Diver's Rolex watch bought for £70 sells for £40,000

The watch was valued by the auction house at between £30,000 and £45,000

A watch bought for £70 in 1964 has been sold for £40,000.

The Rolex Submariner was owned by Simon Barnett, a diver who worked on rescue helicopters in the Royal Navy, who died in 2019.

His son Pete Barnett has sold the watch at auction in his home town of Diss, Norfolk.

The watch made an appearance on the BBC's Antiques Roadshow and was later valued by the auction house TW Gaze at between £30,000 and £45,000.

Mr Barnett said his father used the watch during his career in the Navy "to time his dives".

"He had to know how long he had been under the water and that was the only means by which he could do it," he said.

"In those days a Rolex Submariner was a tool, it's not the fashion accessory it's become now."

Simon Barnett bought the watch in 1964 and used it in a number of rescue missions

The Rolex was sold at auction by TW Gaze on Thursday.

Auctioneer Elizabeth Talbot said the watch was "unique" and "quite rare" because "virtually every day" in its history was accounted for.

She said the buyer made their bid online and was believed to be a "private individual" based in the UK.

Ms Talbot added: "The vendor, who is extremely satisfied with the outcome, is most pleased that it is to be cherished, not only as an important watch, but as a tribute to his father’s life of service and dedication to duty."