As of early October 2025, gold prices in India are hovering near Rs 70,000 per 10 grams, close to their all-time highs. This festive season surge is partly driven by global geopolitical tensions and central bank buying. 

As of early October 2025, gold prices in India are hovering near Rs 70,000 per 10 grams, close to their all-time highs. This festive season surge is partly driven by global geopolitical tensions and central bank buying.&nbsp;

Diwali 2025: How much will a ‘Gold Rolex’ watch cost you this festive season?

Rolex stuns at Watches & Wonders 2025 with its yellow gold Perpetual 1908 and the all-new Settimo bracelet. With its classic styling, top-tier mechanics, and luxury details, what makes this gold timepiece truly stand out?

Rolex stuns at Watches &amp; Wonders 2025 with its yellow gold Perpetual 1908 and the all-new Settimo bracelet. With its classic styling, top-tier mechanics, and luxury details, what makes this gold timepiece truly stand out?

Rolex Goes Bold: Perpetual 1908 now in pure gold: What makes it so special?

 From the open‑cockpit biplanes of the First World War to modern supersonic fighters, pilot’s watches symbolised reliability, speed and survival. 

&nbsp;From the open‑cockpit biplanes of the First World War to modern supersonic fighters, pilot’s watches symbolised reliability, speed and survival.&nbsp;

They were once life-or-death tools: Do fighter jet pilots still wear pilot’s watches?

Rolex's new GMT-Master II features a rare green ceramic dial, left-hand crown, and dual time zone function. crafted in white gold with a robust oyster bracelet, it's priced at $56,700 and built for collectors and travellers alike.

Rolex's new GMT-Master II features a rare green ceramic dial, left-hand crown, and dual time zone function. crafted in white gold with a robust oyster bracelet, it's priced at $56,700 and built for collectors and travellers alike.

Rolex unveils green GMT-Master II that collectors dream of owning

Since 1953, the Rolex Explorer has been the trusted companion for explorers and adventurers. Designed for the world’s toughest journeys, it is famous for its strength, simple style and reliability in any condition.

This Rolex watch was tested at the peak of Mount Everest! Learn all about the Explorer

Most people see Rolex as the gold standard of luxury watches. However, behind the scenes, the company runs very differently from most luxury giants. Rolex is owned by the Hans Wilsdorf Foundation, a charitable trust set up by the brand&rsquo;s founder in 1944. That means it doesn&rsquo;t have shareholders or public investors. It&rsquo;s not even listed on any stock exchange. On paper, Rolex operates under a non-profit umbrella. However, it&rsquo;s still a business&mdash;one that reportedly made over $11 billion in revenue in 2024 alone. The foundation owns the company entirely and by Swiss law, this setup qualifies for certain tax benefits. That&rsquo;s where the debate begins.
Also read: <a href="https://www.wionews.com/web-stories/photos/7-ultra-luxurious-watch-brands-that-arent-a-rolex-9004884">7 ultra-luxurious watch brands that aren't Rolex</a> The brand&rsquo;s charitable status has raised eyebrows. How can a company known for selling some of the most exclusive&mdash;and expensive&mdash;watches in the world be considered a non-profit? Critics argue that while Rolex may technically qualify due to its ownership, its commercial operations are no different from any other for-profit business. While the Hans Wilsdorf Foundation is known to fund projects in education, science, and the arts, the scale and specifics of its giving remain opaque. Details about how much money actually goes toward those efforts aren&rsquo;t publicly shared because Rolex isn&rsquo;t a public company. It doesn&rsquo;t have to release detailed financial reports. That leaves outsiders guessing about the internal structure and where the money is actually going.&nbsp; What Rolex gains from this structure is stability and freedom. With no investors to please, it can focus on long-term goals. It controls every aspect of production and deliberately limits supply, which keeps its products in high demand. This strategy isn&rsquo;t just about prestige, it&rsquo;s also smart business.
Also read: <a href="https://www.wionews.com/web-stories/photos/even-after-100-years-rolex-still-rules-the-luxury-watch-world-heres-why-9025443">Even after 100 years, Rolex still rules the luxury watch world! Here's why</a> Supporters of Rolex have defended the organisation and said that the foundation model allows Rolex to stay independent and focused on quality, rather than chasing profits every quarter. However, others see it differently: a wealthy company using a legal structure that shields it from taxes and financial scrutiny. At the end of the day, Rolex is walking a fine line, balancing philanthropy with profit. Whether that makes it a clever outlier or an example of outdated loopholes depends on your view of how companies should behave in today&rsquo;s economy.

