Vintage Rolex Turns Air Force Veteran into Multi-Millionaire
ROLEX – David, a U.S. Air Force veteran, has become an unexpected multi-millionaire thanks to a watch he purchased for PHP19,000 in 1974.
During his service, David noticed that many pilots wore Rolex watches, which piqued his interest. Despite buying the watch for scuba diving, David never wore it. Instead, he kept it in a safety deposit box for 30 to 40 years, preserving its condition.
In 2020, David’s Rolex Daytona Paul Newman gained widespread attention when it was featured on Antiques Roadshow, a well-known American TV show dedicated to appraising antiques. This particular watch is a Rolex Oyster Cosmograph from the first quarter of 1971, named after the renowned actor Paul Newman.
Peter Planes of Luxe Auctioneers, an expert in vintage watches, appraised David’s watch. He described it as “rare” and “an absolutely fabulous find,” emphasizing its impeccable condition and the complete set of documentation, including the original box and papers. Peter estimated the watch’s value to be between $500,000 and $700,000, which translates to PHP28 million to PHP39 million.
The appraisal initially shocked David, thinking that Peter might be joking. However, Peter confirmed the significant value, noting that David’s Rolex Daytona was likely one of the rarest Paul Newman models in existence. Of 3,000 manufactured watches—2,300 in stainless steel and 700 in gold—David’s watch stood out. For context, the most expensive Paul Newman Rolex Daytona, with reference number 6239, was sold for $17.8 million (PHP999,923,900) at Phillips Auction House in 2017.
David’s experience highlights how branded items, when well-preserved, can significantly appreciate over time. His watch, initially purchased for its functionality and kept unused, has turned into a remarkable investment, showcasing the potential for significant financial gain by preserving such items.
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