When a Rolex Daytona changed hands for nearly $18m last year, it reiterated just how healthy the auction market is. But who can high-end watch collectors turn to in order to finance new acquisitions when they suddenly arise? The answer is collateral lenders and luxury pawn shops, writes Dewey Burke, CEO of Luxury Asset Capital.
There is no magic bullet for acquiring a great watch. You can buy from your favorite retailer, scour the internet, or receive one from a relative, but generally speaking, auctions and private sales are where the most valuable watches are sold.
Last year, a Rolex Daytona owned by Paul Newman went for $17.8m, making it the most expensive wristwatch ever sold publicly. This year, a different Daytona, called ‘The Unicorn’, sold for $5.9m at auction in Geneva, making it the second-most expensive Rolex ever sold at auction.