NEW HAMBURG, Ontario - eTradeWire -- Rolex ruled the roost in Miller & Miller Auctions, Ltd.'s online-only Luxury Watches sale, as 14 of the top 20 finishing lots were made by the renowned Swiss watchmaker. The top earner was a Rolex Ref. 116515 Cosmograph Daytona, a model first introduced in 1963 to meet the demands of race car drivers. It sold within estimate for $54,870.

All prices quoted are in Canadian dollars and include an 18 percent buyer's premium.

It was a tidy sale, with just 78 curated timepieces coming up for bid, but it featured luxury makers such as Rolex, Patek Philippe, Omega, Heuer, Cartier, Hublot, Tiffany & Company and IWC, among others. Just under 200 registered bidders placed a combined online total of 2,685 bids, and by the time it was all over the auction had grossed a robust $418,959.

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"The market for quality luxury watches has remained strong, with major brands holding their ground while demand for many assets has fallen," said Justin Miller of Miller & Miller Auctions, Ltd. "Four contemporary Rolex Daytonas in the sale sold for way more than one would pay for a brand-new example from an authorized Rolex dealer, should they be so lucky to acquire one."

Miller added, "For vintage watches, the highest demand remains for examples that are untouched and fresh-to-the-market. These watches are usually consigned by either the original owner or a relative of the original owner. A good example was Lot #53, which came to us with a letter of provenance from the second owner linking it to the 1972 Olympic Games. It sold for $14,160."

He was referring to the circa 1971 Rolex Ref. 5513 Submariner with a stainless-steel case on a stainless-steel oyster band. The caseback was engraved with the name of the current owner. This Submariner was originally awarded as a prize for qualifying as the Canadian sailing participant in the 1972 Olympic games. The trials were held in Kingston, Ontario.

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Miller & Miller Auctions, Ltd., has three major auctions planned for the rest of this year and early next year. They include an Automobiles, Advertising & Toys auction (featuring The Gary Archer Collection) on Saturday, December 3rd; an Advertising & Historic Objects auction on Saturday, January 21^st; 2023; and a Canadiana & Folk Art auction on Saturday, February 11^th.

To learn more about Miller & Miller Auctions, Ltd. and the firm's upcoming auctions, please visit www.millerandmillerauctions.com.