A highly rare 1999 platinum Rolex Daytona “Zenith” watch, considered possibly the only one of its kind on the market, was set to headline Sotheby’s prestigious Geneva auction on May 11, with an estimated value reaching up to US$1.7 million (approximately HK$13.28 million). However, in an unexpected turn, the watch was withdrawn from the auction at the last moment.
The Mystery Behind the Withdrawal
The sudden removal of this extraordinary timepiece has sparked speculation. Industry experts suggest the watch’s unparalleled rarity and historical significance may have influenced the decision to cancel its sale.
A Groundbreaking Model Ahead of Its Time
The 1999 Rolex model 16516 “Zenith” Daytona is distinguished by its platinum case and a luminous mother-of-pearl dial adorned with ten diamonds. Notably, Rolex did not officially begin manufacturing platinum Daytonas until 2013. This bespoke piece predates the standard platinum editions by more than a decade, making it a truly exceptional and enigmatic creation.
A Private Commission, Not a Commercial Release
Unlike most Rolex watches, this platinum Daytona was not part of a standard production line. It was a private commission for an exclusive customer, never made available to the general market. Pedro Reiser, Sotheby’s senior watch expert, emphasized the rarity of such commissions, especially from Rolex: “Other brands might be more flexible and do this kind of thing regularly – but in the Rolex space, commissioned pieces are almost unheard of.”
One of Only Four Known Platinum Daytonas from the Late 1990s
Only four platinum Daytonas from the late 1990s are known to exist worldwide, all commissioned for the same family but featuring different dials. The watch withdrawn from auction was the last remaining piece expected to enter the market. Sotheby’s described it as “the final chapter in a series of four unique platinum Zenith Daytonas created by Rolex for a famous collector between 1998 and 1999.”
Previous sales of the other three watches at Sotheby’s in 2018, 2020, and 2021 each fetched prices exceeding US$3 million (over HK$23.4 million).
The Rumored Connection to Rolex’s Former CEO
The “famous collector” linked to these exclusive Daytonas is widely rumored to be the late Patrick Heiniger, Rolex CEO from 1992 to 2008. Heiniger oversaw Rolex’s transformation into a global luxury powerhouse during a period of rapid expansion. Though some speculate Heiniger personally commissioned or wore a platinum Daytona, Sotheby’s expert Pedro Reiser cautions that no definitive evidence confirms this association, describing the story as “more of a myth.”
A Unique Diamond-Set Dial
Among the four platinum Daytonas, this withdrawn watch stands out as the only one featuring a diamond-set dial. The other three display dark mother-of-pearl, lapis lazuli, and turquoise dials without diamonds, further highlighting the uniqueness of this particular piece.
Auction Cancellation and Possible Reasons
Initially expected to be the highlight of Sotheby’s “Important Watches: Part I” spring auction, the platinum Daytona was withdrawn at the consignor’s request, Sotheby’s confirmed. The watch had been estimated between US$850,000 and US$1.7 million.
Auction cancellations can occur for various reasons, including buyer hesitation, auctioneer decisions, or transaction failures.
The disappearance of this ultra-rare platinum Rolex Daytona from the auction stage only adds to the mystique surrounding the watch, reinforcing its status as a priceless and singular treasure in the world of luxury horology.
