I was born just a few years before President José López Portillo y Pacheco took office in Mexico in 1976 and I spent much of my childhood drooling over the president’s watches —including a stainless steel Audemars Piguet Royal Oak Jumbo ref. 5402ST—, his sense of style and extravagant lifestyle. Thanks to López Portillo and to the line of business in which my family was involved, we had a bonanza era. Sadly, for the majority of the country and for businessmen like Manuel Espinosa Yglesias —the owner of Bancomer—, it was the worst presidential term ever. Abundance, mostly driven by oil prices turned into a disastrous presidential term after the banking system was nationalized in 1982. At that time the Mexican peso collapsed against the U.S. dollar and Mexico went into one of its biggest crises. If you are Mexican and you are reading this, most likely you remember the words from President José López Portillo during his last state of the union, where he broke in tears and said: “he would defend the peso like a dog”. Below, a short video of those historical moments.
But what I most remember from that era is that it was the time when I fell in love with watches, and since then I always aspired to own a Rolex GMT-Master Pepsi like the one on the wrist of ‘JoLoPo’ —short for José López Portillo— or the one on one of my cousin’s wrist. Furthermore, we can all blame former Mexican President José López Portillo for turning AP into such a desirable watch brand around Mexicans. He was the first public figure to wear an Audemars Piguet Royal Oak Jumbo ref. 5402ST in the late 70s and made it as desirable as it is today among the Mexican elite. Very much like Gianni Agnelli —L'Avvocato and main shareholder of FIAT— made the Royal Oak so popular in Italy.
Yesterday, I learned that our friend Eric Wind from Wind Vintage is offering for sale a rare bird unlike any other, at least for someone like me. I consider the Rolex GMT-Master ref. 1675 from former Mexican President José López Portillo a true grail and one of the most special watches ever offered for sale, based on my background, my memories from Mexico and its provenance.
This Rolex GMT-Master reference 1675 with Mark 3 “Radial” dial is a piece of history. This was the personal watch of Mexico’s 51st President José Guillermo Abel López Portillo y Pacheco. This watch came directly from the family of President José López Portilló, and the condition of this specific example is amazing, much like the story of the watch itself. The family states that Fidel Castro gave the watch to President José López Portilló as a gift, although this has not been verified.
The extremely rare original Mark III "Radial" dial remains in flawless condition, exhibiting no lume loss or blemishing to the matte portion of the dial. The hands, like the dial, also remain in flawless condition showing no lume loss and typical aging is commonly seen on the 1970s ref. 1675 examples. Both the dial and the hands have taken on a warm and even patina. The original red and blue "Pepsi" bezel insert shows light wear but remains bright and crisp. The watch comes supplied on a Rolex Jubilee Made in U.S.A. oval link bracelet that was sourced with the watch.
The case back bears an engraving with the president’s name in cursive lettering very similar to the engraving found on a Rolex Sea-Dweller —that also belonged to former Mexican president José López Portillo— that was sold by Antiquorum. The engraving “Lic. José López Portillo” is hand-engraved. The word ‘Lic.’ is the short way to refer to ‘Licenciado’, which is the word utilized to refer to anyone who had completed a Bachelor of Arts Degree and especially to lawyers. Therefore, this is the formal title that President José López Portillo, like all other graduates with a Bachelor of Arts, still use nowadays.
When López Portillo entered office, Mexico as a country was in the midst of an economic disaster. López Portillo initiated an aggressive program to strengthen Mexico's economic advancement with revenues originating from the discovery of new petroleum resources within Mexico. In 1980, López Portillo joined the Pact of San José, which was a foreign aid plan to sell oil at preferential prices to countries in Central America and the Caribbean. This plan fostered a short-lived economic boost for Mexico, but by the time López Portillo left office, the economy had once again deteriorated and began to crumble. As a result, it gave way to a severe debt crisis and a sovereign default. Mexico’s political relationships with the U.S. were in a great place during his tenure. Below you can see President José López Portillo with U.S. presidents Ronald Reagan and Jimmy Carter while wearing his Rolex GMT-Master ref. 1675 Pepsi.
The case remains well preserved and unpolished, showing strong and sharp case chamfers along with the original factory finishing. The Rolex USA oval link Jubilee bracelet shows some stretch from use but remains in overall good condition with a patina that matches the overall condition of the watch itself. Eric Wind believes that President López Portillo wore the watch on this bracelet and also believes the bezel insert is original to the watch.
The original Mark III “Radial" Dial remains in flawless condition exhibiting no lume loss and or blemishing to the matte portion of the dial. The original Mark III “Radial" Dial remains in flawless condition exhibiting no lume loss and or blemishing to the matte portion of the dial. The “radial” term refers to the fact that the lume plots are all located closer to the center of the dial, giving the watch a very distinctive and special look. The hands like the dial also remain in flawless condition showing no lume loss or degradation. The original silver date wheel is correct for that era, exhibiting open 6s and 9s.
The watch is sold along a copy of TIME magazine from October 8, 1979, featuring President José López Portillo on the cover, an official Presidential signature card bearing López Portillo's original signature and accompanying letter both bearing the embossed Presidential Seal of Mexico, three original photos of José López Portillo including a New York Times Press Select photo of Portillo that was used in a published edition in the New York Times, and two additional original photos of López Portillo with Fidel Castro. President José López Portillo's GMT-Master reference 1675 is clearly visible in all accompanying photographs. We really can’t think of a much cooler and more amazing watch to own if you are Mexican. The provenance itself totally warrants the price tag. The watch is offered for sale by Eric Wind.
Sticker Price $75,000 USD. For more info on Wind Vintage click here.
