Rolex watch sells at auction for record breaking £82,000

Rolex watch snapped up at North East auctioneers Anderson and Garland for a world record £82,000

1964 Rolex Oyster Perpetual Submariner
1964 Rolex Oyster Perpetual Submariner

It was a case of watch this space when a man’s Rolex timepiece broke a world record at a Tyneside auction.

The wristwatch sold for £86,000 to a collector at the Anderson and Garland auction in Newcastle this week.

This is the highest ever price for a Rolex of this kind – an extremely rare steel cased Oyster Perpetual Submariner, which has an explorer-style dial.

Manufactured in the early 1960s, purchasers were given the option to upgrade the standard Submariner with the 369 explorer dial but very few took up the option, which was then discontinued after 1964. This particular Rolex has a model number of 5513 and the serial number 1103633.

Dated 1964 on the back of the case, it is widely believed to be one of fewer than 50 left in the world.

Andrew McCoull, managing director of Anderson and Garland, said: “This is a great result for our client and is even more of a success than we had anticipated. It’s a nice timepiece and the buyer did well to secure it.

“From what we know, the last similar Rolex Oyster Perpetual Submariner sold a couple of years back for £62,000.

“Occasionally we do see lots like these generating huge amounts of interest and bidding wars can break out.

“Just last year we auctioned a rare Lalique vase for £280,000, making it a world record for a Lalique vase and the most expensive work of art ever sold in the North East.”

The watch went to a Hong Kong-based collector, who bid in the North East auction online.

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