Patina or Provenance

Webbs have an upcoming auction that features two standout Rolex sports models from the golden era of tool watch design: a 1968 GMT-Master Ref. 1675 “Fuchsia” and a 1975 Sea-Dweller Ref. 1665 “Double Red” Mk III. Both are desirable. But one is categorically more collectible.

Let’s start with GMT. This example features a Mk I “Long E” matte dial and a naturally faded fuchsia bezel insert, the result of UV exposure that’s become a sought-after aesthetic anomaly. It’s paired with an original rivet Oyster bracelet, and appears in well-preserved condition. However, it’s not offered with box and papers, which puts a ceiling on its long-term value. Strong examples like this - with authentic inserts and Mk I dials - typically trade in the USD 19,000–30,000 range, depending on case condition and dial integrity. Webbs has guided it at NZD 30,000–40,000, which reflects current market expectations for a watch with good originality but no documented provenance.

The Sea-Dweller, on the other hand, is a different proposition entirely. A Ref. 1665 “Double Red” Mk III, this model was made for professional divers, produced in smaller numbers, and sits at the core of vintage Rolex collecting. The example at Webbs is particularly significant: it comes with a full set of box, papers, and purchase receipt from Nicolas the Jeweller in Christchurch, dated July 1975. That kind of local, intact provenance is extremely rare. In today’s market, box and papers can add 30–50% to the value of a watch - more if it’s a reference of this calibre.

One appeals for its romantic fade and era-correct charm; the other is a cornerstone reference with bulletproof provenance and placed side by side the Sea Dweller stands out as the more important piece—for collectors who value provenance and integrity over patina alone.

In my opinion, the GMT is attractive and increasingly rare in original configuration, but the Double Red Sea-Dweller—complete with box, papers, and local provenance—offers both historical substance and lasting collectibility.

It’s a piece that stands apart not because it’s rare, but because it was never ordinary.

Important Jewels, Watches & Luxury Accessories Online Auction - August 2025