Newman's Rolex sells for record$17.8m

Newman's Rolex sells for record$17.8m

The most expensive Rolex just sold for $17.8 million on Thursday setting a new world record for a wristwatch. The role sparked Newman's interest in racing, much to Woodward's dismay, and this watch is engraved DRIVE CAREFULLY ME. Phillips says he wore it every day between 1969 and 1984, when he gave it to James Cox, then-boyfriend of Newman's daughter Nell, to thank him for rebuilding the tree house on their CT property.

Cox described wearing it as "magical", but put it away in recent years as its value rose.

Phillips in Association with Bacs & Russo, the worldwide market leader in watch auctions, is proud to announce that its inaugural NY sale realized $28,875,750 (CHF 28,806,448) - the highest total for a watch auction in U.S. history.

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The Newman Rolex sold at a hammer price of $15.5m, and the premium-inclusive $17.8m (£13.6m) is an auction record for a wristwatch.

A portion of the proceeds from the sale will go to the Nell Newman Foundation, which continues Paul Newman's philanthropic efforts.

That's the world record for the most expensive timepiece ever sold at an auction, according to Phillips, which handled the sale. "If you wind it, it tells pretty good time, '" Cox told the Wall Street Journal.

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"Pop handed James his Rolex and said, ´If you can keep in mind to wind this each day, it tells pretty good time, ´" wrote Nell in a signed letter accompanying the sale.

When asked about what the namesake would think of all this, Cox had a sweet answer. After years of keeping the watch in a safe box, Cox chose to put it up for auction this year, with proceeds going to the Nell Newman Foundation. The watch that "created the entire vintage watch market we know today", added a third.

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