Record $612k Rolex Daytona Sold: 69 Rare Lots Still Up for Grabs

• A Rolex Cosmograph Daytona “Rainbow” sold for $612,000 through First State Auctions, setting a new Australian watch-auction record.
• Part 2 of the same Australian tech founder’s collection includes 69 watches, led by a gem-set Rolex GMT-Master II estimated at $115,000–$120,000.
• Bidding closes at 8pm AEST on Sunday, 26 July 2026, with a 20 per cent buyer’s premium added to successful bids.

The Rolex Cosmograph Daytona “Rainbow” has never been accused of subtlety. Apparently, 18-carat yellow gold, multi-coloured sapphires and diamond-set lugs are enough to break auction records.

Sold through Sydney’s First State Auctions for a hammer price of $510,000, or $612,000 once you add the auction house’s 20 per cent buyer’s premium, the yellow-gold Rainbow Daytona is the most expensive watch ever sold at auction in Australia, surpassing the $450,000 record set by a Patek Philippe in 2023.

The Daytona attracted 60 bids from Australia, Singapore and the United States before selling to an anonymous US investor.

Related: A Complete Guide to Rolex Nicknames

How the Rainbow Daytona Broke the Auction Record in Australia

The Rolex Cosmograph Daytona “Rainbow” takes the familiar motorsport chronograph and, well, there’s no other way to say this, but a unicorn was likely involved to push this one into high-jewellery territory.

Its 40mm yellow-gold case is framed by 36 baguette-cut sapphires arranged in a full-colour gradient, with another 11 sapphires used as hour markers and diamonds set into the lugs. Behind all those rocks is Rolex’s calibre 4131 automatic chronograph movement.

This particular 2024 ref. 126598RBOW came with its Rolex box, international warranty card and the balance of the manufacturer’s five-year warranty. Despite a few minor scratches across the bracelet and clasp, First State Auctions said it was the first example of the current reference it had found offered at auction anywhere in the world.

The previous Australian benchmark was set by a $450,000 Patek Philippe bought by the same unnamed Australian tech founder who later consigned the Rainbow Daytona. The record-setter has now sold, but the rest of his collection continues in Part 2.

Part 2 of Australia’s Huge Rare Luxury Watch Auction

With the Rainbow Daytona on its way to its new owner, we now turn our attention to Part 2 of the same unnamed Australian tech founder’s consignment, which includes 69 watches among 406 lots, with bidding closing at 8pm AEST on Sunday, 26 July 2026.

It’s a nice collection of watches, one that we’d love to check out in person, but for now, we’ve picked five that represent different collector instincts: another gem-set Rolex, one of the Crown’s most complicated watches, two independent pieces and a comparatively accessible Cartier.

1. Rolex GMT-Master II ref. 116758SANR

Lot 1 | Estimate: $115,000–$120,000

If the Rainbow Daytona proved there’s no shortage of appetite for gem-set Rolexes, the highest-estimated watch in Part 2 is here to keep that theory alive.

The ref. 116758SANR starts with a 40mm yellow-gold GMT-Master II, then swaps the usual tool-watch look for a bezel set with diamonds and black sapphires, plus even more diamonds across the lugs and crown guards. The black dial does its best to keep things under control, while Rolex’s calibre 3186 handles the second time zone underneath all the jewellery.

This 2007 example comes with its Rolex box, international warranty card and a 19cm Oyster bracelet. It’s also clearly been worn, with scratches across the case and bracelet, visible marks on the crystal and moderate wear through the bracelet. First State Auctions says buyers should assume it hasn’t been serviced unless stated otherwise.

2. Rolex Sky-Dweller ref. 326235

Lot 14 | Estimate: $50,000–$55,000

The Sky-Dweller is Rolex showing off a little, just in a more technical way than covering the bezel in gemstones.

This 42mm ref. 326235 pairs an 18-carat Everose gold case with a slate dial and black Oysterflex strap, while Rolex’s calibre 9001 handles an annual calendar and a second time zone. The date sits at three o’clock, the off-centre 24-hour ring tracks home time and the small apertures around the dial indicate the month.

