Curious, whomever purchased the Newman Daytona for 17M!!!

[JR16]

If my net worth is $10 billion, 17 mil is no biggie.


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[Frank McKay]

Originally Posted by JR16

If my net worth is $10 billion, 17 mil is no biggie.


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Agree. Pretty much the equivalent of picking up a DJ at MSRP for the average person.

[bradyb]

If it was a chick, then it had to to be Ellen D!

Regardless, I sure hope WHOEVER purchased the Newman Daytona for $17M has the opportunity to wear it once in awhile!

[Robtayham]

The Newman Daytona is like a collectible car with less than 100 miles on the odometer. Maybe taken around the block a couple of times, but for the real reason it was bought, it’s not a daily driver.

[Frank McKay]

Originally Posted by Robtayham

The Newman Daytona is like a collectible car with less than 100 miles on the odometer. Maybe taken around the block a couple of times, but for the real reason it was bought, it’s not a daily driver.

I’m still trying to grasp why it fetched 17M. Was Newman that famous of an actor? I’m sure plenty of other famous people wore Daytona’s back in the day.
Maybe if it was Elvis Presley’a Daytona I could understand.

[Muxi]

Originally Posted by Frank McKay

I’m still trying to grasp why it fetched 17M. Was Newman that famous of an actor? I’m sure plenty of other famous people wore Daytona’s back in the day.
Maybe if it was Elvis Presley’a Daytona I could understand.

Paul Newman is like the Chuck Norris of greatness.

[Frank McKay]

Originally Posted by Muxi

Paul Newman is like the Chuck Norris of greatness.

Chuck Norris? The Karate Chuck Norris?

[Brian7708]

Hope they give it a good polish before wearing it. I’d want it looking good and new!

But seriously, if you bought, it would you ever hand it over to RSC for anything? Sure you have insurance on it, but...

[Muxi]

Originally Posted by Brian7708

Hope they give it a good polish before wearing it. I’d want it looking good and new!

But seriously, if you bought, it would you ever hand it over to RSC for anything? Sure you have insurance on it, but...

The value is in the historical provenance. The watch itself is just a symbol of that. Thus, it needs to be completely intact, even if it stops working.

[Chewbacca]

A buyers investment group or Rolex bought it.

[scubadds]

John Mayer
Bought all the green dial Daytona’s. Then drove the prices up and cashed out for the win? Just a guess


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[rallyx]

The buyer got tired of the wait list games so bought the original Paul Newman instead.

[marnii]

agree with investment point,better than most investment.they care about every penny they earned

[ijpx]

“Investment” is just a nice way to saying. I won’t be surprised the owner(s) decided to “flip” later.

[Onikage]

Private collection is my guess too. It seems to have disappeared off the face of the earth. Would Rolex do that?

[mfm22]

Very questionable as an "investment " for any individual.
Rolex corp does make some sense , discreet effective promotion of not just Daytona's but the entire Rolex line .

Rolex can sit on it and bring it back to light at their discretion. Makes a proper piece for Museum

[MSchott]

Originally Posted by Frank McKay

Very interesting response. Could very well be this man has no passion for watches and it’s an investment piece.

Same as buying a Ferrari GTO or similar. They don't get driven, just stored.

[garyk]

I thought maybe John Mayer or Ellen. Obviously Hodinkee made it clear it was an individual. Someone asked if Paul Newman was all that famous years ago. The answer is absolutely. In his time there we few bigger stars than Paul Newman.

[Muxi]

It is beyond wearing, it is THE Paul Newman.

[Frank McKay]

Originally Posted by Muxi

It is beyond wearing, it is THE Paul Newman.

Did he always wear it with a strap? The auction photo shows the watch in a strap

[Phooi]

Originally Posted by Frank McKay

Agree. Pretty much the equivalent of picking up a DJ at MSRP for the average person.

Here’s a fun exercise on perspective:

With a net worth of $10B and assume a historical market rate of return of 8%, your interest earned in the first year is $800M. You buy the Paul Newman for $17M. It is ~2% of your INTEREST earned for that year. You still have $783M left to spend before you touch your principal.

