Funny how quick Rolex market imploded in just a year !

[TheVision]

Was cleaning my gmail inbox and found the BobWatches quote on my traded LV sub. I had bought the "Starbucks" sub after a 8 month wait from my AD but fell into hard times with a 2 months union issued work strike with total uncertainty (at that time). Since Rolex market was red hot last March, I decided to flip the LV without having to tap into my savings or stock funds.

Got several quotes and Bobs was the best. Was offered $22,800 over phone (online picture submission) but once I send it in, they bank wired $23k. At that time, Bobs was selling these around $28-$30k and people actually buying these !! And $23k was for a 'pre-owned' sub as I had worn it for 2 weeks (but still in mint condition).

The watch helped me pay off some smaller credit cards for both myself and wife's and banked the rest. As luck would have it, our strike ended early..I went back to work and now into a upper management position a year later.

Still miss the watch but it was totally appreciated giving my financial life a much needed break without tapping into my life savings.

Been a year now since I sold the watch last March and still miss it but funny how quickly the market burnt down for grey resellers who were paying above inflated Rolex prices thinking the market was gonna stay the same forever!

On the waitlist now for a polar exp2 and hoping to add another Rolex back in the coming months!

[EEpro]

Buy low, sell high.

[TheVTCGuy]

Originally Posted by EEpro

Buy low, sell high.

I have been doing it all wrong!!!!

[NachoNeal]

Originally Posted by TheVTCGuy

I have been doing it all wrong!!!!

Was thinking the same thing! Just ask me about my stock in TWA!

[brandrea]

Originally Posted by EEpro

Buy low, sell high.

Nailed it

[Dear Leader]

I'm not sure that there's any implosion. The in demand pieces are still trading at a very significant premium. We're a long way from even hitting recommended retail prices.

I would guess that market implosion would involve a huge correction.

[Podmornica]

Originally Posted by Dear Leader

I'm not sure that there's any implosion. The in demand pieces are still trading at a very significant premium. We're a long way from even hitting recommended retail prices.

I would guess that market implosion would involve a huge correction.

Try offering a brand new 126710BLRO Pepsi to a grey dealer these days and tell me how that goes ..

Most of them will not even buy as they are full of stock ..

Prices we see online are delusional and hardly anything moves. How long the grey dealers will be able to hold is a different question.

Rolex AD are still able to sell popular models as there's a lot of ppl on the list from previous years, however, what used to be a first call sells the Datejust is now 5th or 10th call. Also, references like Daydate 36 and two tone datejusts are now sitting in the windows in Miami .. Those pieces were also waitlisted just months ago..

[jb335]

Originally Posted by Podmornica

Try offering a brand new 126710BLRO Pepsi to a grey dealer these days and tell me how that goes ..

Most of them will not even buy as they are full of stock ..

That is a terrible barometer for the market. Dealers are low-balling you on their buy price because they have moved to a consignment model and/or they can buy these watches wholesale from other dealers very easily when they have a buy order. They don't want to come out of pocket to stock watches, so that's why they are low-balling you. It's also the worst way for you as a collector to try and sell a watch.

I have only sold a few watches, one on consignment and a couple privately myself. Very easy and you will net way more than selling wholesale to a grey.

[MJZRolex]

Originally Posted by Dear Leader

I'm not sure that there's any implosion. The in demand pieces are still trading at a very significant premium. We're a long way from even hitting recommended retail prices.

I would guess that market implosion would involve a huge correction.

I agree. Certainly not an implosion.

[JR16]

Originally Posted by MJZRolex

I agree. Certainly not an implosion.

Agree, hard to call a modest decline in prices from peak an “implosion”. Unworn versions still being sold by TSs for double msrp.


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[Yobber76]

Let me know when I can get one at the MSRP of $10,800 US, and they are sitting on the shelf at an AD. Till then, an overpriced market with limited availability.

[KY..]

No different than stocks or houses, buy low and sell whenever you feel like a winner…

[Easy E]

Down from a year ago for sure, but not imploded. Still way over list.

