.5 million).
A Milestone in Rolex’s Gem-Setting Mastery
Believed to be the very first example of Rolex’s ‘rainbow’ gem-set design, this chronograph is adorned with a bezel featuring multi-colored sapphire gems, a now-famous pattern that showcases the brand’s innovative gem-setting techniques. According to Phillips, the timepiece has been kept in a private collection for nearly two decades, largely unknown even among Rolex enthusiasts.
“This watch is a big deal,” said Alexandre Ghotbi, Head of Watches for Europe and the Middle East at Phillips, in an interview. “Only a few Rolex collectors were aware it exists,” he added, underlining the rarity and significance of the timepiece.
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The Market for High-End Watches Faces Challenges
The sale of this unique Rolex watch comes at a time when the luxury watch market faces a downturn due to high inflation and reduced demand for expensive timepieces following a boom during the COVID-19 pandemic. Despite these challenges, rare and exceptional models from renowned Swiss watchmakers continue to attract substantial interest.
Illustrating the sustained demand for unique luxury watches, Phillips successfully sold a gold Rolex 6270 Cosmograph Daytona from 1988, featuring a dial and bezel set with diamonds, for nearly 4 million Swiss francs in May of last year.
Historical Significance of the Rainbow Daytona
The creation of the Rainbow Daytona marked a pivotal moment in Rolex’s evolution, as it highlighted the brand’s capability to produce ultra-high-end jewelry watches. “The watch demonstrated Rolex’s ability to craft exquisite pieces using innovative gem-setting techniques,” explained Ghotbi. At the time of its creation in 1993 or 1994, Rolex was predominantly known as a maker of luxury sports watches, such as the steel Submariner dive watch.
Originally crafted as a unique piece for a client in the Middle East, the same ‘rainbow’ gem-set sapphire design was later replicated in select Daytona models nearly two decades afterward. Today, the rainbow gem-setting style has become a hallmark of the Rolex collection and remains in high demand.
Challenges and Enduring Appeal of the Rainbow Gem-Setting Technique
The Rainbow Daytona’s design has inspired other luxury brands such as Patek Philippe and Audemars Piguet to experiment with similar gem-setting techniques. However, the process remains highly challenging and rare, primarily due to the difficulty in sourcing stones with the precise color gradation required to achieve the signature rainbow effect.
Although acquiring a Rainbow Daytona remains a challenge for many buyers, the watch has cemented its status as a signature piece in the Rolex lineup, with its rarity and craftsmanship continuing to captivate collectors worldwide.