Reply With QuoteNice - but $1m nice???
This very rare Paul Newman sold for over $1m yesterday-
if you read the lot notes Christies excitingly tell you how 'oyster' is
not written in the normal spot on the dial..........
only around a dozen of these dials kicking around..........
http://www.christies.com/lotfinder/w...9-9e5b25bf7eb8
http://www.hodinkee.com/blog/recappi...x-daytona-sale
Nice - but $1m nice???
It's just a matter of time...
My Paul Newman dial daytona has just gone up a few grand.
In my head.
Bonkers, that's just crazy money for a watch!
The watch, or Paul Newman? :)Originally Posted by Omegamanic
The ceiling has been broken. There will be a flood of $1m+ vintage watches now, as tidal waves of wealth from the newest world makes their presence known with a shout!
The only I have is with the description. "Important", they said. Yeah, sure it is. Mmm.
Last edited by andrew; 11th November 2013 at 12:43.
...but what do I know; I don't even like watches!
Yes- I agree- I've always found it ridiculous that they describe any watch as 'important'-
it should read 'an important watch to a tiny number of people with lots of cash'
Somewhat OT, but this reminds me of the classic Bob Newhart line where he refers to a friend "who studied medicine and went on to specialise in diseases of the rich.".
This is mad. It just proves that the ultra rich can be ultra stupid.
Does anyone have a link for the rest of the sale prices in this auction?
crazy price, but beautiful watch!
Found it... http://www.christies.com/lotfinder/s...on=paging&pg=1
Totally unbelievable prices, the cheapest vintage daytona was around $90,000 and even modern bi-metal Daytonas were $50k. What do you have to do to get a watch into these auctions - there is serious money to be made on some reasonably common watches.
As predicted - I felt the estimates / targets were far below what excited, rich (and presumably stupid) collectors would pay.
http://forum.tz-uk.com/showthread.ph...tion-10-Nov-13
Still want a catalogue though! Maybe that will be worth over a grand in a few years.
Crazy prices and I wonder when the bubble will burst! If you are a WIS there are much better watches for $1m imo.
ha, the buyer is a real idiot. He should have bought a Certina - everybody knows they are miles better!
Saw the article - absolutely incredible, unbelievable prices.
Will the bubble burst? Is it even a bubble...?
Yes, I know. I did get a bit carried away
Fair warning: Once I hit 250 posts this'll be up on SC :)
This has the feel of a bubble to me much like the Classic car boom of the late eighties... However after the crash that followed prices have gradually caught up with the boom years and in a much more gradual way. Even if this current bubble bursts ( which I think it might ) in time these will get back to this level of value. In short, they ain't making any more and they will continue to get rarer. I'm sure one or two still get discovered each year but a few probably also are lost.
At one of the colleges I work in sometimes there is a chap who works part time in the reprographics dept. He has a Newman. Bought it new... Not a collector just a bloke who saw it new and liked it. Got a discount too as they didn't sell well.
I popped in one day and told him what it was worth.... He nearly fell over.
Might have to go see him again!
James.
Somebody made a nice return :-)
Nah - you're thinking of Grand Seiko
Who's more stupid: someone who is "ultra rich" paying £1m for a rare "important" watch with Christie's provenance or someone
who is merely reasonably well-off paying £5k for a run-of-the-mill new Rolex, Omega, Panerai, JLC, IWC or Montblanc (others brands are also available) on the High St?
______
Jim.
An uninformed idiotic buyer! He should come here and read the history of Rolex. But guess too late to retract that bid!
Could have bought a ton of Certinas and Grand Seikos for that amount!
Makes you wonder what one actually worn by Paul Newman would go for!
"I looked with pity not untinged with scorn upon these trivial-minded passers-by"
Crazy!
I think its fair to say that for the buyer there is no 'opportunity cost'
If you have a million dollars for a watch one can assume he already has
a fleet of classic Ferrari's, a place in St Tropez and a trophy wife...
Imo it is neither idiotic nor a bubble. As was imo correctly observed this máy appear inflated but even if it would deflate it would recover is a few years. This is not about rare nor ´important´, not even about a watch at all, but about desreability and desireabiliy is not logical.
This sale simply shows that value and product can be totally detached.
That is the whole object of what B&H conceived in 1983. Market the mechanical as luxury and you can sell desireabilty at a premium instead of in vain trying to peddle outdated time keeping technology.
During his talk at SalonQP Simon de Burton mentioned
Newman's actual watch and said that auctioneers regard it
as a '7 figure' Daytona- should his family ever decide to sell it.
OMG! I thought that was.....doh!!
:)
if you own a £5k watch ..but you have to borrow money to buy your own home or car ..then id say you were a lot more likely to fit the 'stupid' category than if you had a million $ watch and $50million cash in the bank.
- - - Updated - - -
now that would be one hell of sale.
I second that wholeheartedly, BUT; it is all about priorities; pérsonal priorities, personal freedom.
The thing which does influance us as a watch fora community as a whole though, is that those who borrowed to pay for an aspirational watch are the most motivated to agressively defend their expense on watch fora against those whom they need to brand ´haters´.
That is where the freedom of the borrower-buyers treads the freedom of those who share/want more balanced information.
Presumably there was more than one buyer prepared to bid nearly this much or it wouldn't have sold for so much.
Sounds a crazy amount of money for a watch to me, but then all my worldly possessions don't come near to half that much, so it's hard for me to judge.
If two people really want something and have enough cash, we'll see these crazy prices and as one sells for such prices, there will be expectations on future sales and it will spiral upwards until the market runs out of well-heeled individuals prepared to spend colossal amounts of money to possess things with little intrinsic value.
My advice, wait for Eddie's homage
M.
Breitling Cosmonaute 809 - What's not to like?
Definitely not.
Sometimes when i see these prices i wonder if it is a scam, like there is no actual real buyer. Then it goes for sale again and some mug thinks to themselves "Well it sold for 1million last time so i'll make my maximum bid 1.2million this time". The truth being it is hardly worth 1/10th of the selling price.
Last edited by studly; 12th November 2013 at 14:24.
Well, not really, on two counts. For the buyer, or the buyer's company, this is an investment that will probably pay off if he disposes of the asset at the right time. Secondly, for the seriously rich, this will be nothing like as arduous as a hard-pressed, hard-taxed midde-classer buying his first new Rolex from a shop and hoping the wife doesn't find out the price.
Anyone know who the buyer was/buyers were?
Last edited by andrew; 12th November 2013 at 18:26.
...but what do I know; I don't even like watches!
quite a high price.
Lovely watch but that is just madness
What a joke. No watch is worth that imo
He is not paying for the wátch
and perceived value has no ceiling.
Absolutely agree.He is not paying for the wátch
and perceived value has no ceiling.
With the news of the most expensive painting ever being sold at £89m - most expensive recorded sale - breaking this morning, it's clear that "tangibles" and just straight up "nice things" are catching the eye of the uber wealthy.
I echo the comments of Huertecilla that this might not be a bubble, if we look at the markets coming on stream for things like watches, paintings, classics.
Makes it more difficult for us enthusiasts to bag the watches we yearn for, of course, if this upward trajectory of prices continues.
Source: http://www.bbc.co.uk/news/entertainment-arts-24922106
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