In 2020, Rolex has increased its retail prices by 7.4% and around 10% for sport models. Hence, there is no doubt there is also increase prices on the secondhand market. The brand is in a primed spot and all new and used models are still hot.
According to WatchBox’s chief revenue officer Mike Manjos, one of the world’s largest pre-owned watch traders, prices across the Rolex portfolio had been rising as retailers reopened and global shortages of unicorn watches persisted and in some cases, worsened.
He said as now that Rolex retailers have reopened, they are seeing global shortages and prices continuing to rise. source
WatchBox that has offices all over the world as in Switzerland, Hong Kong, Singapore and the United States found empty cases as the demand continues to rise. The demand is outpacing supply. Quite simply, you won’t be seeing many of the most popular Rolex models in the shops.
For instance, for Hulks and Batmans collection that are no longer produced, it is understandable of the rising prices. But, Mike Manjos is concerned about Submariners and Daytonas. These are watches that are produced in decent quantities.
Daytonas price particularly has been rising from year to year. The price can easily go up from RM100,000 to RM120,000 on the secondhand market. This is an almost absurd bump in the secondary market. However, it is undeniable that Rolex watches are good investments as far as watches go.
In contrast, Wrist Advisor predicts that there will be no price increase. It stated the dreaded prices increase most likely won’t happen in 2021. This is not only because it had happened in 2019 but with the current state of the economies – timing just doesn’t feel right. However, if we do see a price increase in 2021, that will be a strong sign of Rolex’s outlook on demand.
When is the right time to buy a Rolex?
Rolex prices will continue to increase year by year. So, if you are asking when is the right time to buy the watch, there is no fix answer. Some believe it was best to buy one as soon as you could afford it. Some said the right time to buy a Rolex as soon as you have achieved a certain level of success.
Clearly, different people have different opinions. But, the most important key is you need to afford one first. You can start by purchasing the most basic new Rolex watch. The entry-level for a basic watch is about RM20,000