Watches

Sylvester Stallone's First Panerai Sold for Over P10 Million

At $200k it is a bargain because it’s Panerai’s most historically significant modern watch.
IMAGE PANERAI
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The watch collecting world is ending 2020 with record highs thanks to auction house Phillips’ Flagship New York Watch Auction event dubbed Racing Pulse, collecting over $27.6million (over P1.3 billion). It’s also a record-setting year, with the sale of timepieces owned by three famous Hollywood stars: Paul Newman, Steve McQueen, and Sylvester Stallone. These three larger-than-life action heroes have been in blockbuster race car movies and are known watch aficionados.

Stallone used this Panerai when he filmed the movie Daylight and the brand's most significant timepiece

Photo by Panerai.
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A total of five lots from the personal collection of Stallone also saw very aggressive bidding attempts specially with his Panerai Luminor with a hammer price of $214,200 (P10.3 million). The watch was worn on and off-cam all throughout during the filming of Daylight. This timepiece is considered by Panerai watch enthusiasts to be the most important modern Panerai wristwatch to ever be sold publicly. Before the 1990s, Panerai mostly supplied professional timepieces to various military outfits and Stallone almost single-handedly led the brand’s modern-day renaissance when the brand started to produce timepieces in limited numbers to the civilian market.    

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Aside from the Panerai, Stallone’s other pieces by Richard Mille were sold past auction estimates too totaling over $3million (P144.3 million) in sales.

The Panerai PAM5218-201/A Luminor still sports an original sharkskin strap with original Panerai buckle. The actor later said that the watch, which had been in his possession ever since, “went through hell in every scene.” The Panerai 5218-201/A lot included the original box, two additional Panerai straps with buckles, and its original brass screwdriver. In addition to a handwritten note signed by Stallone, it was also accompanied by an original 1996 studio-issued lobby card from Daylight, also signed by the actor. The hammer price was many times the initial auction estimate of $40,000 to $80,000 range.

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Stallone's Panerai with the movie postcard signed by the actor himself

Photo by Panerai.

“We are excited to bear witness to a historic moment so inextricably connected to both Panerai’s beginning and future,” said Jean-Marc Pontroué, Panerai CEO. “As a brand, we have always looked to the horizon of what is possible while keeping one foot firmly grounded in the principles and foundation of our past. After the success of the first Phillips auction in Hong Kong a couple of weeks ago, this is a strong signal that Panerai remains in the heart of the collectors’ community. We are proud to have partnered with Phillips to offer watchmaking enthusiasts worldwide a unique timepiece so representative of our pioneering spirit.”

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There were two other significant Panerai timepieces that were sold at record prices. The first generation concept LAB-ID PAM700 (Lot 45), which Panerai issued an unprecedented 50-year warranty. This remarkable timepiece sold for $69,300 P3.33 million). Another Panerai under lot 46 that sold for $81,900 (nearly P4 million) was the PAM1700 Luminor LAB-ID, which was the brand’s world premiere of its most technologically advanced timepiece. This timepiece is No. 1 of a limited edition series of just 70 pieces and was created to celebrate the 70th Anniversary of the Luminor collection. 

The Panerai PAM700 first generation concept Luminor 1950 Carbotech LAB ID

Photo by Panerai.
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While Paul Newman’s Rolex “Big Red” Daytona fetched a whooping $5.5million (P264.5 million), it did not eclipse the $17.8million (P856.18 million) record set in 2017 for the Ref. 6239 Daytona, or watch that earned the moniker “Paul Newman Daytona” that made this once unpopular model so highly sought-after these days. The “Big Red” Ref. 6263 Daytona is a later model variant albeit historically significant timepiece because it was likewise owned and worn by the actor himself, which was later on passed on to his daughter Clea Newman.

This Panerai PAM1700 Luminor LAB ID was numbered 1 out of 70 

Photo by Panerai.
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Steve McQueen’s Heuer Monaco once owned and gifted by Steve McQueen set a World Record Price for Any Heuer Watch at $2.2 Million, which was over 10 times the auction estimate and over twice the previous record.

 

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