Paul Newman was renowned for his prominent career as an entrepreneur, movie star and race car driver, who also gave a great deal of time into his work as a philanthropist. And just recently at Phillips auction house in New York City, Paul Newman’s 1968 Rolex Daytona made him one of the greatest figures within the watch world when it sold for a record-breaking $15.5 million at auction. Hosted by Phillips in collaboration with Bacs & Russo auction, the Rolex Daytona Ref. 6239, also acknowledged as the “Paul Newman”, not only fetched for $15.5 million but with the buyer’s premium of 12.5%, the timepiece reached an astronomical price of $17,752,500.
The night of the auction had more than 400 people gathered together at Phillips’ New York headquarters at 57th and Park Avenue in order to participate in the Winning Icons auction. After approximately 12 minutes of bidding, the “Paul Newman” Rolex Daytona was sold to one of the bidders on the telephone, which resulted in it setting a new world record for a Rolex ever sold at auction, with it even achieving the highest price for a wristwatch sold through auction. The previous record for the most expensive wristwatch at auction by Phillips was $11 million for a Patek Philippe ref. 1518 timepiece. Another record holder for a Rolex sold at auction was the Bao Dai Rolex that was sold for over $5 million and once belonged to the last emperor of Vietnam.
The Daytona received high praise thanks to it’s “square lollipop” ends on the sub-dial markers and for the piece’s Art Deco inspired dial, the uniqueness of the timepiece later earned it the alias “Paul Newman” Daytona. Newman’s Daytona was a gift to him from his wife, actress Joanne Woodward, while she had also engraved the words “Drive Carefully Me” onto the case back.
Paul Newman’s Daytona is considered the most iconic wristwatch of the 20th Century, which is further proved by the fact that the highest price paid for a Rolex Daytona (also known as Rolex’s most collectable model) only reached $3.7 million at auction last spring. The timepiece features a conflicting colored seconds scale along the edge of the dial and a Daytona signature over the lower sub-dial rather than having it under the upper sub-dial; an aspect customarily seen on most other Daytonas. Newman’s Daytona is known as the Rolex Oyster Cosmograph Daytona, the model was produced in six separate series between early 1960s and late 1970s, but later went on to be discontinued due to poor sales; hence the rarity of this Daytona made its value skyrocket.
Paul Newman (Photo by Douglas Kirkland/Corbis via Getty Images)
“It’s a whimsical, art deco style dial,” said Paul Boutros, Phillips Senior Vice President and Head of Watches for the Americas. “There are about 2,000 to 3,000 of this type of dial in the world.” Since the 1980s “everyone has been searching for Paul Newman’s Paul Newman,” Boutros noted. In 1984 Paul Newman gave his Daytona as a gift to James Cox, former boyfriend and currently close friend of Paul Newman’s daughter Nell. “At the time that Newman gave the watch to James Cox, the watch was selling for about $200,” Boutros noted.
James Cox gave a significant portion of the earnings from the “Paul Newman” Daytona towards the Nell Newman Foundation, which is a charitable foundation that provides support for organizations in the fields of education, animal welfare and human services as well as a dedication to her father’s philanthropical ideals and remembrance. In addition, another portion of the proceeds has been distributed towards Newman’s Own Foundation.
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