Sylvester Stallone Sells His Knockout Watch Collection, Including the Most Valuable Modern Timepiece Sold in Sotheby’s History
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Sylvester Stallone Sells His Knockout Watch Collection, Including the Most Valuable Modern Timepiece Sold in Sotheby’s History

By ERIC GROSSMAN
Sat, Jun 8, 2024 7:00amGrey Clock 3 min

Sylvester Stallone’s legacy as one of the most notable watch collectors of the 21st century was cemented in New York this week, as 11 of the actor’s timepieces sold for US$6.7 million—beating its presale estimate—at Sotheby’s.

The highlight of the sale was the Academy Award winner’s Patek Philippe Grandmaster Chime, which sold for US$5.4 million (surpassing its pre-sale estimate of US$2.5 million to US$5 million), a result that set a pair of benchmarks for the auctioneer. It’s the third-most valuable wristwatch sold in Sotheby’s history, and marks a record for a modern watch sold by Sotheby’s, topping the US$4.5 million sale of a Richard Mille Reference RM53-02 last October.

“The sale of the Patek Philippe Grandmaster Chime was an unrepeatable celebration, not only of a masterpiece by the most revered Swiss-watchmakers of technical excellence, but also of the legendary icon that is Sylvester Stallone, who has been a deeply influential and admired collector for many decades,” Geoff Hess, Sotheby’s head of watches, Americas, said in a statement.

On Wednesday, more than 100 attendees filled Sotheby’s saleroom, and once the Grandmaster Chime (Reference 6300G-010) hit the block, a four-minute bidding war ensued among five bidders, according to the auction house. In the end, the watch was sold to a private collector from Asia. ( Stallone paid US$2.2 million for the watch in 2021. )

Stallone’s Patek Philippe Grandmaster Chime sold for US$5.4 million
Sotheby’s

“To feel the pulse of collectors racing with excitement in pursuit of absolute top-caliber material was tremendous, and an homage to the art of collecting at the highest level,” Hess said.

Considered to be a holy grail among followers of haute horology, the Grandmaster Chime was the result of a project initiated by Philippe Stern in 2007 to create the most intricate wristwatch in the brand’s history. The development, production, and assembly spanned 100,000 hours, according to Sotheby’s.

Stallone’s Grandmaster Chime was the first example of the model to appear at auction, aside from one specifically created for, and sold at, a Christie’s charity auction in November 2019 for CHF 31 million (US$35 million) . It remains the highest price for a watch ever sold at auction.

Hess himself went home with one of Stallone’s watches, as the winner of a five-minute bidding battle for the actor’s olive green Patek Philippe Nautilus. The 2021 stainless steel watch featuring an olive-green dial and diamond-set bezel sold for US$492,000, exceeding its pre-sale estimate of US$400,000.

Audemars Piguet Royal Oak Tourbillon
Sotheby’s

Stallone’s collection, assembled over the course of more than 20 years, also included timepieces from Rolex, Audemars Piguet, and Piaget, as well as unique and screen-worn watches from Panerai.

Other highlights included the actor’s Audemars Piguet Royal Oak Tourbillon (Reference 26730OR.OO.1320OR.01)—a gorgeous piece created for the 50th anniversary of the Swiss watchmaker’s Royal Oak collection in 2022. It sold for US$228,000, exceeding its pre-sale high estimate of US$200,000; and a Panerai Luminor Submersible (Reference PAM00382) worn by Stallone in the 2012 film The Expendables 2 that sold to an online buyer for US$96,000, blowing past its pre-sale estimate of US$30,000 to US$60,000.

“I enjoy the collecting process like so many others in this passionate community, who don’t just see watches as an accessory, but admire them for their history, craftsmanship, artistry—but most importantly—how they make them feel,” Stallone said in a statement when the sale was announced. “Looking at these watches, I feel truly lucky to have owned them; they serve as a reminder that hard work pays off.”



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How the Middle East Became the Latest ‘Gold Rush’ in Marketing

The Middle East is set to be the fastest-growing marketing region in the world, driven by momentum in countries such as Saudi Arabia

By MEGAN GRAHAM
Tue, Jun 18, 2024 5 min

Saudi Arabia’s fledgling advertising industry and continued growth in the sector in the United Arab Emirates are helping to make the marketing business in the Middle East the fastest-growing in the world.

Ad spending in the Middle East is projected to increase 8.1% to $6.6 billion this year, up from 3.5% last year, according to advertising research firm WARC.

That expansion is building from a much smaller base than in many other ad markets. The Netherlands alone will generate $6 billion in ad spending in 2024, up about 2.3%, WARC said. But it is also enough to outpace every other region in 2024, the firm said.

“It reminds me almost of the gold rush,” said Reda Raad , chief executive of TBWA\Raad Group, an ad agency based in Dubai, in the United Arab Emirates, that is part of the U.S.-based ad holding company Omnicom Group . “I don’t think we’re going to see this type of growth again in our lifetime.” TBWA\Raad has won eight new clients over the past year, with an increase in head count of 17% to accommodate the new work, Raad said.

Some international brands have long maintained a presence in the region. PepsiCo has considered the area a strategic market for decades, said Karim Elfiqi , senior vice president and chief marketing officer at PepsiCo Africa, Middle East and South Asia. Sponsorship deals with local stars such as Mohamed Salah , a soccer player from Egypt, “are a testimony of how over time, we have been part of the cultural fabric of the region,” Elfiqi said.

