A portion of the US$17.7 (RM74.96) million proceeds is going to The Nell Newman Foundation and Newman’s Own Foundation, in support of Paul Newman’s philanthropic values.
“10 million dollars, sir!”
Everyone in the room gasped as these words were shouted across the Phillips auction floor. Even Aurel Bacs, the auctioneer, was baffled.
“Well, I wasn’t expecting this to happen,” he finally uttered after a silent few seconds. In fact, no one expected this, and that was only the opening bid for Paul Newman’s very own Rolex “Paul Newman” Daytona—arguably the most talked about watch among collectors, watch experts, and the specialised press.
Phillips, in Association with Bacs & Russo, set the estimate for this watch at “in excess of US$1,000,000”. Some experts said it would fetch more than US$3.5 million, while others predicted up to US$10 million. They would have been right if the gavel had dropped there and then, but that was just the beginning. And with that first bid, most of the competition for Paul Newman’s watch was eliminated.
For 15 minutes, three phone bidders battled for Paul Newman’s legendary timepiece. Bacs had scheduled 30 minutes for this lot—“we’re doing great on time,” he joked—but everyone was holding their breath and, US$5.5 million after the original bid, the final hammer price was up on the screen: US$15.5 million for the iconic Rolex. With a 12.5% buyer's premium, the record for the most expensive wristwatch sold at auction was raised to US$17,752,500 (around RM$75,185,361).
See also: 10 Iconic Watches From The '70s