Last week, we have talked something about a Rolex ‘Paul Newman’ Daytona which was being auctioned by Sotheby’s Australia the following night. Well, we discovered that the watch hammered in at a very expensive price (including buyer’s premium), making it the most expensive wristwatch ever happened in Australia. 
To find out more about what’s going on in Sydney on Tuesday – and what this means for the Australian vintage watch scene – I talked to Hamish Sharma, Head of Jewels at Sotheby’s Australia, who was still recovering from such an exceptional result.
Anyway, we really have to begin before the night. The Rolex replica had a phenomenal amount of interest prior to the auction. Many people came to see it, and there was strong international interest. They just wanted to see the watch, collectors that already owned vintage Rolex, and don’t want t lost the chance to see the Paul Newman up close.
What does this result says about the Australian market for vintage watches?
We’re getting strong results compared to the Geneva and London auctions, and considering our smaller population we’re well represented. There are big collectors with deep pockets in Australia.
Why is this watch so special?
Well, aside from the fact that the fake Paul Newmans are extremely popular, this example was fresh to market, and had been in the same family since it was purchased, and it came with all the paperwork. Given the provenance and condition people were glad to bid with confidence.
However, there’s a big resurgence in interest in vintage replica watches, driven by a younger, millennial demographic. At different times in history, different objects resonate, and cheap watches are one of those things. It’s more than a trend, and it’s an acknowledgement of workmanship and a recognition or reaction to a world that is heavily digitised.
Well, look at the Daytona, what were these selling for 20-30 years ago? And look at them now. Do you get that sort of a return on a house? But seriously, I always suggest people seeing a proper financial adviser.
That’s the dream. I’d love to be in a position to auction off an entire, mature collection. I can’t do it with just 10 watches, but I can see it happening in the future. Based on our performance I’m confident we’d get a top result.