On paper, Rolex operates under a non-profit umbrella. However, it’s still a business—one that reportedly made over $11 billion in revenue in 2024 alone.

Most people see Rolex as the gold standard of luxury watches. However, behind the scenes, the company runs very differently from most luxury giants. Rolex is owned by the Hans Wilsdorf Foundation, a charitable trust set up by the brand’s founder in 1944. That means it doesn’t have shareholders or public investors. It’s not even listed on any stock exchange. On paper, Rolex operates under a non-profit umbrella. However, it’s still a business—one that reportedly made over $11 billion in revenue in 2024 alone. The foundation owns the company entirely and by Swiss law, this setup qualifies for certain tax benefits. That’s where the debate begins. Also read: 7 ultra-luxurious watch brands that aren't Rolex The brand’s charitable status has raised eyebrows. How can a company known for selling some of the most exclusive—and expensive—watches in the world be considered a non-profit? Critics argue that while Rolex may technically qualify due to its ownership, its commercial operations are no different from any other for-profit business. While the Hans Wilsdorf Foundation is known to fund projects in education, science, and the arts, the scale and specifics of its giving remain opaque. Details about how much money actually goes toward those efforts aren’t publicly shared because Rolex isn’t a public company. It doesn’t have to release detailed financial reports. That leaves outsiders guessing about the internal structure and where the money is actually going. What Rolex gains from this structure is stability and freedom. With no investors to please, it can focus on long-term goals. It controls every aspect of production and deliberately limits supply, which keeps its products in high demand. This strategy isn’t just about prestige, it’s also smart business. Also read: Even after 100 years, Rolex still rules the luxury watch world! Here's why Supporters of Rolex have defended the organisation and said that the foundation model allows Rolex to stay independent and focused on quality, rather than chasing profits every quarter. However, others see it differently: a wealthy company using a legal structure that shields it from taxes and financial scrutiny. At the end of the day, Rolex is walking a fine line, balancing philanthropy with profit. Whether that makes it a clever outlier or an example of outdated loopholes depends on your view of how companies should behave in today’s economy.

A billion-dollar secret! How Rolex operates as a luxury 'NGO' in plain sight

Rolex isn’t the only name — there are several other premium brands that appeal to the elite, luxury-driven crowd

7 ultra-luxurious watch brands that aren't Rolex

The Ultimate Diamond Statement: Salman Khan stunned the world with the Jacob & Co. Billionaire III, a jaw-dropping creation encrusted with 714 diamonds and limited to just 18 pieces globally.

'From Rs 72 lakh to Rs 25 crore': 6 most luxurious watches worn by Bollywood stars

The world of motorsport and luxury watchmaking is abuzz with reports of a significant shift in Formula 1's timekeeping partnership. According to sources cited by Sports Illustrated, the longstanding collaboration between Swiss watchmaker Rolex and Formula 1 is set to conclude at the end of 2024, marking the end of an era that began in 2011.

The prestigious partnership, which has been a fixture in the Formula 1 paddock for over a decade, initially started with an annual commitment of USD 10 million from Rolex. Over the years, this figure has reportedly grown to USD 50 million, reflecting the increasing value and global reach of the sport. Rolex's involvement has been highly visible, featuring prominent trackside branding and title sponsorship at select Grand Prix events.

As Rolex potentially steps away from Formula 1, luxury conglomerate LVMH is reportedly preparing to step in. TAG Heuer, one of LVMH's renowned watch brands, is rumoured to be taking the pole position as Formula 1's new official timekeeper starting in 2025. This information comes from Decalspotters, a reliable source in the motorsport community, who shared the news on social media platform X (formerly Twitter).

