I would say that I love and hate Rolex in equal measure. Never in my entire career has so much of my working time been monopolised by one brand. Some days, it feels like I spend all my time providing updated valuations rather than taking on new work. But the state of the current watch market doesn’t fall solely at Rolex’s door. Sure the lack of availability for new watches from authorised distributors hasn’t helped, but the pre-owned Rolex market is a scary entity all on its own, and when you think things can’t get any crazier, they do.
Let’s take the Rolex Air-King ref 116900, for example. It’s a great watch but is positioned as an entry-level model. At its launch in 2016, it had a UK RRP of £4,150 (if memory serves); and it has always been one of the easiest Rolex’s to purchase as typically everyone was after GMT’s, Subs etc. Today, the official list price for the Air-King is £5,750. But as we all know, the ‘list’ price is irrelevant because you can’t get them! And such is the demand for Rolex these days that this ‘entry level’ watch currently trades for over £9,000! That’s an increase of 116% over the 2016 RRP, a 75% increase if you purchased one before the Jan 1st price increase. And a 56% price increase over today’s RRP.
And if those figures weren’t crazy enough, this model has increased in value by £2,000 or 28% in the past six months alone. If you own a Rolex, irrespective of model, age or condition, my advice is to get an updated valuation as soon as possible. As the chances are, you’re underinsured and lack sufficient cover.
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