Rare Platinum Rolex Daytona Ref. 16516 Expected to Command High Price at Auction

• A special one-of-a-kind Rolex Daytona Ref. 16516, made of platinum and with a diamond-set mother-of-pearl dial, dated 1999, will be offered for bidding at the Sotheby’s Geneva sale on May 11th, 2025. It carries a presale estimate of $800,000 to $1.6 million (about £640,000 to £1.28 million).
• This is the final piece in a sporadic group of four platinum Daytonas believed to have been commissioned by Patrick Heiniger, Rolex’s former CEO; the previous models have sold for as much as $3.27 million.

The chapter that captivates collectors most passionately is that of Rolex, the Cosmograph Daytona Ref. 16516 in the world of superlative watches. The only palace of its kind in the world, created in platinum with a dial set with diamonds and mother-of-pearl, is launching at auction by Sotheby’s Geneva on May 11, 2025, with an estimate of $800,000 to $1.6 million (£640,000 to £1.28 million). This represents not just a timepiece but almost an antiquity in horology.

A Rare Commission.

Its illustrious history adds to its distinct qualities. In 1998 and 1999, a private collector commissioned Rolex, a brand known for creating standardised timepieces, to produce a collection of four distinct platinum Cosmograph Daytonas. The series have a unique set of dials, including black Tahitian mother-of-pearl, lapis lazuli, turquoise, and pale pink mother-of-pearl, with diamond hour markers on the fourth watch. The commissioner’s identity is unknown, lending a fairy-tale element to the four distinct pieces.

Historical Significance.

This watch is not only distinctive in design but also historically significant. It was created in 1999, when Rolex had not yet introduced platinum to the Daytona line—a move that would not occur until 2013. Additionally, it houses the Zenith El Primero automatic movement, making it one of the last Daytonas to do so before Rolex switched to in-house calibres in 2000.

Provenance and Rarity

The origin of these watches has been the subject of much conjecture. According to speculations, the first commissioner could have been Patrick Heiniger, CEO of Rolex from 1992 to 2008. Heiniger was observed wearing a platinum Daytona before the model’s formal release, adding credence to the claims. Sotheby’s sold the first three watches from this commission in 2018, 2020, and 2021, with the lapis lazuli dial version fetching a record $3.27 million in the 2020 Hong Kong auction.

A Collector’s Opportunity.

This auction offers buyers a unique opportunity to own a piece of Rolex history. According to Benoît Colson, Head of Watches, “A milestone in the history of the Cosmograph Daytona, its rarity, provenance and superlative craftsmanship make this 1999 Cosmograph Daytona, Ref. 16516 with a diamond-set mother-of-pearl dial, one of the most important examples ever to be presented at auction.”​

For both aficionados and collectors, this sale is more than just an auction; it is an opportunity to possess a unique chapter in Rolex’s illustrious history.