The proposed deal between LVMH and Formula 1 is reportedly valued at an impressive USD 150 million annually, signifying a substantial increase in investment compared to the current arrangement with Rolex. This figure underscores the growing commercial appeal of Formula 1 and the willingness of luxury brands to align themselves with the sport's global audience.

TAG Heuer is no stranger to the world of Formula 1. The brand has a rich history in motorsport, including a current partnership with Red Bull Racing and a long-standing association with the Monaco Grand Prix. Interestingly, TAG Heuer's contract with Red Bull Racing is set to expire at the end of 2024, coinciding perfectly with the rumoured start of the new Formula 1 partnership.

This potential change raises questions about LVMH's future strategy in Formula 1. It remains to be seen whether the luxury group will maintain its relationship with Red Bull Racing or opt to focus entirely on a comprehensive Formula 1 sponsorship. The substantial investment suggests that LVMH may be looking to maximize its presence across the entire sport rather than aligning with a single team.

For Rolex, the reported departure from Formula 1 comes at a time when the brand continues to maintain significant sponsorships in other sports, notably its longstanding partnership with the Wimbledon tennis tournament. This move may indicate a shift in Rolex's marketing strategy or a reallocation of resources to other high-profile events.

As the Formula 1 community awaits official confirmation of these changes, the potential transition from Rolex to TAG Heuer as the sport's official timekeeper marks a significant moment in the intersection of luxury brands and motorsport. The reported USD 150 million annual commitment from LVMH not only highlights the enduring appeal of Formula 1 as a global marketing platform but also sets the stage for a new chapter in the sport's commercial partnerships.

The world of motorsport and luxury watchmaking is abuzz with reports of a significant shift in Formula 1's timekeeping partnership. According to sources cited by Sports Illustrated, the longstanding collaboration between Swiss watchmaker Rolex and Formula 1 is set to conclude at the end of 2024, marking the end of an era that began in 2011.

The world of motorsport and luxury watchmaking is abuzz with reports of a significant shift in Formula 1's timekeeping partnership. According to sources cited by Sports Illustrated, the longstanding collaboration between Swiss watchmaker Rolex and Formula 1 is set to conclude at the end of 2024, marking the end of an era that began in 2011. The prestigious partnership, which has been a fixture in the Formula 1 paddock for over a decade, initially started with an annual commitment of USD 10 million from Rolex. Over the years, this figure has reportedly grown to USD 50 million, reflecting the increasing value and global reach of the sport. Rolex's involvement has been highly visible, featuring prominent trackside branding and title sponsorship at select Grand Prix events. As Rolex potentially steps away from Formula 1, luxury conglomerate LVMH is reportedly preparing to step in. TAG Heuer, one of LVMH's renowned watch brands, is rumoured to be taking the pole position as Formula 1's new official timekeeper starting in 2025. This information comes from Decalspotters, a reliable source in the motorsport community, who shared the news on social media platform X (formerly Twitter). The proposed deal between LVMH and Formula 1 is reportedly valued at an impressive USD 150 million annually, signifying a substantial increase in investment compared to the current arrangement with Rolex. This figure underscores the growing commercial appeal of Formula 1 and the willingness of luxury brands to align themselves with the sport's global audience. TAG Heuer is no stranger to the world of Formula 1. The brand has a rich history in motorsport, including a current partnership with Red Bull Racing and a long-standing association with the Monaco Grand Prix. Interestingly, TAG Heuer's contract with Red Bull Racing is set to expire at the end of 2024, coinciding perfectly with the rumoured start of the new Formula 1 partnership. This potential change raises questions about LVMH's future strategy in Formula 1. It remains to be seen whether the luxury group will maintain its relationship with Red Bull Racing or opt to focus entirely on a comprehensive Formula 1 sponsorship. The substantial investment suggests that LVMH may be looking to maximize its presence across the entire sport rather than aligning with a single team. For Rolex, the reported departure from Formula 1 comes at a time when the brand continues to maintain significant sponsorships in other sports, notably its longstanding partnership with the Wimbledon tennis tournament. This move may indicate a shift in Rolex's marketing strategy or a reallocation of resources to other high-profile events. As the Formula 1 community awaits official confirmation of these changes, the potential transition from Rolex to TAG Heuer as the sport's official timekeeper marks a significant moment in the intersection of luxury brands and motorsport. The reported USD 150 million annual commitment from LVMH not only highlights the enduring appeal of Formula 1 as a global marketing platform but also sets the stage for a new chapter in the sport's commercial partnerships.

