A watch known to insiders but largely unknown, the original Rolex Daytona “Rainbow” came long before the modern-day version that arrived at Baselworld 2012. It was a ref. 16599 equipped with the cal. 4030 based on the Zenith El Primero that was produced sometime in the 1990s. Now the one-off “Zenith Rainbow” is going under the hammer at Phillips come November when the auction house stages Reloaded, a thematic sale dedicated to watches made between 1980 and 1999.

Having been owned by a well-known collector for several years – the same gentleman sold another record-setting Rolex at Phillips several years ago – this ref. 16599 has a bezel set with sapphires in a rainbow graduated due, along with a diamond pave dial with blue sapphire hour markers.

I happened to meet the prior owner of this watch and he related the story of how he came to possess the watch. Knowing that backstory, the lavish stone setting and almost-bespoke nature of the watch certainly makes sense.

Today’s Rainbow in Everose, the descendent of the ref. 16599

Estimated at over CHF3 million, the Daytona “Rainbow” will be sold on November 8, 2024 in Geneva at the Hotel President during Reloaded: The Rebirth of Mechanical Watchmaking, 1980-1999. The auction catalogue will be available closer to the date of sale.