(Bloomberg) -- A Rolex that was owned by the last emperor of Vietnam became the Swiss watchmaker’s most expensive wristwatch ever sold at auction, fetching $5 million at Phillips as Geneva’s spring auction season kicks off.
The “Bao Dai,” a Rolex that the late emperor bought during Geneva peace negotiations in 1954, was sold to an unidentified phone bidder on Saturday, according to the auction house. The bidding war lasted eight minutes among 10 bidders in the room and three on the phone.
The watch is one of the rarest Rolexes, one of three black-dial models known to exist with diamond hour markers. Through the sale, London- and New York-based Phillips scores another victory as it aims to dominate the high-end market for vintage watch auctions, eroding the position of larger rivals. A Patek Philippe pocket watch that is the brand’s most intricate timepiece failed to sell at Sotheby’s Sunday in an auction where 16 percent of the lots went unsold.
The Phillips auction totaled $32.6 million, including an 18-carat gold Rolex Oyster Paul Newman Daytona that fetched $3.7 million, a record price for that model.
The Sotheby’s auction raised $3.4 million, less than the Bao Dai Rolex alone, and the auctioneer failed to sell a 1989 Patek Philippe pocket watch that has 33 functions. The timepiece, completed in 1989 to commemorate Patek Philippe’s 150th anniversary, had been estimated at $6.4 million to $9.9 million.
Christie’s sold a Patek Philippe wristwatch that used to belong to Ethiopian Emperor Haile Selassie in its Geneva watch auction Monday, which raised about $16 million total. The 18-carat gold Patek Philippe ref. 2497 went under the hammer for $2.9 million. It was estimated to be worth $500,000 to $1 million.
Christie’s had halted the sale of the timepiece in 2015 after a group of Ethiopian-Americans working with Selassie’s grandson demanded it be returned to his descendants. The dispute was resolved at the end of December after a court ruled the original consignor possesses all rights to offer the watch at auction.