Rolex-Formula 1 partnership reportedly ending

Peru's President Dina Boluarte is being investigated for her luxury watches and jewellery. It is estimated that Boluarte's jewellery collection is worth $500,000, she also owns 14 luxury watches, one of which is priced at over $14,000. From where did the President get the money for these luxury items?

All about Peru's Rolexgate

Gravitas | Rolex Watches and Cartier bracelts: Peru's President in trouble over luxury items

Peruvian President Dina Boluarte has refused to resign after facing an inquiry into a graft scandal. Her house was raided on Saturday and apart of a corruption probe she also faces inquiries into possible illicit enrichment and failure to declare ownership of luxury Rolex watches.

Peruvian President Dina Boluarte ordered to present Rolex watches

Peruvian President rules out resignation amid Rolex inquiry

Chairman Jörg G. Bucherer, the 87-year-old Swiss millionaire behind the luxury shops, has decided to sell Bucherer ag to Rolex, shocking the high-end watch retailing industry. The deal was chosen "In the absence of direct descendants." by purchasing Bucherer, Rolex is entering consumer sales for the first time, moving away from wholesalers.

Swiss luxury brand Bucherer AG joins forces with Rolex

Four teenagers were detained on Monday (May 8)&nbsp;following a brazen daytime robbery at a Rolex (high-end watch) store in Tokyo's Ginza neighbourhood, during which the masked robbers threatened the employees before breaking showcases and seizing the highly valuable products.

Three suspects entered the Quark Ginza 888 store at around 6:15 p.m. and threatened the workers with a knife before breaking into exhibits with tools resembling crowbars. They then fled in a rental car with a swapped licence plate, according to investigation sources, reported the Japan Times.

Police started investigating after spotting the getaway car travelling close to the National Diet Building in Chiyoda Ward at 6:29 p.m. The automobile continued on past the National Diet Building and the National Diet Library before turning towards the Akasaka-mitsuke crossroads.&nbsp;

Disclaimer: WION cannot independently&nbsp;verify the authenticity of all&nbsp;photos and videos shared on social media

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Rolex Heist 
 
100 Million JPY மதிப்புள்ள பொருட்களை டோக்கியோ கின்சாவில் உள்ள ரோலக்ஸ் கடையில் பூந்து தூக்கி இருக்காங்க 16-19 வயது இளைஞர்கள். எல்லாரும் 3km தள்ளி பிடிபட்டு கைது செஞ்சுட்டாங்க. <a href="https://t.co/0gDddpiaey">pic.twitter.com/0gDddpiaey</a>
— ஜப்பான் ரகு® (@japan_raghu) <a href="https://twitter.com/japan_raghu/status/1655827736894787585?ref_src=twsrc%5Etfw">May 9, 2023</a></blockquote>
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The four suspects have admitted that they are strangers to one another, the Yomiuri daily reported. According to the report, the Metropolitan Police Department will examine the suspects' devices and look into their relationships, including how they met.

ALSO READ |&nbsp;<a href="https://www.wionews.com/science/first-uk-baby-with-dna-from-three-people-created-through-ivf-591109">First UK baby with DNA from three people created through IVF</a>

All four suspects, according to the investigators, are Yokohama residents: a 16-year-old man&nbsp;who is unemployed, an 18-year-old high school student, and two 19-year-olds, one of whom works part-time and the other of whom has an unspecified job. While the other three suspects have admitted to the accusations, the high school student has refuted them.

Five employees were present at the time of the incident, but none were hurt, according to NHK world news.&nbsp;According to the broadcaster, authorities are looking into the likelihood that more than 100 high-end watches were stolen from the Ginza store and that there were further suspects involved because two people&nbsp;were reportedly waiting in the car when the event occurred, according to witnesses. A black bag with about 30 watches inside was discovered close to the getaway vehicle.

