Friday, October 27, 2017

Thank You, Janet Yellen: The Watch Paul Newman Once Gave Away Sells for $18 Million

The Washington Post reports:
Steve McQueen had his motorcycle. James Dean had his red jacket. And Paul Newman had his Rolex.

Fans of Newman began noticing the Rolex Daytona watch wrapped around his wrist in the late 1960s, just as he began his car racing career under the moniker P.L. Newman.

It was a work of beauty, a human-crafted wonder. Three black dials decorated its cream-colored face, encased in
a stainless steel rim adorned with a tachymeter on its bezel. Red letters over the bottom dial spelled out “DAYTONA.” The Rolex crown perched on top of the face, the word “COSMOGRAPH” under it.

The mechanical watch radiated coolness, much like its owner. It was a constant companion to Newman’s left wrist in magazine shoots, paparazzi photos and while he was speeding around in his race cars. The model, which was “made famous by him thanks to this very timepiece,” was eventually nicknamed the “Paul Newman Daytona,” Phillips Auction House said in a news release.

After spending years out of the spotlight, the watch landed at Phillips, the auction house, earlier this year. Anticipation grew, as experts speculated it would sell for around $1 million, a high asking price for any watch, even one associated with “Cool Hand Luke.” On Thursday, it sold for $17,752,500 after a 12-minute bidding war....

The watch came to the auction house by way of James Cox, who dated Newman’s daughter Nell for many years. He received it unexpectedly in 1984 while helping Newman repair a treehouse.

“Paul asked me what time it was, to set his watch. I replied, ‘I don’t know — I don’t have a watch.’ He was clearly surprised. So he said, ‘Here, here’s a watch. If you wind it, it tells pretty good time,’” Cox told the Wall Street Journal. “At that time, I knew Rolex was an amazing brand, but I had no idea how significant the watch was.”

It was a gift from Newman’s wife, one he only gave away because she had given him a new one.
No way this price is hit without Janet Yellen money printing.


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