When Jack Daniel died in 1911, he left a "last will and testament". In his will, other than the monetary inheritances, were three of his personal items. They were his bedroom suite, two porcelain vases, and his pocket watch. All three items were left to relatives. Jack's nephew, Jack Daniel Motlow inherited the watch. JD Motlow was Lem's youngest brother. When he died in 1973, his wife, Mary Jane, became sole owner of the watch. She decided to sell the watch and offered it to the Distillery for $10,000. They declined because they thought the price was too high. A sales representative at the Distillery, Art Hancock, bought the watch for his personal collection. He kept the watch until 2000, when he decided to sell it. He again offered to sell it to the Distillery, but they again refused it. He then decided to commission the watch to Sotheby's Auction in New York to be sold at auction on October 25, 2000. The pre-auction estimate was $15,000-$20,000. The watch sold for $25,000.
Here is the cover of the auction brochure.