A rare Rolex watch owned by the late movie star Paul Newman has been sold for a world record $17.8million.
It had been expected to sell for around $1.3milion but after fierce bidding, the iconic watch was won by an anonymous applicant for more than 13 times the asking price, the Daily Mail reports.
The legendary actor received the Rolex Cosmograph Daytona as a present from his wife Joanne Woodward in 1968 and later gifted it to his daughter Nell’s then-boyfriend.
Joanne bought the timepiece from the prestigious Tiffany & Co store in New York and had it engraved with the message ‘drive carefully’ in light of her husband’s fledgling motor racing career.
Newman wore it daily for more than 15 years before passing it on to his daughter’s then boyfriend, James Cox, while he stayed with the family one summer in the early 1980s.
Mr Cox didn’t own a watch at the time so Newman gave him one which he said “keeps good time”.
Following his separation with Nell Newman, the pair remained good friends and they consigned the watch together at auction.
It had been expected to sell for $1.3million but there was huge interest in the timepiece and it eventually sold to an anonymous phone bidder for $17.8million.
Nell and James had previously stated proceeds of the sale would go to the Nell Newman Foundation which supports environmental projects.
The price is a world record for a wristwatch sold at auction.
Paul Boutros, head of watches at New York-based Phillips Auctioneers, said: “It was an absolute privilege for Phillips to offer Paul Newman’s own ‘Paul Newman’ Daytona – arguably the most iconic collector’s wristwatch of the 20th century.
“The atmosphere in the room was electric throughout the entire sale.
“This record result is a testament to the historic importance and continued legacy of this Rolex, which is responsible for creating an entirely new market and inspiring a new generation of collectors.”
The Rolex is made out of stainless steel between 1963 and 1970 and became known as the “Paul Newman watch.”
It is 36.5mm in diameter and has a leather strap.
