A mint-condition Rolex Milgauss was just snapped up for a whopping $2.5 million by a bidder representing Rolex itself, according to Bloomberg. Reportedly, a bidding war between a US-based collector and Rolex helped escalate the final price to an unprecedented level, which is double the pre-auction estimate of around $1 million.
Launched in 1956, the Milgauss was originally designed for scientists to withstand the high levels of electromagnetism in laboratories. Rolex was reportedly commissioned by scientists at Geneva’s Conseil Européen pour la Recherche Nucléaire, a.k.a. CERN, to create a wristwatch that could tell the time accurately even in the presence of strong magnetic fields. The final product was equipped with a soft iron cage to protect the movement. The Milgauss can withstand as much as 1,000 gauss or mille gauss in French, hence the moniker.
Produced in 1958, this stainless-steel example is presented in pristine condition. It features a black honeycomb dial, a rotating bezel, and a seconds hand that is shaped like a lightning bolt. The flashy wrist candy was one of the priciest pieces sold during the recent watch auctions in Geneva. Those in the know say that it’s not uncommon for high-end watch brands to buy rare and collectible examples of their own watches at auctions for their archive collections and museums.
Despite its huge price, it's nowhere near the most expensive Rolex ever sold at auction. Paul Newman's Rolex Daytona sold for $17.8 million in 2017 - making it not only the most expensive Rolex ever sold, but also the most expensive watch ever sold.
