Introduction to a Rare Timepiece

A legendary timepiece is about to step into the spotlight. A 1999 platinum Rolex Daytona is heading to auction on Sunday at Sotheby’s Geneva, and could sell for up to $1.7 million. The watch is made from platinum, a material Rolex did not use on Daytona models until 2013. Its face is mother-of-pearl, set with 10 diamonds. Unlike nearly every other Rolex on the market, it was not part of a standard collection. It was privately commissioned, custom-made for a client — something almost unheard of for Rolex.

The Uniqueness of the Watch

Only four of these watches are known to exist, made for the same family, each with a different dial. The watch heading to the auction block is the last one to be sold. The others have already gone for massive prices, topping $3 million. There is big hype around this small work of metal. It is believed to have been created under the leadership of Patrick Heiniger, Rolex’s CEO from 1992 to 2008. He ran the company during a time of major growth and secrecy and helped turn Rolex from a respected watch brand into a global luxury icon.

Expert Insights

"It’s very unusual to come across a commission," said Pedro Reiser, senior watch specialist at Sotheby’s. "There are other brands which might be more flexible and do these kinds of exercises, maybe on a regular basis — but not in the space of Rolex pieces where you barely can come across any commission whatsoever." While rumors have swirled that Heiniger personally commissioned or wore a similar platinum Daytona, Reiser cautions that there is no confirmed link to this watch. "That’s more of a rumor," Reiser said. "Personally, I’ve never seen him with this piece, but I know that he used to love platinum watches — mainly Day-Date models. It’s a nice story that accompanies the watch, but I think it’s more of a myth."

Historical Significance

The fact that Rolex made a platinum Daytona in 1999, long before it introduced platinum models publicly in 2013, is a major part of the watch’s mystique. "Back then, they only existed in stainless steel, yellow gold and white gold," Reiser said. "Having a platinum — the only known platinum Zenith Daytona — is very special." Rolex didn’t begin producing platinum Daytonas until 2013, making this 1999 custom-ordered timepiece a historic anomaly in the brand’s legacy.

Distinct Features

This particular model stands apart even from its siblings. "This is the only one that has a diamond-set dial," Reiser said. "The others had dark mother-of-pearl, lapis lazuli and turquoise stone dials, but no diamonds." As more people, especially wealthy collectors and younger buyers, increasingly see rare watches as investments, the prices of these rare timepieces have climbed.

Market Trends

According to Knight Frank’s latest index, watches have jumped more than 125% in value over the past decade, ranking them among the top-performing luxury investments, just behind rare whisky and high-end designer furniture. Even after a slight cooling, with prices rising only 1.7% over the past year, the five-year growth rate for watches of 52.7% signals the category remains a reliable long-term play. Demand has only broadened, with more international buyers and a wave of under-30 collectors entering the market, Reiser said.

Conclusion

The 1999 platinum Rolex Daytona is a rare and unique timepiece that is set to fetch a high price at auction. Its historical significance, distinct features, and the growing demand for luxury watches make it a highly sought-after item. Whether you are a seasoned collector or a new entrant in the market, this watch is sure to generate a lot of interest.

FAQs

Q: How many of these watches are known to exist?
A: Only four of these watches are known to exist, made for the same family, each with a different dial.
Q: What is unique about this watch?
A: This watch is made from platinum, a material Rolex did not use on Daytona models until 2013, and its face is mother-of-pearl, set with 10 diamonds.
Q: Who is believed to have created this watch?
A: It is believed to have been created under the leadership of Patrick Heiniger, Rolex’s CEO from 1992 to 2008.
Q: What is the expected price of the watch at auction?
A: The watch could sell for up to $1.7 million.
Q: Why are luxury watches becoming increasingly popular as investments?
A: Luxury watches have jumped more than 125% in value over the past decade, ranking them among the top-performing luxury investments, and the demand has only broadened with more international buyers and a wave of under-30 collectors entering the market.

Corporate social responsibility and politics have become increasingly intertwined, as companies navigate the complexities of global supply chains, environmental sustainability, and social justice. In this era of globalization, corporations are no longer just economic entities, but also social and environmental stewards. As the world grapples with issues like climate change, inequality, and human rights, companies are expected to take a proactive role in addressing these challenges.

Evolution of CSR

The concept of corporate social responsibility (CSR) has undergone significant evolution over the years. Initially, CSR was seen as a philanthropic endeavor, where companies would donate to charitable causes or sponsor community events. However, as globalization and technological advancements increased, companies began to recognize the importance of integrating social and environmental considerations into their core business strategies. Today, CSR is no longer just a nicety, but a necessity for companies to maintain their social license to operate.

Globalization and Its Impact on CSR

The rise of globalization has created new opportunities for companies to expand their operations and reach new markets. However, it has also led to increased scrutiny of corporate practices, particularly in areas such as labor rights, environmental degradation, and tax evasion. Companies like Nike, Apple, and Walmart have faced criticism for their supply chain practices, highlighting the need for greater transparency and accountability. In response, many companies have established robust CSR programs, which include initiatives such as fair labor practices, sustainable sourcing, and community development projects.

Key Drivers of CSR

Several factors have driven the growth of CSR in recent years. One key driver is the increasing awareness of environmental and social issues among consumers. According to a survey by the Nielsen Company, 75% of millennials are willing to pay more for products and services from companies that are committed to social and environmental responsibility. This has led companies to prioritize sustainability and social responsibility in their marketing and branding efforts.

Role of Stakeholders

Stakeholders, including investors, employees, customers, and NGOs, have also played a crucial role in driving CSR. Investors are increasingly considering environmental, social, and governance (ESG) factors in their investment decisions, while employees are seeking to work for companies that align with their personal values. Customers are also demanding more transparency and accountability from companies, with many using social media to hold companies accountable for their actions.

