SDC Weekly 78; What You Believe; Bubble Potential; Instant Gratification; Learning From Mistakes; Escaping the Trap
Historic Day-Date at Sotheby’s, LVMH’s Game of Thrones, Jacob & Co. Scandal, Chronext Acquired, Phillips and Clymer's Results, Happiness, How To Stop Being Lazy and more!
🚨 SDC Weekly again! Estimated reading time: ~34 mins
This week, we unpack LVMH’s latest shakeups, Chronext’s acquisition, and briefly touch on Phillips’ recent auction results. We also touch on Gamal Abdel Nasser’s historic Rolex as well as a Jacob & Co.’s scandal which was news to me. We then explore the relationship between beliefs and reality in watch collecting, examine how our minds process repetitive information, and investigate the anatomy of market bubbles. To wrap up, we review the psychology of instant gratification, consider how to learn from collecting mistakes, and ponder some philosophical wisdom about finding meaning beyond just acquisition.
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🎈 Small stuff
Gamal Abdel Nasser’s Historic Day-Date at Sotheby’s
Among the thousands of watches that come through Sotheby’s each year, few carry the historical weight of this Rolex Day-Date Reference 1803 which crossed the auction block on December 6, 2024. This isn’t just any Day-Date - it’s a Rolex “President” tied to two iconic leaders of modern Egypt: Gamal Abdel Nasser and Anwar El Sadat.
The story behind this watch is literally a chapter from history. Anwar El Sadat, then a rising political figure and lifelong friend of Nasser, gifted this yellow gold Day-Date to his comrade on September 26, 1963. The case back bears an Arabic inscription marking the date and Sadat’s name - a rare example of a Rolex “President” gifted by one president to another.
Nasser’s Rolex was more than just a luxury object; it was a constant companion during a transformative era in Middle Eastern history. Worn during pivotal events such as the Six-Day War and high-level diplomatic meetings, this watch is visible in countless photographs documenting his leadership. It remained on his wrist until his sudden passing in 1970.
The story doesn’t end there. After Nasser’s death, the watch passed through generations of his family, preserving its unique legacy. Nasser’s grandson, in a heartfelt letter accompanying the sale, recounted how his grandmother first passed the watch to his father, who later entrusted it to him in 2011. This piece has stayed within the family for over six decades, making its auction debut all the more extraordinary.
Nasser’s leadership reshaped Egypt, from nationalising the Suez Canal to spearheading the Aswan High Dam project and leaving behind a unifying legacy celebrated across the Arab world. His humility extended to his personal life - he owned few possessions, most of which were donated to museums. This Rolex Day-Date stands as one of the rare exceptions, making it a remarkable artifact of history.
For collectors, this isn’t just a timepiece; it’s a relic of 20th-century geopolitics and a testament to friendship, leadership, and enduring legacy. Sotheby’s presentation of this watch highlights its rarity and significance, a fitting stage for a true “President’s Watch.”
When the hammer fell on December 6, this Rolex didn’t just find a new home; it cemented its place in the annals of horology and history. Unsurprising, therefore, that this watch was supposedly bought by Rolex themselves1. Talk about coming full circle!