The fluted Ring Command bezel also does a bit more than catch light and the gaze of everyone around you. Rotate it and you can select which function the crown adjusts, which is a neat bit of engineering inside what still looks like a fairly traditional gold Rolex.

This 2021 example comes with its Rolex box, guarantee card and an additional certificate of authenticity from a horologist. It’s listed in very good condition, with minor scratches around the bezel and case, plus light wear on the Oysterflex strap.

3. Speake-Marin Openworked in rose gold

Lot 28 | Estimate: $28,000–$32,000

After two very loud Rolexes, the Speake-Marin feels like the point where the collection turns the volume up on a different kind of confidence.

This 42mm rose-gold piece is one of just 10 made, with most of the dial opened up to put the movement on display. The small-seconds display sits up near two o’clock, while the mainspring barrel, gear train and balance are all visible from the front. Flip it over and there’s even more movement to look at through the sapphire caseback.

The overall design is very Speake-Marin: rounded case, oversized crown, unusual floating lugs and enough mechanical detail to make checking the time almost secondary.

This striking example is listed as “as new” and appears to be numbered 2 of 10, though the auction house notes minor marks on the case and buckle, plus light wear on the strap from display use. It comes with its box and an undated Certificate of Origin and Guarantee.

Just one more thing for overseas bidders: the leather strap falls under CITES rules, so First State Auctions won’t ship it outside Australia. The strap will be removed if the watch is sent overseas.

4. Louis Moinet Time to Race

Lot 61 | Estimate: $22,000–$26,000

The Louis Moinet Time to Race looks like someone pulled apart a racing chronograph, painted only the important bits blue and purposefully forgot to put the dial back on.

This “Bleu de France” version uses a 40.7mm titanium case, bright blue rubber strap and an openworked chronograph display that leaves the gears, levers and wheels exposed. The oversized number 93 at six o’clock gives it the look of a vintage race car, while the blue tachymeter scale and chronograph hands keep the motorsport theme running around the rest of the dial.

A deconstructed chronograph may sound busy, but the black, silver and blue layout still guides your eyes around the dial, with plenty of mechanical nonsense to admire along the way.

The watch is listed as “as new”, with the case and buckle still wrapped and only slight wear to the strap from display use. It comes with its Louis Moinet box and travel case, though no certificate is listed in the auction description.

5. Cartier Pasha Grille ref. W31040H3/2379

Lot 80 | Estimate: $4,000–$5,000

I’m not usually drawn to the more ornate side of Cartier, but the Pasha Grille makes a strong case for going bigger and bolder without relying on its typically heavy-handed application of gold.

The removable stainless-steel grille gives the 38mm watch an almost noughts-and-crosses structure across the dial, breaking the silver face into sections like a cathedral window. Add the oversized Arabic numerals, broad bezel and blue cabochon-tipped crown protector, and it has far more presence than the case dimensions suggest.

Underneath all that is a self-winding automatic movement, with the date tucked between four and five o’clock. This example also comes with its Cartier bracelet, certificate booklet dated October 2000 and original box.

The condition is the part worth reading carefully. First State Auctions notes scratches across the bezel and bracelet, surface rust between the bezel and crystal at one and six o’clock, plus some dirt build-up. The box is also worn, with a damaged cushion and what the auction house describes as a noticeable musty odour. Charming, perhaps, but definitely not mint.

What Else Is In the Auction?

Collectors after familiar Rolex sports references aren’t short of alternatives, including some of those elusive nicknamed Rolex watches we covered a while back. Part 2 also includes a GMT-Master II “Rootbeer”, Submariner “Hulk”, GMT-Master II “Batman”, Submariner “Starbucks” and Submariner “Kermit”, alongside Day-Dates, Yacht-Masters, Sea-Dwellers and Datejusts.

Bidding for Part 2 closes at 8pm AEST on Sunday, 26 July 2026 through First State Auctions.