Now this is like a person who makes $100k/yr and spends 2% of their income to buy a $2k watch. (Not quite apples to apples I know)

Finally, the $10B guy in the 2nd year will be worth $10.78B, have another year of interest of $860M (@8% return), and a potentially appreciating asset in the Paul Newman.

Kind of crazy when you think of it...

[InitialAndPitch]

Originally Posted by Potawatomi

It's just a way for the wealthy to park cash in investments other than traditional stocks or bonds. No different than buying a Picasso or a 250GTO

I visited an underground 'Art Bank" in Switzerland. Literally a high-tech cave with mind-bending security. Racks and racks and racks of works from Basquiat, Monet, Warhol and more Great Masters than you could imagine.

The curator told me that most owners have never seen their art in person. Just a bankable commodity as part of a portfolio mix. Kind of sad.

I suspect the watch is in a safe somewhere destined to remain in the dark.

[Macnavara]

Youd have to give me 17 million to wear that horrible strap

[LooseCann0n]

Originally Posted by InitialAndPitch

I visited an underground 'Art Bank" in Switzerland. Literally a high-tech cave with mind-bending security. Racks and racks and racks of works from Basquiat, Monet, Warhol and more Great Masters than you could imagine.



The curator told me that most owners have never seen their art in person. Just a bankable commodity as part of a portfolio mix. Kind of sad.



I suspect the watch is in a safe somewhere destined to remain in the dark.

Whilst there is a lot of this, there are quite a few (perhaps 10-30% - not enough IMHO, but there you go - diversification is necessary plus in UK there is no tax on capital gains for “machinery” such as cars and watches) that do use their collectibles. There is an inherent interest - this is why they buy eg art not cars, or watches not wine.
Have a few clients that have high value chattels (of the 10-30% above) and the reason is usually there was a early interest (cars is a good one - had the poster on their wall in the ‘80s and now that it is “affordable” they buy the GT3RS.. even then, mostly in the garage but tracked 2-3 times a year. They can’t drive for s*!t most of the time, but that’s why there are instructors).



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[jaySL350]

An elite who needed a huge money rinse,,
Just kidding,, my money would be on Rolex buying it back,,,

[VacherObsessive]

Originally Posted by Phooi

Here’s a fun exercise on perspective:

With a net worth of $10B and assume a historical market rate of return of 8%, your interest earned in the first year is $800M. You buy the Paul Newman for $17M. It is ~2% of your INTEREST earned for that year. You still have $783M left to spend before you touch your principal.

Now this is like a person who makes $100k/yr and spends 2% of their income to buy a $2k watch. (Not quite apples to apples I know)

Finally, the $10B guy in the 2nd year will be worth $10.78B, have another year of interest of $860M (@8% return), and a potentially appreciating asset in the Paul Newman.

Kind of crazy when you think of it...

You think you can earn 8% by keeping $10 B I don’t think it works like that. Pls show me a Western bank that gives 8% interest on such deposit even in the low millions. These peoples billions is tied up all over the place

[schoolboy]

Originally Posted by TimeToWatch

I’m guessing Rolex bought it. Made the 116500 the hottest watch on earth.

Maybe!

[makak]

My guess is that MBS, crown prince of Saudi, bought it.

He paid $450M for the Salvator Mundi by da Vinci. Hid it away on his yacht for a couple of years and then apparently just gifted it to his mate MBZ, crown prince of Abu Dhabi. Mind-blowing gift.

MBS also paid the most ever for a house ($300M from memory).

At that level, $17M is absolutely nothing, and he has a habit of buying the most expensive things in the world.

[zewill]

If rolex bought it, 17m$ is very cheap advertisement for them.
Total bargain (rather than do those full page adverts in magazines - wonder what those cost).
Contributes to scarcity and demand of models.
Would be a total masterplan!

[finestdealer]

Wear it