The New York Watch Auction: EIGHT takes place on June 10 and 11, inside our Manhattan headquarters at 432 Park Avenue. The auction includes more than 120 of the world's finest watches; here, our Senior Editorial Manager places the spotlight on a remarkable gem-set Rolex included in the sale.
– By Logan Baker
Rolex doesn’t publicize every watch it creates. The Geneva watchmaking monolith saves some of its most impressive creations for a privileged audience of existing clients and collectors. These so-called “off-catalog” models typically take the shape of an existing Rolex watch that’s been set with an inordinate amount of gems and jewels. Production of any specific “off-catalog” model is intentionally kept low, and the final price tag can end up even higher than you might expect.
Just take the Rolex GMT-Master II “Ice” ref. 116769TBR. Introduced in 2007, weighing more than half a pound, it had the highest MSRP of any Rolex watch ever created when it was released, close to half-a-million dollars.
It never officially appeared in the Rolex catalog.
This is the watch that, to many people, solidified Rolex as a leader in the field of gem-setting. Rolex’s approach to gem-setting is based on security. The setting is so solid that any gem-set Rolex watch can be worn every day without worrying about a single gemstone falling out of its place. Rolex is historically known for its reliable tool and daily-wear watches that can last multiple lifetimes – so when they entered the world of jewels and gems, Rolex maintained its founding remit.
And very few watches demonstrate that better than the GMT-Master II “Ice.” The case, bracelet, and dial of the watch are entirely enveloped with over 30 carats of flawless-cut diamonds – the case and lugs by themselves are decorated with 79 diamonds. Invisible-set baguette diamonds are placed on the bezel and center links of the bracelet. Even the side of the bracelet is pavé-set with diamonds! The dial is honeycomb-set in a unique pattern to create a wave-like appearance. Blackened white gold surrounds on the handset provide legibility to the dial. The only surfaces free of diamonds are the edges of the bezel, the crown, and the reverse of the case and bracelet.
It’s a remarkable presentation where almost every single visible element of the case and bracelet are coated in a one-of-a-kind glittering mass. Oh, and that case and bracelet? It's all made from 18k white gold that's produced by Rolex in its own Swiss foundry.
Rolex’s choice to use the rakish GMT-Master II as a showpiece for its mastery in gem-setting is a bit surprising. The Day-Date, Datejust, or Daytona all seem like a more natural fit – but maybe that was the point. An eye-catching way to reveal how they’ve mastered the world of gems, the same way the GMT-Master conquered the sky with and the Submariner took on the oceans.
With the GMT-Master II “Ice,” Rolex successfully showed the rest of the watchmaking world that when you look at a gem-set Rolex watch, you’re seeing the company at its very best.
Rolex produced very few examples of the GMT-Master II “Ice” ref. 116769TBR and the reference is now discontinued. The example included in the New York Watch Auction: EIGHT (lot 107) is actually the first to come to public auction, more than 16 years after the watch’s debut. We believe it dates to the first year of the reference's production (circa 2007). It also comes with its original box and guarantee, and it carries an estimate of USD $250,000 to $500,000.
You can learn more about and register to bid in the New York Watch Auction: EIGHT by visiting our online catalog.
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 working in watch-focused media, reporting on every aspect of the industry. 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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