Best Practices in CSR

Companies like Patagonia, REI, and Unilever have established themselves as leaders in CSR. These companies have integrated sustainability and social responsibility into their core business strategies, with a focus on transparency, accountability, and stakeholder engagement. They have also established robust reporting mechanisms, including annual CSR reports and progress updates on their sustainability goals.

Measuring CSR Success

Measuring the success of CSR initiatives can be challenging, as it often requires balancing competing priorities and stakeholders. However, companies can use metrics such as carbon footprint reduction, water conservation, and community engagement to track their progress. They can also use reporting frameworks such as the Global Reporting Initiative (GRI) or the Sustainability Accounting Standards Board (SASB) to provide stakeholders with a comprehensive picture of their CSR performance.

Challenges and Opportunities

Despite the progress made in CSR, several challenges remain. One key challenge is the lack of standardization and regulation, which can make it difficult for companies to navigate the complex landscape of CSR. Additionally, companies may face resistance from stakeholders, including investors and employees, who may prioritize short-term financial gains over long-term sustainability.

Future of CSR

The future of CSR is likely to be shaped by emerging trends such as the United Nations’ Sustainable Development Goals (SDGs) and the European Union’s Circular Economy Package. Companies will need to prioritize collaboration, innovation, and stakeholder engagement to address the complex challenges facing the world. They will also need to be transparent and accountable, with a focus on reporting and measuring their CSR performance.

Conclusion

In conclusion, CSR has become an essential component of business strategy in the age of globalization. Companies must navigate the complex landscape of social and environmental issues, while also prioritizing stakeholder engagement and transparency. By integrating CSR into their core business strategies, companies can build trust, drive innovation, and contribute to a more sustainable and equitable future.

Frequently Asked Questions (FAQs)

What is CSR?

CSR, or corporate social responsibility, refers to the voluntary efforts of companies to improve social and environmental conditions, beyond their legal obligations.

Why is CSR important?

CSR is important because it helps companies build trust, drive innovation, and contribute to a more sustainable and equitable future.

How can companies measure CSR success?

Companies can measure CSR success using metrics such as carbon footprint reduction, water conservation, and community engagement, as well as reporting frameworks such as the GRI or SASB.

What are the key drivers of CSR?

The key drivers of CSR include increasing awareness of environmental and social issues among consumers, stakeholder pressure, and the need for companies to maintain their social license to operate.

What is the future of CSR?

The future of CSR is likely to be shaped by emerging trends such as the SDGs and the Circular Economy Package, with a focus on collaboration, innovation, and stakeholder engagement.

Introduction to ESPN’s New Streaming Service

A general view of the ESPN logo on a camera at Simmons Bank Liberty Stadium in Memphis, Tennessee, on April 6, 2024. At long last, ESPN has chosen a name for its upcoming all-access streaming service. The name of the service is "ESPN." Disney’s sports media division will announce the new name at a media event next week, according to people familiar with the matter who declined to be named speaking about not-yet-public details.

Features of the New Streaming Service

Disney executives have referred to the streaming product, which is expected to cost $25 or $30 a month, as "flagship" internally for the past two years as they have developed the service. It will consist of everything ESPN has to offer, including all games; programming on other ESPN cable networks such as ESPN2 and the SEC Network; ESPN on ABC; fantasy products; new betting tie-ins; studio programming; documentaries and more.

Difference from ESPN+

This will differ from ESPN’s current streaming product ESPN+, which does not include the most-watched live games, such as Monday Night Football, that currently only air exclusively on traditional pay-TV. ESPN+ costs $11.99 per month and can be bundled with Disney+ and Hulu for $16.99 per month with commercials. ESPN+ will remain a less expensive offering for consumers, according to people familiar with the matter.

Reason for the Name Choice

ESPN Chairman Jimmy Pitaro decided to name the application ESPN to simplify what has become a cluttered streaming world, filled with different media products that can be bundled with other services at different price points, according to those people. The new ESPN streaming service is a new distribution mechanism, but most of the content is not new. Rather, the launch is about introducing consumers to a different way customers can access ESPN’s programming.

Access to the New Service

The ESPN mobile application will be reimagined and act as the gateway to the all-access service on smart TVs and devices. Pay-TV subscribers who already get ESPN will automatically be able to authenticate into the new app to get the digital bells and whistles that are not available through cable TV. That overlap also played into executives’ decision to maintain uniformity with the name ESPN, rather than a different name that may increase confusion, the people said.

Pricing and Availability

ESPN will next week announce the pricing of the application, as well as associated bundled discounts, Disney CEO Bob Iger said Wednesday during Disney’s quarterly earnings conference call. ESPN has previously said the service will debut in the fall.

Conclusion

In conclusion, ESPN’s new all-access streaming service will be called "ESPN" and will offer a wide range of content, including games, programming, and fantasy products. The service will be available for $25 or $30 a month and will differ from ESPN’s current streaming product ESPN+. The new service is expected to debut in the fall and will be available on smart TVs and devices.

FAQs

Q: What is the name of ESPN’s new streaming service?

A: The name of ESPN’s new streaming service is "ESPN".

Q: How much will the new streaming service cost?

A: The new streaming service is expected to cost $25 or $30 a month.

Q: What content will be available on the new streaming service?

A: The new streaming service will offer a wide range of content, including games, programming, and fantasy products.

Q: Will the new streaming service replace ESPN+?

A: No, ESPN+ will remain a less expensive offering for consumers.

Q: When will the new streaming service be available?

A: The new streaming service is expected to debut in the fall.