Some watch collectors are turning their attention to vintage watches rather than current models. In particular, gold watches have been increasingly discussed in the context of revaluation in recent years. In the watch industry, where prices continue to soar, the reason for their renewed attention is likely due to the fact that gold watches possess value not only for the watch itself but also for the precious metal itself. Sharon Chan, head of the watch department at Bonhams Hong Kong, analyzes the trend of revaluation of gold watches using the Rolex "King Midas" as an example.
Text by Sharon Chan (Bonhams Hong Kong)
[Article published on January 22, 2025]
Collectors seek unique masterpieces from the past
I have previously mentioned in this series that the popularity of recent "vintage watches," so-called neo-vintage watches, made between 1980 and 2000, is on the rise. Why is neo-vintage so popular? Perhaps it's because brands have been pandering too much to the mainstream in recent years, leading to a standardization of their products.
Collectors have begun to seek out timepieces from the past that are unique in style and well-preserved, rather than current products. In my opinion, this trend is not receding, but rather intensifying. Here's a recent example: Rolex's iconic gold case with a gold bracelet.
Rolex "King Midas"
Bonhams' Hong Kong watch auction, held on November 25, 2025, saw strong results for gold watches, including two Rolex "King Midas" watches.
This yellow gold wristwatch with an integrated hand-wound bracelet is estimated to have been manufactured in 1975. It has a hand-wound movement (Cal. 651) and an 18K yellow gold case (29mm x 28.5mm). It sold for HK$204,800 (approximately JPY 414 million, 1 HK$ = JPY 20.22, as of December 22, 2025, including fees, same below).
The King Midas, said to have been released in 1962, features a polygonal case and is also available with a left-handed crown. The integrated gold bracelet is silky smooth, making it a rare find that stands out from the typical Rolex design.
This yellow gold wristwatch features a manual winding mechanism with a left-handed crown and an integrated bracelet, and the Greek letters "MΜΙΔΑΣ" are printed on the dial. It was probably manufactured in 1976. Manual winding (Cal. 651). 18KYG case (28.5mm x 27.5mm). It sold for 281,600 Hong Kong dollars (approximately 569 million yen).
Not only is the design unique, but there's also a fascinating story behind it. It's said to have been designed by legendary designer Gérald Genta and is inspired by King Midas, a character from Greek mythology who "turned everything he touched into gold." It's been worn by celebrities such as John Wayne and Elvis Presley, and more recently, it's been a hot topic after being worn by singer Rihanna.
Gold ripe for reassessment
While the luxury market has been unstable in recent years, raising skepticism about the value of stainless steel sports watches, the price of gold has continued to rise, boosting the long-term investment value of solid gold watches.
Watch trends come and go. Rose gold was once all the rage, but in recent years stainless steel has become mainstream. However, now that the trend has run its course, gold watches are back in the spotlight. They offer a vintage feel, a warm texture, and enduring value. Understated yet striking, they embody the "quiet luxury" sought by a new generation.
Around 2017, these models were traded for tens of thousands of HK dollars, but by 2025, they had exceeded HK$10 (approximately ¥202 million). Today, they have soared to between HK$20 (approximately ¥404 million) and HK$60 (approximately ¥1213 million). Gold watches are no longer a symbol of an outdated era, but have become a new focus for Gen Z collectors and investors.
A material with value that transcends trends
This is not just a change in fashion, but also a restructuring of asset allocation. Amid the uncertainty of the global luxury market and fluctuating steel watch prices, gold watches combine inflation resistance, rare design, and historical value, making them attractive "wearable assets" for both collections and investments. For buyers seeking both solid returns and aesthetic taste, gold watches are the next big thing.
Author "Sharon Chan" Profile
Sharon Chan is Director of Bonhams' Watch Department in Asia. Based in Hong Kong, she works closely with offices across the Asia Pacific region and oversees the department's 10 auctions per year.
From 2017 to 18, Sharon Chan established herself as an independent watch dealer and client consultant, before returning to the auction business by joining Bonhams. Utilizing her extensive experience and wide-ranging personal connections, she has built a strong network with collectors around the world and is playing an important role in expanding the Asian watch market.
He has over 17 years of experience in the jewelry and watch auction business at various international auction houses, and from 2011 to 16 he oversaw the watch auction in Hong Kong, where he achieved year-on-year growth in sales, achieving the highest price for a watch sale in Asia in 13. He also oversaw one of the world's largest private watch collections, setting a new record of US$15 million at auction in 600.