ALSO WATCH |&nbsp;Western India's toy industry in tatters | A business for generations now unsustainable

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Based on Article 61 of the juvenile code, which states that disclosing such information could hinder rehabilitation, the 16-year-old suspect's name, address, and mugshot will not be made public.

The Supreme Public Prosecutor's Office has created a set of standards for evaluating whether to publicise the names of particular minors, with a focus on cases where the offence is serious and has a significant impact on society.

WATCH WION LIVE HERE:

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Four teenagers were detained on Monday (May 8) following a brazen daytime robbery at a Rolex (high-end watch) store in Tokyo's Ginza neighbourhood, during which the masked robbers threatened the employees before breaking showcases and seizing the highly valuable products.

Four teenagers were detained on Monday (May 8) following a brazen daytime robbery at a Rolex (high-end watch) store in Tokyo's Ginza neighbourhood, during which the masked robbers threatened the employees before breaking showcases and seizing the highly valuable products. Three suspects entered the Quark Ginza 888 store at around 6:15 p.m. and threatened the workers with a knife before breaking into exhibits with tools resembling crowbars. They then fled in a rental car with a swapped licence plate, according to investigation sources, reported the Japan Times. Police started investigating after spotting the getaway car travelling close to the National Diet Building in Chiyoda Ward at 6:29 p.m. The automobile continued on past the National Diet Building and the National Diet Library before turning towards the Akasaka-mitsuke crossroads. Disclaimer: WION cannot independently verify the authenticity of all photos and videos shared on social media Rolex Heist 100 Million JPY மதிப்புள்ள பொருட்களை டோக்கியோ கின்சாவில் உள்ள ரோலக்ஸ் கடையில் பூந்து தூக்கி இருக்காங்க 16-19 வயது இளைஞர்கள். எல்லாரும் 3km தள்ளி பிடிபட்டு கைது செஞ்சுட்டாங்க. pic.twitter.com/0gDddpiaey — ஜப்பான் ரகு® (@japan_raghu) May 9, 2023 × The four suspects have admitted that they are strangers to one another, the Yomiuri daily reported. According to the report, the Metropolitan Police Department will examine the suspects' devices and look into their relationships, including how they met. ALSO READ | First UK baby with DNA from three people created through IVF All four suspects, according to the investigators, are Yokohama residents: a 16-year-old man who is unemployed, an 18-year-old high school student, and two 19-year-olds, one of whom works part-time and the other of whom has an unspecified job. While the other three suspects have admitted to the accusations, the high school student has refuted them. Five employees were present at the time of the incident, but none were hurt, according to NHK world news. According to the broadcaster, authorities are looking into the likelihood that more than 100 high-end watches were stolen from the Ginza store and that there were further suspects involved because two people were reportedly waiting in the car when the event occurred, according to witnesses. A black bag with about 30 watches inside was discovered close to the getaway vehicle. ALSO WATCH | Western India's toy industry in tatters | A business for generations now unsustainable Based on Article 61 of the juvenile code, which states that disclosing such information could hinder rehabilitation, the 16-year-old suspect's name, address, and mugshot will not be made public. The Supreme Public Prosecutor's Office has created a set of standards for evaluating whether to publicise the names of particular minors, with a focus on cases where the offence is serious and has a significant impact on society. WATCH WION LIVE HERE:

WATCH | Daylight Rolex heist: Shocking smash-and-grab robbery at Tokyo luxury store

Ever since the crypto meltdown 2022 – luxury watches have faced a drastic decline in prices on the secondary market. If you’ve ever wanted to own a Rolex or any other luxury watch, the time is now!

Best time to buy a Rolex

China's rich are selling their coveted Rolex watches and Birkin bags to raise some quick cash as the economy tumbles. Molly Gambhir tells you more.

WION Fineprint: Why are China's rich selling their Rolex watches & Birkin bags?

While countries across the globe are opening their borders and economies after braving the pandemic, China is employing draconian measures to keep up with its 'zero-Covid tolerance' policy.

