The First Rainbow Daytona Sells for $6.3 Million — Did Rolex Buy It Back?

You’re probably familiar with the ‘Rainbow’ Daytona: the Rolex chronograph with a gradient of multi-colored sapphires on the bezel. You know, the one with diamond-set lugs. Available in white, yellow, and rose gold, the off-catalog Rainbow Daytona is reserved for Rolex's most exclusive clients. Worn by A-listers like Kevin Hart and Cristiano Ronaldo, the watch has undoubtedly made a cultural impact since its 2012 release.

But what if I told you the first Rainbow Daytona was actually made in 1994? Back when Rolex still used Zenith-based movements in their Daytonas, they created a one-of-one white gold Daytona with a pavé diamond dial and color gradient sapphire bezel (ref. 16599SAAEC). Nobody knew it at the time, but this watch was the precursor to a bonafide icon that wouldn’t be released for almost two decades.

Image Source: Revolution Watch

As you may have surmised from the title, this watch made its auction debut last week at Phillips Geneva, with an estimate set at “in excess of CHF 3,000,000,” or about $3.4 million. It turns out that estimate was somewhat conservative.

The Zenith Rainbow Daytona Sells for $6.3 Million (CHF 5.5 Million)

Image Source: Phillips

The one-of-a-kind Zenith Rainbow Daytona ended up selling for $6.3 million, according to @rolexpassionreport. The result is particularly notable given that it follows on the heels of another surprising auction: astronaut Edgar Mitchell’s Apollo-14-worn GMT-Master 1675, which sold for $2.1 million last month, far above expectations. There was speculation that Rolex might have been the buyer for Mitchell’s GMT. Could the same be true for this Daytona?

Who Bought It?

Image Source: The 1916 Company

While there’s no confirmation yet, it wouldn’t be surprising if Rolex was behind this purchase. In recent years, the brand has shown an interest in acquiring historically significant models, especially those that showcase its evolution and technical milestones. Rolex might be quietly building an archive of these key pieces, and the first-ever Rainbow Daytona would fit that strategy perfectly. We’ll likely get our answer if the watch turns up in a future Rolex Watches & Wonders display alongside a new-gen Rainbow Daytona 126XXX.

Final Thoughts

Regardless of the buyer, the sale of the Zenith Rainbow Daytona is a strong indicator of the market’s appetite for rare and historically important Rolex models. As collectors continue to chase pieces with unique backstories, we might see other under-the-radar models come to light, surprising the market once again.

What do you think of this Zenith Rainbow Daytona? Did you know it existed? Let us know in the comments below, and if you're looking to customize your Rolex, check out our selection of curved end (integrated straps) for various models.

Header Image Source: Phillips