A few years ago it was completely normal: Almost all Rolex watches were in the shop window of at least one jeweler from time to time in large cities, and what was missing could be procured promptly. Only a few models, such as the popular Daytona, escaped constant availability. With the other timepieces, including variants of the GMT-Master II, which is almost unobtainable today, it was even possible to save a lot of money when buying a new watch on the second-hand market. Discounts were quite common back then.
These times have been over since around 2018, but at the latest since the outbreak of the pandemic. Since then, almost no jeweler has sold current models, the watches in the display are only for trying on. If you fall in love and want to buy, you have to expect waiting times of a few months to several years, depending on the model – should the long-awaited call from the jeweler come at all one day.
For the “used” market, others say gray market, the high demand and the low supply meant a free hand in the pricing of deliverable goods for a long time. At peak times, this could quickly be a multiple of the purchase price – for example with the aforementioned Daytona or GMT-Master II.
With the increasing sanctions against Russia, the first slump in cryptocurrencies in the summer of this year and rising inflation, it became apparent for the first time in July that the rising prices had apparently found a limit (find out more here). The gradual fall in prices, which became apparent for the first time, is continuing, as a report in the Swiss “Handelzeitung” wants to show.
The “Handelszeitung” refers to a price index from “Watchcharts”, which primarily monitors and analyzes US advertisements for Rolex watches on platforms such as “Rolexforums” or Ebay. A look at 30 popular models should prove: Prices haven’t been this low in 18 months. And what’s more: the first models are now and then even available below the new prices.
“Watchcharts” has now been able to determine the trend reversal in three models, with a further three watches only just showing a plus. The comparison was made with the cheapest available offer. According to this, the Datejust with a diameter of 41 millimeters is already five percent below the original price, the Explorer (reference 124273) around one percent and the Milgauss with a black dial (116400GV) a whopping 14 percent.
The models Sea-Dweller with 0.4 percent over the list, Explorer (124270) with 0.7 percent surcharge and Sky-Dweller (326933) with 0.8 percent difference to the original price are also about to exceed the limit.
According to the index, the Rolex Daytona is still the undisputed surcharge with around 72 percent, followed by the GMT-Master II in the “Pepsi” look with 67 percent.
According to its own statements, “Chrono24”, the “world’s largest marketplace for luxury watches”, cannot confirm the developments to this extent. In an interview with the star, Tim Stracke, CEO of the company, asked the question: “Is it a new and unworn watch with all accessories or a used watch without a box
Stracke explains: “Taking the example of a Rolex Milgauss (116400GV), the data from our platform ‘Chrono24’ gives the following picture: The sales prices for new or unworn watches are over 11,000 euros and thus approx. 23 percent above the retail price of a Rolex – concessionaire. The current list price there is 8,950 euros. Even pre-owned watches with box and all papers cost more than 8,950 euros on the open market in the European Union – especially since the coveted models are not available ‘to take away’ from any Rolex concessionaire Prices for pre-owned watches vary depending on the condition of the watch and the accessories included. It is therefore possible that a heavily used watch without papers, box and without a Rolex service can also be offered below the retail price. But this is an extreme exception.”
He adds: “The regional price ratio is interesting – especially in the USA, Rolex models are currently somewhat cheaper. There, the prices can also be below the list price in exceptional cases – however, European customers would have to buy the watch with the local VAT rate introduce, which compensates for the small price advantage in many cases. The downward fluctuations are also a few percent – at least on our platform, which gives a representative overview of the world market with a stock of more than half a million listings. In summary, one can say that that there is a market correction based on a higher supply volume, which of course has an impact on prices. But this does not only affect Rolex.”
Even if Rolex repeatedly claims that it wants to ensure that coveted watches are available a little more frequently again, it will probably be a long time before that happens. A new giant factory in Bulle, Switzerland, with 2,000 jobs, is scheduled to go into operation at the end of the decade. With its new program for certified pre-owned watches, the group is not helping to lower prices – so-called “Rolex Certified Pre-Owned” specimens from partner jewelers are usually significantly more expensive than comparable offers from independent dealers (find out more here).
