Collectors can’t get enough of Paul Newman’s Rolex

With its heady mix of mythology, technical skill and rarity, Rolex’s Cosmograph Daytona is armed with the attributes likely to excite both seasoned collectors and those new to the field. “It’s a cult icon that never seems to lose its status,” says Andrew Shear, a New York-based specialist in vintage Rolexes.

Launched in 1963, the Cosmograph Daytona was created for racing drivers and remains inextricably linked to the Florida racetrack. Back then, you could pick one up for around £170. If bought new today – and that’s a big if – retail prices range from £13,200 for steel (Ref 126500LN) to just upwards of £100,000 for gem-set versions in yellow or white gold.

Although not the most complicated high-end watch, it is considered one of the most complicated in the Rolex stable. “It has evolved into a symbol of the Rolex brand,” said Paul Altieri, founder and CEO of preowned luxury-watch marketplace Bob’s Watches. Design and mechanical accuracy are part of the charm, he adds, but so too are the stories “of speed and a hint of Hollywood glamour”.

Rolex Daytona 116508, sold for $48,495 at Bob’s Watches

Rolex Daytona 116515LN, sold for $38,995 at Bob’s Watches

It’s a cult icon that never seems to lose its status

Fans include Victoria Beckham, Jay-Z and John Mayer, but the person synonymous with the watch’s six-decade history is Paul Newman, proud owner and wearer of several models. His Cosmograph Daytona (Ref 6239) sold for $17.8mn at Phillips New York in 2017. Presumed lost for decades, it became the most expensive Rolex ever sold at auction. This was a turning point in the demand, says Paul Boutros, Phillips’ head of watches in the Americas. “We knew we had the holy grail in our hands, but after that it went ballistic.”

Rolex has a remarkable way of exciting collectors, even as the global luxury market slows down. Turnover rose by 11 per cent to an “unprecedented” SFr10.1bn (about £8.9bn) in 2023, according to a 2024 report by analysts at Morgan Stanley and Swiss firm LuxeConsult, giving the privately owned Geneva-based company an estimated 30 per cent market retail share. Rolex resale prices have risen by 60 per cent from January 2019 to June 2023, according to tracker ChronoPulse. In June 2024, Phillips sold an identical configuration to Paul Newman’s own $17.8mn Daytona for $431,800, exceeding the $200,000-$400,000 estimate.

The combination of reliable liquid asset and broad cultural appeal means that the Rolex juggernaut stays on course, even in challenging conditions, says Altieri. “It remains reassuring to buyers, perhaps now more than ever.” During the pandemic, Daytona resale prices spiked, often fetching four times their retail value, but now the model’s “Bitcoin moment” has corrected, says Tim Stracke, founder of ChronoPulse and resale marketplace Chrono24. Today a steel white-dial reference 126500LN changes wrists for €30,101 – just shy of double the published retail price.

The Cosmograph Daytona can be divided into three generations. The first, produced between 1963 and 1988, has a smaller case and manual-winding movements. The second, produced from 1988, has an automatic movement made in collaboration with Zenith. In 2000, Rolex launched its third generation with its own movement, which was updated in 2016. There are also “off-catalogue” models that appear periodically, such as the Insta-friendly gem-set Leopard and Rainbow.

Rolex Daytona 116520, used from around €21,113, chrono24.co.uk

Rolex Daytona 116506, sold for $134,995 at Bob’s Watches

The Rainbow Daytona Ref 16599, sold at auction this month for SFr5.5mn (about £4.9mn)

Rolex Daytona 16523, sold for $19,995 at Bob’s Watches

Today Rolex produces around 40,000 Cosmograph Daytonas annually, according to estimates, and reaching the top of the waiting list can take years. Perhaps unsurprisingly, Rolex has entered the resale market. In December 2022, the company announced it was introducing a certified pre-owned programme, starting with Swiss retailer Bucherer. It enables authorised retailers to send watches to Rolex for certification. Chrono24 offers a similar service.

Watches from reputable resale dealers can cost more than equivalent models available at auction, but with auction houses the onus is on the buyer to satisfy themselves with what they are bidding on and how well it functions. “Take advantage of the online watch community, get familiar with the models and materials,” advised Altieri. “The quest for any collector is finding a period-correct example of a watch.” A provenance story, possibly involving Paul Newman, is also helpful.

Perfection isn’t always possible in old watches. “We look at the source, the condition, the serial numbers, and we’re checking whether parts like the bezel, pushers and bracelet are consistent,” says Boutros. “Even if parts are not original but it has been properly serviced, that’s OK. They are watches that have lived a life.”

Boutros suggests looking at the versions made between 2000 and 2016. “They are discontinued, they have in-house Rolex movements and they are high quality,” he says. They can be purchased from $16,000 to around $30,000 depending on condition and configuration, he adds.

Rolex Daytona 116509 Black Mother of Pearl, $41,995, bobswatches.com

Rolex “Pre-Daytona” Oyster Chronograph 6034, $39,995, bobswatches.com

Mid-range models to look out for include the Big Red Daytona (Ref 6263), says Shear. Made from the early 1970s to mid-1980s, it is another model favoured by Newman. “It has a racing pedigree, and the design is very pure.” Prices start at £68,000 for a steel 1973 version on Chrono24. Altieri adds that steel and gold models from the ’80s and ’90s, although less in vogue, can present excellent value.

If budget is unlimited, “No question, go for a Paul Newman Daytona; it’s the most sought-after of all vintage watches and that’s not going to change,” says Boutros. It is estimated that only 3,000 “Paul Newman” Daytonas were made throughout the 1960s and 1970s – ironically, because they weren’t popular. Shear recommends the hardly used steel models as a solid entry point. “These are classic, beautifully made watches that will hold.”