[TheWatchmen]

That was a neat story. Things have changed, we’ll see what happens over the next 3-5.

[MinMay]

All Rolex needs to do reduce production. If prices continue to fall then they will be holding a huge inventory which I doubt they want to do.

[JoeJoeBobo]

Originally Posted by MinMay

All Rolex needs to do reduce production. If prices continue to fall then they will be holding a huge inventory which I doubt they want to do.

Exactly what is happening with Rolex this year.

[RichardBartlett]

Originally Posted by JoeJoeBobo

Exactly what is happening with Rolex this year.

Link ?

[Ironworker]

Originally Posted by MinMay

All Rolex needs to do reduce production. If prices continue to fall then they will be holding a huge inventory which I doubt they want to do.

Safe to say their inventory will always be low, even if it does ever increase, which I doubt, it’s money in the bank for them.

[DAGMoney]

While imploded might be a bit strong, prices for most references are definitely down.

The economy? Covid seems over to most? Interest is down among those who would otherwise be buyers? Easier to source from an AD? I think all of these things help push down the number. And I don't think that's a bad thing...

[Kenny G]

Agree with many comments already posted.

There was no implosion….a sizeable correction from peak on many models? Yes.

But…zoom out and look how high the values are still at versus 2010-2019 (pre-Covid)

[Cwillis0001]

The market is hysterical.

"Hey guys, I hit the jackpot and bought a steel watch with an industry standard chronograph complication. Only took me 4 years, for 14 thousand dollars. BUT! Paul Newman wore something similar so it can be yours for 30 grand!"

The best part? The end buyers insisting it's not a status symbol, it's because they love the maybe $400 dollar watch on the merits.

[4rnold]

Originally Posted by Cwillis0001

The market is hysterical.

"Hey guys, I hit the jackpot and bought a steel watch with an industry standard chronograph complication. Only took me 4 years, for 14 thousand dollars. BUT! Paul Newman wore something similar so it can be yours for 30 grand!"

The best part? The end buyers insisting it's not a status symbol, it's because they love the maybe $400 dollar watch on the merits.

so true

[4rnold]

Rolex is building a new factory

-prices will not drop (maybe a little on the grey market, but Rolex doesnt care)

-volumes will go up instead of down

-they will sell more watches

-situation will stay more or less the same

[jb335]

126610LVs were never selling for 30k. That was the peak price for the Pepsi, not the Cermit.


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[macrowatch]

And that’s why Rolex is the king!

Sorry that you are without your beloved watch, but glad to hear it helped Shepard you through a rough patch.

[Harry-57]

Has it imploded? There was a paradoxical spike in late '21 into '22 which is in the process of normalising or has already done so, depending on the model. The overall trend looks to me, for my watches, like a resumption of the value trends pre spike, which has commenced from around pre spike prices. It's the spike for individual models that varies, some having gained and lost more than others, some considerably more.

[77T]

Replace:
Implosion

With:
Adjusted

An implosion will be marked by general availability at ADs methinks.


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[atxwatch]

I know this comment may be unpopular, but if you carry ANY credit card balances (independent of income btw), you have no business buying or owning Rolex to begin with...

I would NEVER buy any luxury item (cars, watches, etc) if I was already carrying high-interest rate debt OR if the purchase made me take on high-interest rate debt.

Glad it all worked out.

[dtwer]

Originally Posted by atxwatch

I know this comment may be unpopular, but if you carry ANY credit card balances (independent of income btw), you have no business buying or owning Rolex to begin with...

I would NEVER buy any luxury item (cars, watches, etc) if I was already carrying high-interest rate debt OR if the purchase made me take on high-interest rate debt.

Glad it all worked out.

Wise advice.

[ts3]

Originally Posted by atxwatch

i know this comment may be unpopular, but if you carry any credit card balances (independent of income btw), you have no business buying or owning rolex to begin with...

I would never buy any luxury item (cars, watches, etc) if i was already carrying high-interest rate debt or if the purchase made me take on high-interest rate debt.

Glad it all worked out.

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