While countries across the globe are opening their borders and economies after braving the pandemic, China is employing draconian measures to keep up with its 'zero-Covid tolerance' policy. Consequently, the economy has taken a tumble and another side effect has emerged; one that is affecting the second-hand market for high-end luxury goods. Reportedly, more and more Chinese individuals are selling their prized possessions such as Rolex watches and Hermès bags. The rationale is to make money, but according to experts, the prices of these goods have fallen so rapidly in recent times that it is a loss-making trade for the panicked sellers. Read More: China's economic growth drops to 0.4 per cent amid draconian lockdown measures and severe heatwave According to a Financial Times report, the price of second-hand Rolex Submariners, a must-have 'watch' on every collector's list, has seen its price tumble by almost 46 per cent since March this year. Meanwhile, classic bags such as Hermès Birkin have seen their market value dip by up to a fifth in the same period. This drop seems even grimmer when one notes that six months prior to the lockdown in Shanghai, the price of the aforementioned Rolex watch had risen by almost 240 per cent. "The boom time is over. We are entering a correction period that could last for a long time,” a seller of second-hand luxury watches in China was quoted as saying by SCMP. Why the drops in prices? As reported extensively by WION, China's 'zero-Covid tolerance' strategy has been one of the primary reasons why it has lagged in economic recovery. For months, the tough lockdown measures imposed by the Communist Party of China (CCP) led to a dip in manufacturing as factories and offices remained closed for prolonged periods. It hasn't helped China's cause that the country is facing one of the most severe bouts of heatwave in recent memory. The intense heat has caused the Yangtze river to run dry while the electric grid faces the excruciating task of meeting growing power consumption demand. Read more: China: Yangtze river shrinks; factories shut as drought hits hydropower Earlier this week, Goldman Sachs cut China's growth forecast by 0.3 per cent from 3.3 per cent to 3 per cent. Meanwhile, Nomura lowered its projections from 3.3 per cent to 2.8 per cent. The downgrade comes on the heels of the Chinese economy growing by a tiny 0.4 per cent in the quarter while the Politburo giving up on the 5.5 per cent economic growth rate by the year-end. Read More: Dark clouds for China: Goldman Sachs and Nomura slash China's GDP outlook Add these factors and it becomes clearer why the second-hand luxury goods market in China has seen a reversal in its fortunes. (With inputs from agencies) WATCH WION LIVE HERE:

Chinese are selling their Rolex watches & Hermes bags to raise quick cash as economy tumbles

In an auction in New York held by Christie's, a Rolex watch worn by a British prisoner during the 'Great Escape' from a Nazi war camp fetched $189,000.

In 1944, Gerald Imeson was a part of the group of Allied soldiers who undertook the daring escape from the Stalag Luft III prisoner-of-war camp.

During this escape, which inspired the 1963 movie starring Steve McQueen, Imeson was wearing the Rolex watch that has been auctioned.

According to Christie's, which is a British auction house, Imeson had ordered the watch from Rolex in Switzerland.

<a href="https://www.wionews.com/world/texas-man-uses-covid-19-relief-funds-to-buy-lamborghini-rolex-imprisoned-for-9-years-433314">Also read |&nbsp;Texas: Man uses COVID-19 relief funds to buy Lamborghini, Rolex; imprisoned for 9 years</a>

Rolex had shipped a steel watch with a black luminous dial to the prison camp near the present-day Polish town of Zagan via the Red Cross.

Calling the watch "instrumental in the planning and execution" of their bid for freedom, the auction house added that it helped prisoners in timing patrols of the camp guards along with the time needed for crawling through the tunnels.

While he waited 172nd in line to escape, Imeson wore the Oyster Chronograph which he possessed until his death in 2003 at the age of 85.

The Rolex watch, which was first auctioned in Britain in 2013, was expected to be sold for $200,000.

A membership card for The Goldfish Club, reserved for pilots and crew who have crash-landed into the sea and survived, along with a Royal Air Force whistle were among other famous items sold with the timepiece.

(With inputs from agencies)

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In an auction in New York held by Christie's, a Rolex watch worn by a British prisoner during the 'Great Escape' from a Nazi war camp fetched $189,000. In 1944, Gerald Imeson was a part of the group of Allied soldiers who undertook the daring escape from the Stalag Luft III prisoner-of-war camp.

