The timepiece in question is the Rolex Cosmograph Daytona, reference 16516, crafted in platinum and featuring a diamond-set mother-of-pearl dial. Produced in 1999 as part of an extremely limited and discreet commission, just four examples of this model were ever made — each distinguished by a unique dial.

What makes this Daytona particularly extraordinary is the enduring mystery surrounding its existence. “The watches were rumoured for years but had never been seen,” Sotheby’s said in a statement. “This exceptional wristwatch, which comes to auction for the first time, is one of the most elusive and compelling automatic Daytonas ever discovered.”

This ultra-rare Daytona will be a headline lot at Sotheby’s Important Watches live auction on May 11 in Geneva.

The platinum 16516 models have already proven to be collector favourites when they surface. In 2020, a version with a lapis lazuli dial fetched $3.27 million at Sotheby’s Hong Kong. The two other known examples have also been sold at auction.

While the platinum Daytonas are prized for their rarity, the record for the most expensive Daytona ever sold remains Paul Newman’s personal “Paul Newman” Daytona, which went for $17.75 million at Phillips New York in 2017.

As anticipation builds, collectors worldwide will be watching closely to see just how high the bidding climbs for this near-mythical piece of horological history.