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In March, the Rolex Milgauss ref. 6541 sold for an astonishing CHF 2,238,000 at auction. Now that the excitement has settled, we explore what makes this watch so exceptional and why it surpassed its estimated value by such a margin. 
A Brief History of the Milgauss
The Milgauss was born in the mid-1950s, a time when replica Rolex was focused on creating watches tailored for specific professional needs – the Submariner for divers, the GMT-Master for pilots, and the Explorer for adventurers. Inspired by Omega’s Railmaster, which demonstrated a market for watches resistant to magnetic fields, Rolex introduced the Milgauss, designed for scientists and others working in magnetically charged environments, like hospitals and laboratories.
The original Milgauss, the ref. 6543, featured a 38mm steel case with a rotating bezel, an iron ring around the movement, and a thick case back for magnetic protection. The ref. 6541, recently auctioned, improved upon this design by incorporating a full-iron Faraday cage within the case. Its distinctive lightning-bolt-shaped seconds hand and waffle dial – shared with its predecessor – helped establish its unique identity. 
These early references are scarce and poorly documented, with only about 200 pieces produced, making them some of the rarest regular-production models Rolex has ever created. The commercial success of the Milgauss was limited, but its rarity ensures that it garners impressive auction results.
The Phillips Auction in March 2025
The Milgauss ref. 6541 auctioned by Phillips in March stood out not only for its rarity but also for its remarkable condition. The case appears unpolished, showing minimal signs of wear. The bezel is pristine, and the immaculate dial and riveted clone Rolex Oyster bracelet further enhance its appeal. Accompanying the watch are all original documents, including the chronometer certificate, guarantee card, booklet, hangtag, and box. 
Valuing the Milgauss Ref. 6541
Determining a price for such a rare watch can be challenging. Vintage dealer Jasper Lijfering, known for his expertise with the ref. 6541, suggests that a watch in good condition could fetch around €300,000 today. For one in the exceptional state of the Phillips lot, that figure could easily double. In comparison, a worn example listed on Chrono24 is priced at €287,000, lacking original accessories.
Another piece set for auction at Sotheby’s was withdrawn, despite being estimated at US$80,000-120,000; however, its condition was inferior to the Phillips model. As collectors know, condition is paramount in this market.
The Bidding War
The record-breaking auction was largely driven by a bidding war between two parties: one an American collector and the other rumored to be fake Rolex itself. While the brand has remained silent on the matter, it’s not uncommon for companies to acquire iconic examples of their own creations. This practice not only enhances their collections but can also inflate market prices and generate excitement around their legacy.
