Rolex used in a historic swim to resurface at Sotheby’s auction
Mercedes Gleitze’s Rolex Oyster could fetch over US$1.3 million at the Nov 9 auction
[GENEVA] A Rolex watch worn almost a century ago by the first British woman to swim the English Channel will be put up for auction by Sotheby’s.
Mercedes Gleitze’s Rolex Oyster could fetch over US$1.3 million at the Nov 9 auction in Geneva, according to Sotheby’s. It is considered to be the world’s first practical waterproof wristwatch, and helped establish the Swiss company’s reputation as a maker of watches that were both stylish and cutting-edge.
The watch will test the market strength for vintage timepieces when it’s auctioned at the Sotheby’s Important Watches Live sale. The owner, a private collector who Sotheby’s did not identify, bought it at auction in 2000 for £17,000 (S$29,480) when it was part of Gleitze’s estate.
After its use by Gleitze, Rolex “really shouted to the world they had discovered and patented the most important invention for the wrist-watch,” Sam Hines, global chairman for watches at Sotheby’s, said in an interview.
Gleitze, a typist in London, crossed the channel successfully on Oct 7, 1927, but her achievement was overshadowed by a rival claim. Though that was a hoax, Gleitze agreed to defend her record in what the press dubbed a “vindication swim” just weeks later. A movie of the same name was released last year about Gleitze’s life.
It was before that second attempt that Hans Wilsdorf, the founder of Rolex, spotted an opportunity. He gave Gleitze the nine-carat yellow gold watch with a waterproof Oyster case, which she wore around her neck with a ribbon.
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Though bad weather ended her swim after more than 10 hours, the Rolex was found to be in perfect working order. It was the start of the company’s history of promotions and sponsoring top sports stars, including the likes of Jack Nicklaus in golf, Roger Federer in tennis and mountaineer Edmund Hillary.
“This one event formed and defined the brand’s whole marketing strategy, how Rolex seeks to invest in professionals, athletes and personalities,” Hines said.
Though Hines did not rule out Rolex buying it given its historical significance to the brand, he said private collectors could be attracted to the storyline. He cited the recent sale of the original Birkin bag, made for the late singer and actress Jane Birkin, as an example.
Still, after surging in 2021 and early 2022, prices for the most sought-after Rolex, Patek Philippe and Audemars Piguet models in the secondary market dropped steeply in 2023 as speculative buying ebbed. They have started to pick up, though values remain well below the Covid-era collecting frenzy.
Geneva-based Rolex began the year by raising prices by as much as 8 per cent on some models made from precious metals. Swiss watchmakers have been grappling with surging gold prices, and the 39 per cent levy – the highest of any developed nation – imposed by the US on imports from Switzerland. BLOOMBERG
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