Other major brands have formed a more recent focus on the Middle East. The Lego Group opened a Middle East and Africa headquarters in Dubai in 2019, citing the size of the region’s young population. That office has developed work such as a Ramadan-themed campaign that ran in the U.A.E. and Saudi Arabia, among other locations.

‘Massive growth’

The Middle East’s ad market has lagged behind regions such as North America and Europe partly because of stricter cultural norms and regulations that affected business, as did a more limited media landscape and economic instability, according to Raad.

But marketing growth in the region is now being driven in part by newfound marketing interest in Saudi Arabia, where ad spending this year is expected to reach $2.1 billion, nearly double its level in 2019, according to WARC. Growth is also coming from the U.A.E., whose ad market is expected to reach $1.7 billion in 2024. Smaller contributors include Qatar and Kuwait.

The landscape has changed now because of economic diversification, increased connectivity and a move into the digital world, leading international brands to enter and invest in campaigns tailored to the region, Raad said.

Four years ago, Saudi Arabia made up a small proportion of business at Lightblue, a creative experience and tech agency based in Dubai. These days, 40% of its business comes from the country, says co-founder David Balfour , who opened an office in Riyadh last month as a result.

“The conversation used to be, ‘We’re going to do this in Dubai.’ Now, it’s ‘We’re going to do this in Dubai—and in Saudi.’” Balfour said. “We’re seeing massive growth in that region.”

There have been speed bumps. As government spending reaches huge levels , Saudi Arabia experienced a rare economic contraction in 2023.

But the country’s efforts to expand its economic pursuits beyond oil have led to the creation of new brands, which are seeking the help of marketing agencies to get the word out.

Marketers in the region are seeking help to stay on-trend in areas such as generative artificial intelligence and social media, said Greg Paull , principal of R3, a consulting firm that helps match advertisers with agencies.

“U.A.E. has been a magnet for the region for 20 years as more investment has come in—but with the new leadership in Saudi since 2017 [when Mohammed bin Salman was named crown prince ], this market has gone through remarkable growth,” Paull said.

Saudi Arabia has faced criticism for its human-rights record under the crown prince, the day-to-day ruler of the kingdom, especially over the 2018 killing of dissident journalist Jamal Khashoggi and the more recent jailing of women’s rights activists.

Mohammed has outlasted the international isolation that followed Khashoggi’s killing, however, and continues to pursue an economic diversification plan dubbed Vision 2030. The country last year unveiled plans for a new international airline called Riyadh Air, is investing billions of dollars to build its tourism and videogame industries, and in March hosted a golf tournament in Jeddah under the auspices of LIV Golf, the Saudi-backed league that has both challenged the PGA Tour and struck a deal to unify with it.

Changing tides

Vision 2030 also calls women’s empowerment a top social priority and seeks to increase the country’s employment rate of women.

Nada Hakeem , CEO and co-founder of Saudi creative agency Wetheloft, said the perceptions of hardships for women in the marketing and advertising industry are outdated and inaccurate.

“As a Saudi woman who founded my company in 2012, I’ve always felt supported by the creative community and the industry as a whole,” Hakeem said. “While every society may have its challenges, I can confidently say that these challenges have not hindered our growth.”

A progression of new laws, policies and incentives are making the industry in Saudi Arabia more inclusive and supportive for women, she added.

In certain parts of the Middle East, “absolutely, it’s still challenging, but they are making the right strides, and they have the right quotas and ambitions in place,” said Rebecca Bezzina , CEO for the EMEA region at R/GA, an agency owned by Interpublic Group of Cos.

“They’ve got wealth, they’ve got world-class ambition, world-class budget. They’re not shy of doing things in the right way,” Bezzina added, speaking of the region overall. “But they still have a talent shortage, especially from a creative and design and product point of view. So often what we’ve found our success has been that they’ve come to us and said, ‘Oh, we want a world-class agency to help us launch this new venture or do this new brand.’”

R/GA said it sees 69% more requests for agency work from marketers in the region today than it did five years ago. It recently handled a brand redesign for Banque Saudi Fransi, which wanted to reaffirm its Saudi roots with a modern identity, and created Weyay, the brand for a new digital bank from the National Bank of Kuwait.

The agency hasn’t notably increased its regional workforce, but it has made changes to facilitate working across Europe and the Middle East.

Other Western players are making moves to capture a piece of the growth. Advertising giant WPP has long worked in Saudi Arabia through units such as Ogilvy and GroupM, but in 2021 established a joint venture with a local company to create ICG Saudi Arabia, a communications and media company based in Saudi Arabia. Ad holding company Stagwell opened new offices for its media agency Assembly in Riyadh in 2021 and in Cairo in 2022.

Regional hospitality

Some executives said certain facets of business dealings in the Middle East are different than in other parts of the world.

Bertrand Morin, a group account director for R/GA who is based in London and works often with Middle Eastern clients, said he spends much more time speaking about personal lives and families with those clients than those in the U.K. or U.S. He has been invited to Middle Eastern clients’ homes to join their families for dinner, something that has never happened with clients elsewhere.

But others say it can feel surprisingly familiar.

Balfour, the Lightblue co-founder, said he was struck by the number of ad-agency workers recently having dinner at the Riyadh location of steakhouse chain Beefbar, and the scene’s similarity to far-off locations.

“The staff are from everywhere in the world. The service and the food is unbelievable. There’s a DJ playing,” Balfour said. “Apart from not having alcohol, you could be anywhere in the world.”

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