Our first live auctions of fall 2024 season, PHILLIPS RELOADED: The Rebirth of Mechanical Watchmaking, 1980-1999, and the Geneva Watch Auction: XX, take place on November 8, 9, and 10, at the Hotel President, at Quai Wilson 47, in central Geneva. The auctions include more than 195 of the world's finest watches – and though we are loath to boast, we truly think they're some of the best catalogs we've ever put together. We'll be highlighting a number of the most interesting lots and stories featured in the sales over the next month, including the watches highlighted in this article.
– By Logan Baker
There are few timepieces so mysterious, so enigmatic, that their very existence straddles the boundary between myth and reality. Occasionally, however, one of these legends emerges, offering a glimpse into a world of watchmaking so elite, so exclusive, that only a handful of collectors and insiders have ever laid eyes on them.
Such is the case with the Rolex Cosmograph Daytona Reference 16599SAAEC, also known as the "Rainbow Zenith Daytona." Soon to appear at auction for the very first time during Phillips RELOADED, on November 8, 2024, this extraordinary piece has been nestled within one of the world’s most prestigious private collections for years, unseen and uncelebrated.
Now, the watch world is on the verge of witnessing one of the most exciting auction moments ever.
To understand the importance of this timepiece is to understand Rolex’s trajectory in creating what is now considered one of the most elite and coveted watches in the world: the Rainbow Daytona.
For collectors and enthusiasts alike, this singular masterpiece stands not only as a symbol of rarity and craftsmanship but also as a touchstone in the evolution of Rolex’s Daytona lineage, connecting a deeply entrenched past with a dazzling future.
In The Beginning
The story of the Rainbow Zenith Daytona begins in 1994, almost two decades before Rolex officially introduced its now-iconic Rainbow Daytona collection. The Rolex Daytona has long been a cornerstone of the brand's sport watches, adored for its robustness and its association with motorsport culture.
Yet, when this unique watch was created, it was not for the world of racing but for the realm of high luxury – a realm where Rolex could flex its muscles not just in mechanical ingenuity but also in aesthetic sophistication.
Rolex's decision to set the bezel of this Cosmograph Daytona with sapphires arranged in the gradient hues of the rainbow was as bold as it was visionary. In 1994, the idea of pairing such a high-end, colorful gemstone configuration with what was primarily seen as a tool watch was audacious – nothing like the market had seen before.
For Rolex, the Daytona had always been a statement of performance and durability. The arrival of a one-off, gem-set version with rainbow-colored sapphires represented a seismic shift in both the brand's approach and its audience.
The Rolex Daytona Rainbow reference 16599SAAEC was the first of its kind – a technical triumph that also displayed artistic expression. Its SAAEC designation at the end of the reference number translates to "Sapphire Arc-en-Ciel," which means "Sapphire Rainbow" in French. This abbreviation signified what was, at the time, one of the rarest and most luxurious chronographs Rolex had ever produced.
Yet, it remained a solitary figure, a unique commission destined for an extremely discerning collector. Decades before the world would fall in love with the Rainbow Daytona in yellow, white, and pink gold, there was this single white gold reference.
The Bezel and Dial
The visual splendor of the Rainbow Zenith Daytona cannot be overstated.
The hallmark of this watch is undoubtedly its bezel, where 36 baguette-cut sapphires in a breathtaking gradient transition through the colors of the rainbow. These sapphires, meticulously sourced and hand-matched, radiate from a vibrant deep red and slowly morph through orange, yellow, green, blue, and ultimately, a majestic purple. The seamless blending of hues – an effect Rolex perfected – creates a spectrum that is both striking and subtle, a testament to the brand's technical prowess in gem-setting and color matching.
Each stone on the bezel is perfectly uniform in size and cut, and their collective brilliance is only amplified by the precision of the craftsmanship that brought them together. The sapphires’ uniformity and purity in color demonstrate Rolex’s exacting standards. What makes this bezel even more remarkable is that the color sequence on this particular watch is reversed when compared to the modern Rainbow Daytona models that followed, further underscoring its uniqueness.
The dial, too, continues the rainbow theme, incorporating blue sapphires as hour markers. These sapphires are set against a rich, baguette-set dial, providing an ideal backdrop that allows the vibrant stones to truly shine. The sub-dials have a subtly contrasting texture that draws the eye without overwhelming the dial’s overall balance.
The Zenith Movement
Beneath this dazzling exterior lies a movement equally worthy of admiration. The Rainbow Zenith Daytona is powered by Rolex’s caliber 4030, the first automatic movement ever to be used in the Daytona series. This movement is based on the Zenith El Primero, widely regarded as one of the greatest chronograph movements of all time.
However, Rolex did not simply take the Zenith caliber off the shelf; the El Primero underwent 200 modifications at the hands of Rolex engineers before they deemed it worthy of bearing the Crown.
