In the summer of 1969, a fascinating story of gifts and investments unfolded when a woman purchased an outdated Rolex for $150 as a gift for her husband.
Fifty years later, the vintage Rolex is set to be auctioned with an estimate between $120,000 and $240,000, representing a staggering return of approximately 160,000% on the original value.
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Fred Holman and his late wife Donna traveled to Switzerland shortly after their marriage, inspired by Ian Fleming’s James Bond novels, which frequently mentioned Rolex watches. In Zurich, the couple visited a jeweler who showed them a selection of Rolex Milgauss watches. The Milgauss line was not popular at the time, and the specific model, reference 6541, was considered discreet, featuring only hour and minute hands.
Although Fred initially decided not to purchase the Rolex, Donna returned to the store after they left and acquired it using three $50 American Express traveler’s checks. The gift was given to Fred at Christmas, and he wore the watch daily for over 30 years while touring as a musician.
The particular Rolex in question is a rare and vintage Milgauss, which recently fetched an impressive price of $2.5 million at an auction in Geneva. Fred initially stored the watch in a safe due to fear of theft, and it was his current wife Cynthia who suggested assessing its value after watching a news segment about Rolex collectors.
While researching, Fred discovered that his Milgauss was a rare piece and sought appraisal from Phillips. Paul Boutros of Phillips was surprised to find an original 1969 Milgauss, preserved in its original condition, including bezel, bracelet, and calibrated dial.
Milgauss watches were challenging to sell at the time, and Fred’s specimen likely remained in the store for years before being sold. The rarity of the model, coupled with its exceptional condition, makes it a highly coveted collector’s item.
Fred’s Rolex is now scheduled to be auctioned at the New York Watch Auction: X on June 8 and 9, with a worldwide tour visiting locations such as Hong Kong, London, Geneva, Singapore, Los Angeles, and Taipei. The pre-sale estimate for the watch is between $120,000 and $240,000, highlighting the extraordinary appreciation of this modest holiday gift that has turned into a collectible treasure.
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