The internet might be full to the brim with terribly disappointing content these days, but it still never ceases to offer some really amazing stories from time to time. The one that we’ll talk about today involves an unpopular vintage Rolex that was purchased by a woman 50 years ago for $150 as a gift for her husband. The timepiece is soon going to cross the auction block and can fetch up to $240,000; that’s around 160,000% return on the money spent 55 years ago, which is simply crazy! Yet, the story behind this particular Rolex is a lot more captivating than its probable value.
In the summer of 1969, Fred Holman traveled with his late wife Donna to Switzerland shortly after getting married. “At the time, I really liked Ian Fleming’s James Bond novels,” Fred told Bloomberg. “There were all these references to his Rolex watch. I thought, ‘We’re in Zurich. I just want to see them, how they are priced.’” The couple went to a jewelry shop where they were shown a tray full of Rolex Milgauss watches. The Milgauss line of watches never gained popularity, and Rolex discontinued the modern Milgauss that had been in production since 2007 last year.
The Ref. 6541 is “a very understated watch,” Fred recounts. “The minute hand and hour hand are just pointers.” Fred, a retired Montessori school owner and a musician, decided not to buy the Rolex. However, shortly after they left the shop, Donna made an excuse and went back to purchase the Milgauss with three $50 American Express Traveler’s Checks. She held back on the Rolex till they returned to the United States and gave it to Fred as a gift on Christmas. “I must have worn it for another 30 years or so—and maybe even longer,” Fred explains. “It was always on me. It was just something that just made me feel complete.”
Fred was a bass player who toured and recorded with Jerry Jeff Walker and the progressive folk-rock band McKendree Spring. He regularly wore the Rolex while he toured as a musician and can be seen wearing it on the cover of a McKendree Spring album. He was even told by a technician while getting the watch serviced at Rolex on Fifth Avenue to “never get rid of this watch.” Scared that the timepiece might get stolen, Fred stopped wearing the Rolex and put it into a safe, where it remained for many years.
While Fred never imagined he might be sitting on a big fortune, it was his present wife Cynthia who asked him to get the Rolex valued after watching a CBS Sunday Morning news segment on a Rolex collector meetup in New York. “You have a Rolex, don’t you?” Cynthia asked Fred. “It might be worth something.” When Fred started digging for more information, he discovered that a mint-condition Milgauss had recently sold for a whopping $2.5 million at an auction in Geneva. He immediately reached out to auction houses to get an estimate of the value of his own Rolex. Within no time, he was out on lunch with Paul Boutros from Phillips.
“As soon as it came into our inbox, I jumped on it and immediately called him,” Paul said while talking to Bloomberg. “To find an original owner of a 6541 Milgauss, it’s rare!” Paul says—and he’s seen almost everything. “I can’t recall us at Phillips ever taking in an all-original from the original owner. At the same time, it comes with the original chronometer certificate and the original invoice. I’ve never seen this!” The watch has been preserved in its original condition, including retaining its calibrated bezel, bracelet, and dial, which has turned from black to tropical brown from aging,” Paul notes.
Milgauss watches were not popular, and sellers had a hard time offloading the inventory. “They were very poor sellers,” Paul adds while explaining why they are so rare. “This watch sold in 1969 and [was] made in approximately 1959, so it probably languished in the shop for years.” Paul’s Milgauss is now with Phillips and will be sold at the New York Watch Auction: X on June 8 and 9. However, before the auction, the Rolex will travel the world with other top watches from the sale, visiting Phillips clients in Hong Kong, London, Geneva, Singapore, Los Angeles, and Taipei. Fred’s beloved watch carries a pre-sale estimate of $120,000 to $240,000.
Rolex Milgauss – an oddball of Rolex’s professional watches
The Rolex Milgauss demonstrates Rolex’s commitment to precision and innovation in the world of horology. Originally introduced in 1956, the Milgauss was specifically designed for professionals such as scientists and engineers working in environments with high magnetic fields. According to rumors, it was requested by scientists at CERN who were constantly working around powerful magnetic fields and needed a watch that could withstand them. The 6541 used a full-iron Faraday cage inside rather than the thicker case back. While Milgauss watches effortlessly combined functionality with style, they were never popular. The vintage models often sat in shops, sometimes for years, before they sold. But lately, the rarity of these watches has made them extremely desirable amongst collectors. Last year, a ref. 6541 was auctioned for $2.5 million, and it is believed that Rolex bought it for its own collection.
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