Last week Watch Pro reported that prices for Rolex, AP and Patek had plateaued, or at least are trending towards a plateau. Of note, two references and their top asking prices revealed a lot:
“The all black Submariner with date, Ref. 126610LN, retailing for $9,150, has settled at around $16,000 asking price on the secondary market.
Hulks, which were not replaced in the slew of new Submariners launched last year, rose from around $17,000 to almost $21,000 from August to October, 2020, but have plateaued since.”
Photo by Watch Trading Company
It’s still insanity that people are paying more than double for Rolex models, but the market is cooling. Is this finally the news that us Average Joes want to hear? Wil prices and availability increase as secondary sellers aren’t able to move these hot watches at the asking prices that set the tone in the beginning of 2021.
Watch Time published a useful comparison between retail prices and pricing on the secondary market at the end of 2020 and showed it is still possible to purchase a steel Rolex without a huge markup. Smart shoppers will continue to hawk the secondary market and snag any of the better deals. I’ve missed out on a few opportunities because my fellow new release watchers were more aggressive.
Photo by A Blog To Watch
So the short version is: If you planned on paying a premium in hopes that at a later time you could sell the Rolex at a far greater premium you probably won’t have much luck. Now is the time to look for the next big thing if you want to turn a profit. I won’t comment on whether a watch is a good investment, and my take is if you are having fun trying to make some money, you’re doing something right.
My true hope is that Rolex prices plateau and eventually drop so that they simply become more accessible. I feel very lucky to have purchased my Submariner and Oyster Perpetual before the recent shortage and extremely high prices. I get enjoyment out of them every time I wear them and that’s a lot of the time. Hopefully soon more people who have just become interested in watches have the opportunity to acquire their first Rolex at a fair price.
Of course we are Rolex fanboys and fangirls here at the Everest Journal, but we honestly believe the ownership experience of a Rolex is fantastic. They look great, feel great and are well-built. So anyone who is considering buying another brand to tide you over until you get your Rolex fix should reconsider and be patient. Set shopping alerts for your dream models and act fast if your gut gives you a good sign. And, as always, buy the seller.Get ready for band swaps with our line of rubber and leather curved-end straps for your Rolex watch.