Additional Coverage:
- Francis Ford Coppola lost so much money on ‘Megalopolis,’ he’s selling his luxury watches to stay afloat (businessinsider.com)
Hollywood Legend Francis Ford Coppola Auctions Luxury Watches After “Megalopolis” Gamble
Legendary filmmaker Francis Ford Coppola, the visionary behind cinematic masterpieces like “The Godfather” trilogy and “Apocalypse Now,” is taking a new turn – from the director’s chair to the auction block. Following a significant personal investment in his latest passion project, “Megalopolis,” Coppola is now auctioning off a collection of luxury watches to “keep the ship afloat.”
Coppola reportedly poured over $100 million of his own money into self-financing “Megalopolis,” an ambitious sci-fi epic. However, since its September release, the film has only generated a modest $14 million worldwide, leaving the acclaimed director in need of funds.
The solution? A December 6th auction through Phillips, a renowned auction house specializing in timepieces, featuring seven luxury watches from Coppola’s personal collection.
Among these is a truly unique piece designed by Coppola himself in collaboration with Swiss watchmaker F.P. Journe, estimated to retail for $1 million.
This innovative timepiece eschews traditional hands for a glove-shaped center, with fingers appearing and disappearing to indicate the hour.
Other notable watches in the auction include two Patek Philippes, a Blancpain Minute Repeater, an IWC Chronograph, another F.P. Journe, and a Breguet Classique, with estimated prices ranging from $3,000 to $240,000.
Coppola, 86, candidly told The New York Times, “I need to get some money to keep the ship afloat.” This isn’t his first personal sacrifice for a film; he previously sold two vineyards to help finance “Megalopolis.”
While licensing “Megalopolis” to streaming platforms could offer another revenue stream, Coppola has expressed a preference for his epic to be experienced in theaters, believing in the longevity of his films. He drew a parallel to “Apocalypse Now,” which he also largely self-financed and which eventually recouped its costs and generated millions in ticket sales. However, the current landscape of film distribution, with declining physical media sales, presents a different challenge for “Megalopolis.”
Despite being in pre-production for his next film, an adaptation of Edith Wharton’s “The Glimpses of the Moon,” Coppola has publicly stated his financial situation. On the “Tetragrammaton with Rick Rubin” podcast in March, he revealed, “I don’t have any money because I invested all the money that I borrowed to make ‘Megalopolis.’
It’s basically gone. I think it will come back over 15-20 years.”
A representative for Coppola did not respond to requests for comment regarding the situation.