Watch Paparazzi

Entrepreneur Andrew Forrest spotted wearing Rolex

At what appears to be a major sporting or entertainment event in Australia — a band performing on stage behind him, a selfie being snapped in the stands — mining magnate Andrew 'Twiggy' Forrest was photographed with his left wrist in clear view, revealing a gleaming yellow gold Rolex Day-Date 40. The setting is informal, but the watch is anything but: this is one of the most deliberately chosen timepieces in the luxury market, worn by people who understand exactly what it signals.

The Rolex Day-Date 40, reference 228238, is powered by Rolex's in-house Calibre 3255 — a movement introduced in 2015 that represents one of the most significant mechanical advances in the brand's history. It features a Chronergy escapement (patented and nickel-phosphorus, therefore non-magnetic), a 70-hour power reserve, and a Parachrom hairspring. The 40mm case in 18-carat yellow gold houses a white lacquer dial with applied Roman numeral indexes, a classic and conservative configuration that has barely changed aesthetically since the reference 1803 era of the 1970s. The fluted bezel and five-link President bracelet — a Rolex proprietary design since 1956 — complete the ensemble.

Collectors regard the yellow gold Day-Date 40 with white Roman dial as the 'purist' configuration. It avoids the flash of diamond-set dials while still commanding absolute presence. The 228238 replaced the 118238 (36mm) as the standard yellow gold reference and has been well received for offering a more contemporary case diameter without abandoning tradition. Grey market demand remains firm, consistently exceeding retail.

Andrew Forrest built Fortescue Metals Group into one of the world's largest iron ore producers, accumulating a net worth estimated north of $15 billion AUD. He is also known for his philanthropic work through the Minderoo Foundation — notably, he appears to be wearing a Minderoo pin in this photograph. A man who negotiates multi-billion-dollar mining contracts and hydrogen energy deals, Forrest's choice of the Day-Date 40 is entirely consistent: it is the Rolex that Rolex itself markets as 'the presidents' watch.'

Retail for the Rolex Day-Date 40 reference 228238 in 18-carat yellow gold with white dial sits at approximately $36,850 USD. On the secondary market, strong demand and constrained supply push values comfortably into the $42,000–$48,000 USD range, reflecting the enduring collector appetite for yellow gold Day-Dates in classic configurations.