In an auction in New York held by Christie's, a Rolex watch worn by a British prisoner during the 'Great Escape' from a Nazi war camp fetched $189,000. In 1944, Gerald Imeson was a part of the group of Allied soldiers who undertook the daring escape from the Stalag Luft III prisoner-of-war camp. During this escape, which inspired the 1963 movie starring Steve McQueen, Imeson was wearing the Rolex watch that has been auctioned. According to Christie's, which is a British auction house, Imeson had ordered the watch from Rolex in Switzerland. Also read | Texas: Man uses COVID-19 relief funds to buy Lamborghini, Rolex; imprisoned for 9 years Rolex had shipped a steel watch with a black luminous dial to the prison camp near the present-day Polish town of Zagan via the Red Cross. Calling the watch "instrumental in the planning and execution" of their bid for freedom, the auction house added that it helped prisoners in timing patrols of the camp guards along with the time needed for crawling through the tunnels. While he waited 172nd in line to escape, Imeson wore the Oyster Chronograph which he possessed until his death in 2003 at the age of 85. The Rolex watch, which was first auctioned in Britain in 2013, was expected to be sold for $200,000. A membership card for The Goldfish Club, reserved for pilots and crew who have crash-landed into the sea and survived, along with a Royal Air Force whistle were among other famous items sold with the timepiece. (With inputs from agencies) Watch WION's live TV here:

Rolex watch worn by prisoner during 'Great Escape' from Nazi war camp fetches $189,000 in auction

A man in Texas has been imprisoned for nine years for using his coronavirus relief funds for purchasing a Lamborghini car and a Rolex watch.

According to the US Justice Department, Lee Price III had acquired $1.6 million by submitting fake Paycheck Protection Program (PPP) loan applications.

The 30-year-old laundered money and committed wire fraud by opening three shell companies as a front to hide his illegal activities.

Also read |&nbsp;<a href="https://www.wionews.com/technology/vignesh-sundaresan-buys-nft-for-69-million-people-can-download-it-for-free-433242" hreflang="en">Vignesh Sundaresan buys NFT for $69 million; people can download it for free</a>

The Department of Justice said Price had submitted a fake driver's license and tax records to substantiate his loan requests.

His attorney Tom Berg said, "Mr. Price recognises that the stiff sentence imposed today by Judge Gilmore was triggered both by his fraudulent conduct in this PPP loan case and by the rather ragged criminal history he brought to the table."

Also read |&nbsp;<a href="https://www.wionews.com/world/donald-trump-tested-covid-positive-three-days-before-biden-debate-claims-ex-chief-of-staff-in-book-433258" hreflang="en">Donald Trump tested Covid-positive three days before Biden debate, claims ex-chief of staff in book</a>

"The Court found that he did fully accept responsibility by unconditionally pleading guilty to the indictment," he added.

The relief programmes for COVID-19 were started to provide financial aids to the victims suffering from the novel virus. They ended on May 31, 2021.

While 474 people have been charged with crimes related to these programmes, the government has suffered a setback of over half a billion dollars in fraud.&nbsp;

(With inputs from agencies)

A man in Texas has been imprisoned for nine years for using his coronavirus relief funds for purchasing a Lamborghini car and a Rolex watch. According to the US Justice Department, Lee Price III had acquired $1.

A man in Texas has been imprisoned for nine years for using his coronavirus relief funds for purchasing a Lamborghini car and a Rolex watch. According to the US Justice Department, Lee Price III had acquired $1.6 million by submitting fake Paycheck Protection Program (PPP) loan applications. The 30-year-old laundered money and committed wire fraud by opening three shell companies as a front to hide his illegal activities. Also read | Vignesh Sundaresan buys NFT for $69 million; people can download it for free The Department of Justice said Price had submitted a fake driver's license and tax records to substantiate his loan requests. His attorney Tom Berg said, "Mr. Price recognises that the stiff sentence imposed today by Judge Gilmore was triggered both by his fraudulent conduct in this PPP loan case and by the rather ragged criminal history he brought to the table." Also read | Donald Trump tested Covid-positive three days before Biden debate, claims ex-chief of staff in book "The Court found that he did fully accept responsibility by unconditionally pleading guilty to the indictment," he added. The relief programmes for COVID-19 were started to provide financial aids to the victims suffering from the novel virus. They ended on May 31, 2021. While 474 people have been charged with crimes related to these programmes, the government has suffered a setback of over half a billion dollars in fraud. (With inputs from agencies)