Rolex’s engineers adjusted the original Zenith El Primero’s operating frequency from 36,000 beats per hour down to 28,800 bph, ensuring greater stability and longer service intervals. The power reserve was also increased from 42 hours to 52 hours. Rolex also fitted the movement with its proprietary Microstella adjustment system for fine-tuning the balance wheel and added a more robust shock-resistant mechanism to ensure the watch’s durability under extreme conditions.
The caliber 4030 was not just an upgrade; it was an evolution that turned the already formidable Zenith movement into something distinctly Rolex.
This movement remained in production for the Daytona until 2000, when Rolex replaced it with the fully in-house caliber 4130. As such, the Rainbow Zenith Daytona is not only unique for its aesthetics but also for being a product of this transitional period in the Daytona’s evolution.
The First "Rainbow" Sport Watch
It’s important to contextualize the Rainbow Zenith Daytona within the broader spectrum of Rolex’s design history. While the idea of a gem-set Daytona might seem familiar today – especially with the 2012 and 2018 releases of the Rainbow Daytona in yellow, white, and pink gold – the 1994 reference 16599SAAEC was an outlier. In the early 1990s, the Daytona was still primarily regarded as a sports chronograph, with a fanbase consisting of professional racers, athletes, and a growing number of collectors attracted to its robust construction and association with auto racing.
At the time, Rolex had already experimented with gem-setting in models like the Day-Date, but the notion of applying this concept to the rugged Daytona was practically unheard of. The Rainbow Zenith Daytona was one of the first to challenge this orthodoxy, pairing high-end luxury with a tool watch in a way that would come to define the genre.
This watch stands as the first “Rainbow sport watch” from Rolex, paving the way not only for future iterations of the Daytona but also influencing the broader horological landscape. Today, several brands, from Patek Philippe to Audemars Piguet and Parmigiani Fleurier, offer their own versions of the Rainbow watch.
However, it was Rolex that pioneered this concept with this singular Daytona. The rainbow motif has since become synonymous with extreme rarity, and this watch – being the very first – carries that legacy with unmatched distinction.
A Once-in-a-Lifetime Opportunity for Collectors
The impending auction of the Rainbow Zenith Daytona presents a rare, potentially once-in-a-lifetime opportunity for collectors. This is not simply a matter of acquiring a Rolex or even a Daytona – it’s the chance to own a piece of Rolex history that has been hidden away for nearly three decades.
For many collectors, the modern Rainbow Daytona represents the pinnacle of the Rolex catalog, often seen as the most exclusive, luxurious, and desirable of all the brand’s sports watches. This 1994 prototype takes that to a new level. It is not just the first Rainbow Daytona; it is also a unique model that Rolex never mass-produced or even acknowledged until much later.
The watch’s bezel, with its reversed color sequence and perfectly matched sapphires, its dial adorned with diamonds, and its powerful Zenith-based movement, make it a timepiece of unparalleled importance in the history of both the Daytona and Rolex itself.
The Legacy of the Rainbow Daytona
Looking at the modern Rainbow Daytonas, it’s easy to see why these watches have become some of the most sought-after pieces in the luxury watch market. From their gem-set bezels to their exceptional craftsmanship, each model is a testament to Rolex’s unparalleled ability to marry utility with beauty. Yet, none of these watches would exist without the 16599SAAEC – the original, the prototype, the forefather of them all.
The Rainbow Zenith Daytona holds a special place not just in Rolex history, but in the history of watchmaking as a whole. Its very existence challenges preconceived notions of what a luxury sport watch can be. It’s a reminder that the most valuable watches aren’t always the ones that fit neatly into established categories, but those that push the boundaries of design, craftsmanship, and innovation.
As this watch makes its public debut, collectors and enthusiasts around the world will watch closely, not just to see who will claim this extraordinary timepiece, but to witness the next chapter in the legacy of one of Rolex’s most memorable creations.
The Rainbow Zenith Daytona is more than just a watch.
It’s a symbol of Rolex’s ability to surprise, even within a product line as storied as the Daytona. This unique reference 16599SAAEC is a landmark in horological history, a watch that was ahead of its time and remains an icon for all time.
Whether you're a seasoned collector or simply an admirer of fine watchmaking, the opportunity to see – and perhaps even acquire – this masterpiece is nothing short of extraordinary. The upcoming auction will not only celebrate the watch’s historical significance but also cement its place as one of the most desirable and important Rolex watches ever created.
You can learn more, place a bid, and view the entire Phillips RELOADED catalog right here.
About Phillips In Association With Bacs & Russo
The team of specialists at PHILLIPS Watches is dedicated to an uncompromised approach to quality, transparency, and client service. Phillips in Association with Bacs & Russo holds the world record for the most successful watch auction, with its Geneva Watch Auction: XIV having realized $74.5 million in 2021. Over the course of 2021 and 2022, the company sold 100% of the watches offered, a first in the industry, resulting in the highest annual total in history across all the auction houses at $227 million.
About Logan Baker
Logan has spent the past decade reporting on every aspect of the watch business. He joined Phillips in Association with Bacs & Russo at the start of 2023 as the department's Senior Editorial Manager. He splits his time between New York and Geneva.
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