Paul Newman Rolex Watch Sells For Record $17.6 Million
Paul Newman’s Rolex Daytona watch—one of the most sought-after timepieces in the world among horologists—was sold at auction in October for $17.8 million.
The New York City auction house Phillips sold the watch, which was given to Newman by his wife, Joanne Woodward, in 1968 during the filming of the racing movie Winning. The back is inscribed with “Drive Carefully, Me.”
The price paid by an anonymous buyer set the record for any wristwatch sold at auction anywhere in the world.
The owner of the watch was a former boyfriend of Newman’s daughter, Nell Newman. The actor gave him the watch as a gift in 1984.
Several factors led to the recording-breaking price for a watch, including the fact that the sale was announced in June and was highly anticipated by collectors, which drove the price up.
But Paul Newman also holds a special place in many people’s hearts as an actor, said David Lehn, a partner at the law firm of Withers Bergman, which specializes in representing high-net-worth clients.
“Besides being an actor and being married so long to the same person, he was a competitive race car driver, a philanthropist and had many other facets to his life” that made the watch more valuable, Lehn said. “He was also involved in the local community in Westport, Conn., and in the local theater, Westport Playhouse.”
The auction house put the watch’s value at $1 million, but that mark was shattered shortly after it started taking bids, when a bidder opened with a $10 million offer.
“Following a 12-minute bidding war that opened at $10 million, the watch sold to a bidder on the phone. Watch enthusiasts from around the world followed this historic moment online, over the phone and in a packed salesroom of more than 700 people,” the auction house said.
Phillips described the atmosphere as electric through the sale of the Paul Newman watch and 49 other iconic watches from the 20th century, including rare and important models from Omega, Heuer, Audemars Piguet, Cartier and other leading watchmakers.