Anyone with an interest in luxury watches, such as those produced by Rolex, Audemars Piguet and Patek Philippe, knows to expect to have to pay high prices for the top brands. However, one of the noticeable trends throughout 2020 and 2021 has been a rapid increase in prices, even above what you might typically anticipate.
Therefore, if you are getting into the watch market yourself in 2021 or 2022, or looking to purchase a luxury timepiece for a friend or loved one, you are likely to have plenty of questions regarding the prices you see. Why are these watches so expensive? Why are watches selling way above retail price? Should you try to buy on the grey market?
In this article, we explore the answers to these questions and more, and outline what is behind prices skyrocketing.
The Issue of Supply and Demand
One of the reasons why luxury watches are typically so expensive is because the supply of many timepieces does not come close to matching the demand. In other words, there are more people who want to buy luxury watches than there are luxury watches on sale. This can lead to situations where customers enter Rolex retailers to see very few watches to no watches on sale and it is common to find that you are unable to actually purchase a watch you may have seen on their website.
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In many ways, the free market and the convenience of online shopping are the enemy of luxury watch brands like Rolex. After all, anyone who knows anything about economics knows the principle of supply and demand, yet luxury watch manufacturers misjudge the demand (and, therefore, the price) of their models all the time. Moreover, they also occasionally make models intentionally scarce, artificially adding to their prestige.
Based purely on demand, for example, there should be more stainless steel Rolex Daytona models. Yet, the company keeps numbers limited to build a sense of exclusivity. If you attempt to buy one from an Authorized Dealer (AD) you will need to be extremely lucky, or you may need to buy it alongside other less desirable Rolex models.
Luxury Watch Brands Create the Grey Market
For Authorized Dealers, watch manufacturers misjudging supply and demand is a problem. Dealers have to pay before they even know which watches they will receive. This can lead to problems when trying to clear their inventory of unsold, unpopular or obsolete timepieces. For instance, a Datejust 36mm with a pink diamond dial could be hard to shift, as it is too big for most women’s tastes, but too feminine for most men.
The solution? In many cases, they try to sell these less desirable watches together with more desirable models to a grey market dealer, who buys in bulk. Of course, the Official Retailer is unlikely to make as much this way, but sometimes cash flow issues and reducing the inventory are more important considerations than trying to sell watches in strict accordance with Rolex’s demands, which can be completely unrealistic.
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The Baselworld Fair is the most famous luxury watch trade show in the world and the event, held in Basel, Switzerland each year, attracts significant attention from enthusiasts and casual observers. After all, it is at Baselworld that many of the world’s most beloved luxury watch manufacturers showcase their new models.
Among the very biggest names at the event each year is Patek Philippe, and the Geneva-based company is especially well-known among aficionados for designing highly complicated mechanical timepieces, which enjoy great prestige. In this article, we take a look at the main models introduced by the brand this year.
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Expensive timepieces from the likes of Rolex, Patek and AP are a significant investment and as with any other item that is worth thousands of dollars, you need to look after it well and take precautions to stop it from being damaged or stolen. It is precisely for this reason that many luxury watch owners invest in a home safe.
Keeping your watch in a safe will not only give you peace of mind, it will also potentially reduce any insurance premium linked to the watch. Nevertheless, buying a safe can seem daunting, because there are so many types available. In this article, we look more closely at the various options and explain their plus points and drawbacks.
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If you have a used Rolex watch, or any other luxury watch that you are looking to sell, one of the most obvious options is to try to auction it on eBay. Certainly, when armed with the right knowledge and expertise, eBay can be a great marketplace and you should be able to receive a decent amount of money for your timepiece.
With that being said, there are many things you should keep in mind when trying to sell your Rolex on eBay, and some potential pitfalls to avoid as well. In this article, we take you through some of the most important of these.
Disclaimer: Here at Jaztime, we offer a free quote service for those selling Rolex and other luxury watches. With this service, you can find out how much your watch is worth in hours and receive cash within a few business days. Get your free watch valuation by using our free watch quote form (here). Nevertheless, we also have experience in selling Rolex watches on eBay and are more than happy to share some of the secrets to success with you.
How to sell your Rolex Luxury Watch on eBay:
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Throughout the brand’s history, Rolex watches have been worn by some of the world’s most recognizable celebrities, helping to add to their reputation as symbols of wealth, power and status. In addition, the manufacturer’s models have also been worn by some of the coolest fictional characters, with James Bond being the most obvious example.
Another classic example, however, is Tony Soprano, the clinically-depressed mob boss from the HBO TV show ‘The Sopranos‘. Portrayed by the late great James Gandolfini, the complex character became a symbol of masculinity and helped to pave the way for a new trend of TV villains who the watching audience somehow grew to love and admire.
In this blog post, we take a more detailed look at the watch Tony Soprano sported on his wrist, as well as a few of the other beautiful Rolex timepieces that appeared on the show during its highly acclaimed six season run.
Continue reading ““Soprano” Star Tony Soprano’s Top Rolex Choice”
Film star Brad Pitt is one of the most famous celebrities in the world, as well as a style icon. As a result, there is a natural interest in the things that he wears, especially when they are obvious status symbols like his luxury watches. The Hollywood actor is known to have an extensive watch collection and is a keen admirer of Rolex, in particular.
Indeed, over the years, Pitt has been seen wearing Rolex models for photo shoots and in his movies, as well as when out and about in everyday life. In 2000, he even starred in a marketing campaign entitled ‘Nothing But Rolex’ for a Japanese Rolex dealer. In this article, we take a closer look at some of the models he has worn.
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The Geneva-based watch manufacturer Patek Philippe is firmly established as one of the most prestigious watch companies in the world, with past owners ranging from Queen Victoria to Albert Einstein. This tradition, combined with the company’s history of innovation, ensure that any new models attract significant attention.
Like many of the other top luxury watch brands around, Patek Philippe use the annual Baselworld Fair to introduce their new models and this year was no different. In this blog post, we take a more detailed look at some of the most interesting and exciting models unveiled by the manufacturer at this year’s event.
Continue reading “New 2017 Patek Philippe Watch Collection”
To many people, Scott Disick is best known as the on-again, off-again partner of Kourtney Kardashian and one of the many stars of the reality TV show ‘Keeping Up With the Kardashians’. To others, he is a model and businessman in his own right, who also has the authentic British title of ‘Lord of the Manor’.
Regardless of anything else, Disick has developed a big fan following. He has also become a style icon and one aspect of his sense of style that has generated a lot of interest is his taste in luxury watches. Indeed, he is known to be a keen collector of timepieces and owns a number of expensive and sought after Rolex models.
“My biggest choice of the day is the wristwatch,” Disick told Haute Time during a 2013 interview, highlighting just how important his luxury watch collection is to him. In this blog post, we take a closer look at some of the Rolex timepieces that make his decision so challenging every day.
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