Texas: Man uses COVID-19 relief funds to buy Lamborghini, Rolex; imprisoned for 9 years

A pair of red sneakers worn by NBA champion&nbsp;Michael&nbsp;Jordan&nbsp;in 1984-85 at the start of his Chicago Bulls career is estimated to fetch 100,000-150,000 Swiss francs ($109,278-$163,916) at an online auction next month, Sotheby's said on Wednesday.

But bids could soar as collectors of the "Air&nbsp;Jordan&nbsp;1," the star lot among 13 pairs from former NBA stars, search rare finds at its first Swiss auction entirely devoted to sneakers, billed "Gamers Only."

Game-worn sneakers from&nbsp;Jordan's rookie season,&nbsp;identical but bearing his autograph, fetched a record $560,000 (463,380 pounds) in an online auction, Sotheby's said.

"You can see there is a little bit of wear from the game on the shoes, which really adds to the character and the story of this beautiful and iconic pair," said Josh Pullan, managing director of Sotheby's global luxury division.

The leather and rubber shoes, sizes 13 and 13.5, were designed by Nike's creative director Peter Moore, Sotheby's said.

Jordan&nbsp;played 13 seasons with the Bulls, winning six championships, and is currently the owner of the Charlotte Hornets.

The Geneva auction includes basketball shoes worn by Kareem Abdul-Jabbar, Patrick Ewing, Stephen Curry, and Scottie Pippen.

Pullan, noting that its other sales include Cartier gems, Rolex Pearlmaster, and Hermes handbags, said: "I think people, irrespective of whether it is sneakers or more traditional collecting categories, look for the craftsmanship, the design and the story, the provenance of those pieces."

He said the sneakers market was something new, finding its way in all continents and attracts a new generation of collectors.

"I think it's really something that struck a chord with a generation, with an audience, and that is really irrespective of the different country," he said.

(With inputs from agencies)

A pair of red sneakers worn by NBA champion Michael Jordan in 1984-85 at the start of his Chicago Bulls career is estimated to fetch 100,000-150,000 Swiss francs ($109,278-$163,916) at an online auction next month, Sotheby's said on Wednesday.

A pair of red sneakers worn by NBA champion Michael Jordan in 1984-85 at the start of his Chicago Bulls career is estimated to fetch 100,000-150,000 Swiss francs ($109,278-$163,916) at an online auction next month, Sotheby's said on Wednesday. But bids could soar as collectors of the "Air Jordan 1," the star lot among 13 pairs from former NBA stars, search rare finds at its first Swiss auction entirely devoted to sneakers, billed "Gamers Only." Game-worn sneakers from Jordan's rookie season, identical but bearing his autograph, fetched a record $560,000 (463,380 pounds) in an online auction, Sotheby's said. "You can see there is a little bit of wear from the game on the shoes, which really adds to the character and the story of this beautiful and iconic pair," said Josh Pullan, managing director of Sotheby's global luxury division. The leather and rubber shoes, sizes 13 and 13.5, were designed by Nike's creative director Peter Moore, Sotheby's said. Jordan played 13 seasons with the Bulls, winning six championships, and is currently the owner of the Charlotte Hornets. The Geneva auction includes basketball shoes worn by Kareem Abdul-Jabbar, Patrick Ewing, Stephen Curry, and Scottie Pippen. Pullan, noting that its other sales include Cartier gems, Rolex Pearlmaster, and Hermes handbags, said: "I think people, irrespective of whether it is sneakers or more traditional collecting categories, look for the craftsmanship, the design and the story, the provenance of those pieces." He said the sneakers market was something new, finding its way in all continents and attracts a new generation of collectors. "I think it's really something that struck a chord with a generation, with an audience, and that is really irrespective of the different country," he said. (With inputs from agencies)

Collectible sneakers: Pair worn by Michael Jordan up for auction

'Asprey' watch sold for nearly $3.9 million in Geneva - Sotheby's

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