This 58-year-old Rolex just sold for $3.5 million and broke a huge auction record again
This year's watch auction season is just beginning, but already timepieces are breaking records left and right.
At a recent auction by Phillips in Geneva, yet another record was set.
A particularly beautiful example of a 1958 Rolex GMT Master sold for a record-breaking $3.5 million during the auction, which took place over the weekend. The watch, reference 6542, has a striking "Bakelite" cognac-brown bezel and is made in 18-karat gold.
This is the highest price ever paid for a Rolex GMT Master, according to Hodinkee, and is much higher than the estimated $1.8 million to $2.9 million Phillips expected the piece to fetch.
According to the auction house, this watch is especially noteworthy because it is the best preserved version of the watch in gold, and it's an example of "breathtaking condition and beauty." Gold GMT Master watches are rare, as Rolex more commonly makes them in stainless steel.
The original Bakelite bezel is also highly sought-after, especially one that is in perfect condition like on this watch. The timepiece is completely unrestored and original.
All told, $33 million in watches sold at multiple auctions in Geneva over the weekend.