When a U.S. Air Force veteran brought an old Rolex watch to appraiser Peter Planes on Antiques Roadshow, the man had no idea what he was in for. The appraiser told him that this “extremely, extremely rare” Rolex was very similar to the model once worn by Paul Newman.
The Vietnam veteran, identified only by his first name, David, collapsed to the ground after finding out the Rolex he purchased for US$345.97 decades ago is now worth between US$500,000 and US$700,000.
David shared that the origins of his relationship with the watch came from his service in the Air Force during the Vietnam War.
“I was stationed in Thailand from 1973 to 1975,” David said on the show, “and while I was there, I flew on Air America Airlines and Continental Airlines, and I noticed that most of the pilots that were flying those aircraft were wearing Rolex watches.”
Attached to the Explosive Ordnance Disposal unit, David was responsible for clearing roads of landmines, as well as munitions storage areas that had been blown up or sabotaged. He noted that unexploded mines and bombs were responsible for killing many people during the conflict, both adults and children.
Somehow managing to survive his dangerous missions, David continued to keep an eye out for his dream watch—an affordable Rolex, which was no easy thing for someone whose salary was between US$300 and US$400 a month.
However, in November 1974, David found a Rolex up for sale through the base exchange at a discounted price. At US$345.97 it was one month’s salary, but it was worth it to him. David wanted to wear the watch while scuba diving, but after making the purchase, he thought it was “really too nice to take down in the salty water.”
What impressed Planes so much was that David had all the original documentation, including the blank warranty forms and even the sticker on the back of the watch. “Had it been worn, that would be the first thing that would wear off the watch,” the appraiser said.
Besides the documentation, the fact that the veteran had never worn the watch made it much more valuable. “After I got out of the service, I had other watches I wore, and I put this one into a safety deposit box,” David said. “It stayed there for 30 or 40 years. I only took it out two or three times to look at it.”
In addition to the excellent, unworn condition, this particular watch, a Rolex Oyster Cosmograph, was quite a find.
Planes said that “collectors love this watch because Paul Newman wore it in a movie called ‘Winning’ (1969),” in which he stars as a world-class race car driver. The watch that David had was even extremely rare. “This was a much better water-resistant case because you could lock down the Cosmograph buttons on it,” Planes said.
When the time finally came for the appraisal, it was clear that David didn’t just have a run-of-the-mill Rolex watch on his hands. Planes began with the lesser value “Daytona” watches. “The one that Paul Newman wore, those watches are going for approximately US$150,000 to US$200,000,” he said.
Setting the bar this high, David was already stunned. Then Planes delivered the coup de grace that literally made the veteran fall down to the ground in shock. Noting that it may be “one of the few in the world that was never worn,” the appraiser said, “a watch like this at auction is worth about US$400,000.”
After David managed to pull himself back up, he learned that his watch was even more valuable because of its rarity. Planes said, “Your watch, at auction today [would be] $500,000 to $700,000 dollars.”
“I don’t think there’s a better one in the world,” Planes said.
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