Have you ever collected something or even kept something old that you otherwise would have gotten rid of, hoping that one day in the distant future, its value would increase, so you can sell it for a pretty penny? Although I don’t typically have that kind of patience, I do still have some of my old Beanie Babies from when I was a child. Unfortunately, the value of my Beanies has yet to increase to a favorable amount. But, hey, sometimes waiting really does pay off!
One Air Force veteran sure made the right move when he decided to hold onto his 1971 Rolex Oyster Cosmograph. When he originally purchased it back in 1974, he spent $345.97. According to U.S. Inflation Calculator, that price tag would be $1,794.11 based on today’s buying power of a dollar. So, when he took his antique watch to Bonanzaville in West Fargo, North Dakota, he expected it to be worth about that price range today, maybe a little higher depending on the current demand for the old Rolex model and how many other watches of its kind were in circulation.
But upon speaking to Peter Planes, an appraiser from Palm Beach Florida’s Planes of Luxe Auctioneers, he quickly learned that the Rolex would be valued up to $700,000 at auction! Right away, the watch owner dropped to the floor in disbelief. He expected its value to have risen, but not more than six figures!
“You gotta be sh*tting me. Unbelievable,” the unknown veteran said as he stood back up from his big tumble.
It turns out, Paul Newman was one reason for the high value of the watch. It became in high demand when Newman was seen wearing a similar one in the 1969 film Winning.
The value of the watch isn’t the only thing that’s impressive about this story. Interestingly, the man mentioned that he decided to purchase the watch when he was stationed in Thailand from 1973 to 1975, thinking it’d be good for scuba-diving. But once he received the wristwatch, he deemed it “too nice to take down into salty water.”
So, rather than using it for what he intended, he decided to store the watch in a safe deposit box. Over the span of 40 years, he probably only took it out to look at it a few times.
Fortunately, the purchase was not a waste. With a virtually unblemished watch along with the original receipt, packaging, brochure, and foil sticker on the back of the piece, he was able to prove the authenticity of the classic Rolex. If he wishes to follow through and sell it, he’ll be one lucky man!
The veteran literally collapses in the video below once he realizes how much his timepiece is worth! (I really don’t blame him.)
If you were told a prized possession of yours was worth up to $700,000, what’s the first thing you would do with the money?
