First State Auctions, a renowned auction house, announced on Tuesday, July 7, 2026, that it will conduct the sale of what is considered the most extensive and valuable single-owner collection of Swiss watches in Australia. The 28 pieces, belonging to an influential Australian technology mogul, are valued at more than A$2 million. The auction house emphasizes that these are only watches that the collector no longer uses.
Among the prominent brands that will be offered are Rolex, Audemars Piguet and Richard Mille. The items will be auctioned off in two online events, each lasting one week, scheduled for the end of July. The highlight of the collection is a coveted Rolex Daytona “Rainbow”, which is expected to fetch more than US$500,000 and could set a new auction record.
Ari Taibel, founder and director of First State Auctions, said in a statement that the collector approached the company directly, motivated by the previous record sale of a Patek Philippe in late 2023, which reached US$450,000, marking the highest price paid for a single watch at auction in Australia. Taibel expressed optimism that the Daytona “Rainbow” will significantly surpass that amount.
Launched in 2012, the Daytona “Rainbow” (reference 116595RBOW) quickly became a favorite among collectors thanks to its stunning sapphire-set bezel. The model maintains its status as one of the most desirable modern watches, with examples often trading for between six and seven figures on the resale market.
Over the years, Rolex has produced several versions of the “Rainbow”, with variations in the types of gold and dial designs. The extreme difficulty in finding precious stones that meet the brand’s rigorous quality standards limits the production of each version. Although Rolex does not release official figures, this shortage contributes to exorbitant prices on the resale market, driven also by popularity among celebrities such as Mark Wahlberg, Post Malone, Kevin Hart, Tyler Perry, DJ Khaled, Lenny Kravitz, Stormzy, Lionel Messi and Cristiano Ronaldo.
The example in question in the collection (reference 126598RBOW) is part of the third and current generation, relaunched in 2024. It features an updated in-house manufactured movement (Caliber 4131) and a refined case. The watch features a 40mm 18-karat gold case, a bezel set with 36 baguette-cut sapphires in a vibrant gradient, diamond lugs, a black lacquered dial with precious stone hour markers and a gold Oyster bracelet. Although Sydney-based First State Auctions says this is the first time an example of Ref. 126598RBOW will be auctioned globally, there are already at least a dozen listed on Chrono24 for approximately $500,000.
In addition to the Rolex “Rainbow”, the auction also includes other rare Rolex references such as the Submariner, Datejust and GMT-Master II models. Other highlights include a diamond-studded Richard Mille 016, estimated at $130,000 to $150,000, and a rose gold Audemars Piguet Royal Oak, estimated at $75,000 to $85,000.
Taibel adds that “a single-seller collection of this scale and value has never been seen in Australia before.” He predicts significant interest from collectors around the world, with bidding taking place online.
The first auction is scheduled to take place between July 12th and 19th, while the second will be held from July 19th to 26th.