On paper, this is indeed a record for the reference and also bumped “the Unicorn” Daytona from the number three spot on the Rolex record list (that watch sold at Phillips in 2018 for $5.937 million). However, adjusted for inflation, the “Bao Dai” was approximately $6.6 million in today’s dollars, and “the Unicorn” was $7.759 million.
I asked the underbidder about the impact of inflation on prices, and he responded that it’s not a factor in the room, especially when bidding in euros. Comparisons can be difficult; the Swiss Franc was much weaker from 2017 to 2018, while the U.S. dollar has been more volatile in the past few years. What matters is how the number feels in the room, he said, adding that he expected that if the “Bao Dai” returned, it would take back its record yet again.