The first-ever Rolex ‘Rainbow’ Daytona chronograph, a rare gem in the world of luxury timepieces, is set to make history at an upcoming auction where it is anticipated to fetch more than €3 million.
Scheduled for sale on November 8 in Geneva, this iconic Rolex, dating back to the 1990s, will be auctioned by Phillips. In a notable departure from typical practices, Phillips has refrained from assigning a high estimate for the piece, but expects the watch to sell for no less than 3 million Swiss francs (approximately €3.17 million).
The Rolex ‘Rainbow’ Daytona is renowned for its distinctive bezel adorned with multi-colored sapphire gems, a feature that marks it as a pioneering example of the brand’s gem-setting innovation. According to Phillips, this timepiece is believed to be the first to showcase the celebrated ‘rainbow’ pattern, and it has been housed in a private collection for nearly twenty years.
“This watch is a significant find,” remarked Alexandre Ghotbi, Phillips’ head of watches for Europe and the Middle East. “Its existence was known to only a select few Rolex collectors.”
Despite a current slowdown in demand for high-end timepieces due to inflationary pressures following the Covid-era surge, rare and unique models continue to attract interest. For instance, Phillips previously sold a gold Rolex 6270 Cosmograph Daytona from 1988 with diamond embellishments for nearly 4 million Swiss francs in May last year.
The ‘Rainbow’ Daytona represents a pivotal moment in Rolex’s history, demonstrating the brand’s foray into high-end jewellery watches with advanced gem-setting techniques. When the watch was crafted in 1993 or 1994, Rolex was predominantly known for its luxury sports watches, such as the steel Submariner.
Originally created as a one-off piece for a Middle Eastern client, the rainbow gem-set pattern was later incorporated into other Daytona models nearly two decades later. Today, the rainbow gem-setting technique is also featured on models from other luxury brands, including Patek Philippe and Audemars Piguet. Its complexity lies in achieving the precise color gradation required to replicate the rainbow effect.
Though rare and challenging to procure from retailers, the Rainbow Daytona has solidified its status as a signature piece within the Rolex collection.
