When Older Means Better

The vintage Rolex market has also taken off, with desirable models like the Paul Newman Daytona, the Steve McQueen Explorer, the Jean-Claude Killy triple-calendar chronograph and Double Red fetching ever-mounting sums. These are out-of-production watches that were made in small numbers or did not sell particularly well; now they can fetch six-figure sums.

It is details that become apparent only under near-forensic examination that give these watches trophy status: the density of printing on the dial; the typography of a number or letter … seemingly trifling but enough to account for huge differences in value. Among the most coveted: arcane sports Rolexes with aged dials. "Some dials have discolored with age; for instance, a fault in the paint used on a Rolex Daytona from late 1993 to 1995 caused the inner dials to go brown," explains Daniele Pizzogini, a London-based specialist vintage-watch dealer. "There is also a similar fault in a Submariner that went brown, and an Explorer II that is now known as the 'cream dial.' At the time a lot of people took them back to Rolex to have the dial changed, so they are now scarce and collectible." Just as with stamps, minuscule faults in the past account for high values today. "What left the Rolex factory as a black dial has now aged to a rich metallic caramel colour—a desirable trait in today's market," reads the description in one auction catalog. It would be only a slight exaggeration to say that there is panic buying of certain vintage Rolexes.

Of course the faking of dials, or overenthusiastic "restoration," is not unknown, and again the only safeguard is either a lifetime's knowledge of the subject or a philosophical temperament.

To go back to the disputed magnum of Château Pétrus: as it happens, the bottle was off anyway and the story has a happy ending. The restaurant just happened to have a magnum of Lafite '45 knocking around at £20,000. Not all lovers of vintage luxury can expect to be so lucky, however. For all the knowledge available in our information age, the best advice has been around since ancient Rome and can be summed up in two words: caveat emptor. Let the buyer beware.

© 2008