First State Auctions hosted the sale of 28 Swiss watches with an estimated collective value of more than $2 million. The collection was described as belonging to a ‘tech mogul’ and was described as the largest and most valuable single-owner collection to appear at auction in Australia.
The headline item was a Rolex Cosmograph Daytona ‘Rainbow’, which is expected to sell for more than $500,000. The 18-carat gold watch was sold for $612,000 and set the record for the most expensive watch ever sold in Australia.
This result surpasses the previous record of $450,000, set by a Patek Philippe also sold through First State Auctions in late 2023. The watch drew 60 bids from collectors across Australia, the USA and Singapore over the week-long online auction of more than 500 lots.
The buyer reportedly wishes to remain anonymous; however, they were willing to reveal that they are a US-based investor. First State Auctions founder, Ari Taibel, said it was an outcome that will increase Australia’s reputation on the global stage.
"When the previous record was set in 2023, it stood as proof that world-class watches could achieve world-class prices in Australia,” he said.
“The Rainbow Daytona has now taken that a step further. Bidders from around the world competed for this watch, and the result puts Australia firmly on the map for collectors of rare timepieces.”
Bidding closed on Sunday evening. Other highlights from the auction included a Rolex Day-Date II in 18-carat Everose gold ($54,000) and an Audemars Piguet Royal Oak in rose gold ($75,000).
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