Curious, whomever purchased the Newman Daytona for 17M!!!

[Frank McKay]

Read the article this morning on the Auction a few years back that sold off the Paul Newman Daytona for a whopping 17.8 million dollars. Who ever says SS isn’t worth more than gold? Hah just kidding. Anyway -

I’m trying to put my self in this man’s shoes. What exactly would you then do with the watch? I can’t imagine casually wearing the watch outdoors that I just plunked down 17.8 M for. Do I store it in a safe and leave it there? no, again.

What would you guys do

[Potawatomi]

It's just a way for the wealthy to park cash in investments other than traditional stocks or bonds. No different than buying a Picasso or a 250GTO

[Frank McKay]

Originally Posted by Potawatomi

It's just a way for the wealthy to park cash in investments other than traditional stocks or bonds. No different than buying a Picasso or a 250GTO

Very interesting response. Could very well be this man has no passion for watches and it’s an investment piece.

[LooseCann0n]

Originally Posted by Frank McKay

Very interesting response. Could very well be this man has no passion for watches and it’s an investment piece.

Plus a bargain compared to a 250GTO or a Picasso..

[MSchott]

Originally Posted by Frank McKay

Very interesting response. Could very well be this man has no passion for watches and it’s an investment piece.

Same as buying a Ferrari GTO or similar. They don't get driven, just stored.

[InitialAndPitch]

Originally Posted by Potawatomi

It's just a way for the wealthy to park cash in investments other than traditional stocks or bonds. No different than buying a Picasso or a 250GTO

I visited an underground 'Art Bank" in Switzerland. Literally a high-tech cave with mind-bending security. Racks and racks and racks of works from Basquiat, Monet, Warhol and more Great Masters than you could imagine.

The curator told me that most owners have never seen their art in person. Just a bankable commodity as part of a portfolio mix. Kind of sad.

I suspect the watch is in a safe somewhere destined to remain in the dark.

[LooseCann0n]

Originally Posted by InitialAndPitch

I visited an underground 'Art Bank" in Switzerland. Literally a high-tech cave with mind-bending security. Racks and racks and racks of works from Basquiat, Monet, Warhol and more Great Masters than you could imagine.



The curator told me that most owners have never seen their art in person. Just a bankable commodity as part of a portfolio mix. Kind of sad.



I suspect the watch is in a safe somewhere destined to remain in the dark.

Whilst there is a lot of this, there are quite a few (perhaps 10-30% - not enough IMHO, but there you go - diversification is necessary plus in UK there is no tax on capital gains for “machinery” such as cars and watches) that do use their collectibles. There is an inherent interest - this is why they buy eg art not cars, or watches not wine.
Have a few clients that have high value chattels (of the 10-30% above) and the reason is usually there was a early interest (cars is a good one - had the poster on their wall in the ‘80s and now that it is “affordable” they buy the GT3RS.. even then, mostly in the garage but tracked 2-3 times a year. They can’t drive for s*!t most of the time, but that’s why there are instructors).



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[LooseCann0n]

Wear it - it’s probably part of an already amazing collection.
Bet they have a sky moon tourbillon and a few other great pieces.


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[BigBoy17]

Wear it.

[RHIII]

Honestly - I wouldn’t buy it in the first place. I’m function oriented with just about everything - if I can’t (or won’t) use or wear - I’d honestly rather not have.

Just my .02


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[Frank McKay]

Originally Posted by RHIII

Honestly - I wouldn’t buy it in the first place. I’m function oriented with just about everything - if I can’t (or won’t) use or wear - I’d honestly rather not have.

Just my .02


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I feel the same way.

[LooseCann0n]

Heard that maybe Rolex purchased it.. you can’t buy that kind of publicity.. no, wait you can - it costs $17m.


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[Potawatomi]

Originally Posted by LooseCann0n

Heard that maybe Rolex purchased it.. you can’t buy that kind of publicity.. no, wait you can - it costs $17m.


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That's an interesting theory. Not a bad idea really

[DGB]

If it’s an individual, the guy has more money than we can imagine, also it was for a charity, so it’s for a good cause.
What would he do with it ? Probably drop in a drawer, looking for another expensive toy to buy.


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[Frank McKay]

Originally Posted by DGB

If it’s an individual, the guy has more money than we can imagine, also it was for a charity, so it’s for a good cause.
What would he do with it ? Probably drop in a drawer, looking for another expensive toy to buy.


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Yeah, either that or chuck it at a stripper once the novelty wears off.

[Dyim]

Maybe they want his DNA.

[DGB]

Originally Posted by Frank McKay

Yeah, either that or chuck it at a stripper once the novelty wears off.

To be honest your option is even better than mine.


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[RJRJRJ]

Most likely purchased by Rolex, as they have the funds, and this would be the only time they would ever have a chance at it. They probably had a get it at any cost mindset and would have gone a lot higher if the other bidder kept going. I'm sure we'll see it appear some day.

[quichedem]

No doubt this is an investment. Wealthy people don't do anything of this scale without advisers, and classic cars are an excellent example. Someone probably showed the buyer how it would appreciate at some rate. Don't see why Rolex would buy it when it would be cheaper for them to probably re-create it with old tooling if they really felt the need. Rolex doesn't seem as enthusiastic with its heritage as collectors and fans, which is another reason why I don't think they bought it. You don't get to be a company like that by buying-back old examples of your products at those prices.

[Phooi]

I think it’s difficult for most people to truly understand the scale of wealth.

Once you exceed a certain amount, compounding and the law of large numbers makes it very difficult to actually spend all of it.

So to the buyer, the $17M may have been no more than buying a SubC at MSRP.

[Frank McKay]

Originally Posted by Phooi

I think it’s difficult for most people to truly understand the scale of wealth.

Once you exceed a certain amount, compounding and the law of large numbers makes it very difficult to actually spend all of it.

So to the buyer, the $17M may have been no more than buying a SubC at MSRP.

Great perspective. I can only imagine.

[winger14]

Do you think they post is it safe to threads?

[calatravaquanautilus]

Interesting how so many people assume the buyer is a man.


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[Frank McKay]

Originally Posted by calatravaquanautilus

Interesting how so many people assume the buyer is a man.


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Odds are it is, but I agree it’s also possible a female made the purchase but unlikely.

[Drpepper]

Originally Posted by calatravaquanautilus

Interesting how so many people assume the buyer is a man.


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Lol let’s get real.

[RJRJRJ]

Originally Posted by calatravaquanautilus

Interesting how so many people assume the buyer is a man.


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[Crazy Lugs]

I heard Producer Michael bought it...

[calatravaquanautilus]

Check out this HODINKEE radio episode for a hint of who may have bought it. Staring around the 2 minute mark.

HODINKEE Radio: Episode 40: H10 Greatest Hits https://www.hodinkee.com/articles/ho...-greatest-hits


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[Frank McKay]

Originally Posted by calatravaquanautilus

Check out this HODINKEE radio episode for a hint of who may have bought it. Staring around the 2 minute mark.

HODINKEE Radio: Episode 40: H10 Greatest Hits https://www.hodinkee.com/articles/ho...-greatest-hits


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Interesting. Without giving up the name it was confirmed that the purchaser is a huge watch enthusiast and has purchased many other pieces previously.

[LeftCoastBias]

I bought it. I only wear it Wednesday’s to trivia night at the pub.


- Sent via iPhone. Please excuse any typos or brevity in my message