Aurel Bacs is world renowned for his work auctioning rare timepieces and shaping the Rolex market, where he has helped elevate the brand’s status among collectors.
As an auctioneer at Phillips in Association with Bacs & Russo, he’s overseen record-breaking sales, including Paul Newman’s Rolex Daytona, which sold for $17.8 million in 2017.
Bacs’ deep knowledge and passion for horology — and his ability to tell compelling stories about watches have solidified his reputation as a key influencer in shaping the perception of Rolex as both a cultural and investment icon.
Mr. Bacs, last month, a Rolex Daytona sold for over six million dollars, making it one of the most successful auctions ever. Doesn’t this suggest the luxury sector is doing just fine, despite claims of a crisis?
Aurel Bacs: It’s not that simple — you really need to take a closer look. Just a few weeks ago, Phillips in Geneva auctioned off a Rainbow Daytona, an incredibly unique watch that’s probably the first ever made, and it came out about 20 years before production even began. Watches like this — special and significant — hardly ever hit the market. Sometimes they’re one-of-a-kind or part of a rare handful. These are the ultimate trophies for collectors. If you want one, you can’t just think, “I’m not feeling it right now; I’ll wait for the next one.” There might not be a next one, at least not for decades, if ever. Buyers know this, which is why we’re seeing record-breaking sales, even in times like these.
However, if you look at the market as a whole, prices for used watches continue to fall — and have been doing so for a couple of years.
Sure, there are some models whose prices have dropped significantly — that’s true. But I think it’s a mistake to generalize and say the whole market is weakening. Some watches are actually going up in value, as we’re seeing at auctions. True watch enthusiasts aren’t discouraged if their watch loses value; in fact, many are excited to pick up certain pieces for less right now. And just to add, our sales this year are right in line with previous years.
It’s tough for the people who bought a Rolex as an investment during the pandemic, thinking its value would just keep going up.
First, let me say again: not all Rolexes are the same, and we’re seeing strong prices for the collectible pieces. Second, I find it unfortunate that some buyers have been led to believe they can just buy the next luxury watch and automatically make a huge profit. This mindset really took off during the pandemic — low interest rates, extra cash from not traveling, and limited supply with long waiting lists pushed resale prices far above retail. But buying a watch purely as an investment is the wrong approach. A watch should be bought because it resonates with you, because you love it. For me, the best moments at auctions are when the winning bidder is a true enthusiast — that’s where the real joy is.
You're always uncovering hidden gems. You once auctioned the watch of the last Vietnamese emperor. How did you come across it?
I even auctioned the watch twice, the first time in 2001. A banker from Paris approached me and said that a friend of his had the Rolex of the last Vietnamese emperor, Bao Dai. I was skeptical at first. But then he sent me photos and it was by far the most beautiful Rolex reference 6062 I had ever seen. I then met the owner, who was an heir of the emperor. We sat at his house and he showed me family photos. I sold the watch for 400,000 francs — a record result. Then it was in a private collection for around 15 years until it was sold again — for five million francs! And I estimate that if it went under the hammer today, it would be twice as much, despite the uncertain times.
Who actually spends that kind of money on a watch?
I’d be happy to share some numbers. A typical Phillips auction draws between 2,000 and 3,000 bidders from over 70 countries. These include entrepreneurs, lawyers, doctors, as well as people from the sports, music, and tech industries. Now, I’m not sure what amounts you have in mind when you say “that kind of money,” but let’s put it into perspective. The world record for a classic car auction is 135 million euros — that was the Uhlenhaut Coupé from Mercedes. Meanwhile, the 20 richest people in the world each have a net worth of at least $100 billion. Compared to that, even a Rolex that sells for over $17 million, like Paul Newman’s Daytona at Phillips in 2017, is on a completely different scale.
Let's talk about the youth. A lot of young people are into Rolex watches too — you see countless videos about them on social media. It’s interesting how much of a status symbol they’ve become for them.
Like you, I’m amazed by this, but I can’t say I’m unhappy about it. When smartwatches hit the market a few years ago, many predicted the downfall of the Swiss watch industry. But that didn’t happen. Premium brands like Audemars Piguet, Patek Philippe, and Rolex have held their ground remarkably well. A Rolex isn’t just a vanity item — it’s become a cultural icon and remains a powerful status symbol. The brand has successfully conveyed this message: whether it’s a milestone, a promotion, or a birthday, a Rolex is the perfect way to mark the occasion. You see it everywhere — in Netflix shows, rap lyrics, and even on the streets of Europe’s capitals, where many young people sport luxury items like Rolexes or designer bags and belts from top French and Italian brands.
I'm sure some of them are wearing fakes.
Counterfeits of luxury goods are becoming increasingly convincing — even experts often struggle to identify them. Buyers might think, “Great, I can get the same social recognition for less money,” but they’re only fooling themselves! It’s true that fakes are improving. In the past, you could spot one easily — just touch the watch, give it a shake, and if it rattled, it was clearly fake. Nowadays, even trained watchmakers need to dismantle it to confirm. My philosophy is simple: it’s better to drink good water than bad champagne. In other words, it’s far better to own an affordable, authentic watch than a fake one. Plus, importing counterfeit goods can land you in legal trouble.
How does the rise of online platforms impact auction houses and the pre-owned watch market as a whole?
The larger the market, the more efficient it becomes, which is why I welcome every new player in the industry. However, it’s crucial that these platforms have strong customer protection measures to guard against counterfeits. And let’s not forget —not every watch is readily available. There are still waitlists for the more exclusive pieces, though they’ve gotten a bit shorter recently.
Is your auction house facing more competition with Rolex's new CPO program?
I see it differently. The selection of watches in Rolex’s Certified Pre-Owned program is quite different from what we offer. Most watches in their CPO program are priced under 50,000 euros, and as far as I know, pieces like a Rolex reference 6062 or a Padellone have never been available there. The truly exceptional pieces are more likely to appear at our auctions. I think it's a positive thing that Rolex is now providing direct access to pre-owned watches — it’s a great complement to what we offer.
What advice do you have for watch lovers looking to buy a luxury watch?
The most important thing is to buy from a trusted, certified source, like a specialist retailer — not from a street vendor in Rimini or a gas station. Secondly, pick what you genuinely like. And third, I firmly believe in this: buy the best you can afford. Don’t go for the pricey watch that’s discounted due to a flaw —choose the flawless one in a lower price range instead.
Which watches do you think are a good value right now?
There are plenty of amazing watches out there, and a stunning luxury timepiece doesn’t have to cost tens of thousands of euros. You can find a beautiful pre-owned Rolex Datejust or Air-King in steel for around 3,000 to 5,000 euros, or the iconic Omega Speedmaster for a similar price. Pre-owned IWC pilot’s watches are also available for around 4,000 to 5,000 euros.
Mr. Bacs, your father is also a passionate watch collector. Did you always know as a child that you wanted to work with watches?
My father instilled in me a love for everything mechanical, especially old watches. I first got into watch collecting as a hobby when I was 12, and started working in auctions at 23. There’s something special about vintage watches for me — they have a charm that modern ones just don’t match. Collector’s watches are like a drug; I can never get enough of them, and it brings me immense joy. But it wasn’t about making money — it was about discovery. I actually wanted to be a lawyer. Today, I wake up every morning excited because I know I’ll get to discover something new.