Platinum Daytona - Unsuccessful Search + Conclusions

[CHRONOLEX]

Hi all:

I have wanted a platinum Daytona since they first came out, and was hoping to pick up a BNIB or LNIB on the secondary market in the sub $50k area, but never did. However, as we all know, rather than staying at that price point, they went in the extreme opposite direction. With all the rumors of being soon discontinued, I once again re-launched my search a few weeks ago (although I really hated finding myself in a position of having to chase the momentum).

In the current market, I cannot really find a great condition Platona at a price that feels like a comfortable entry point. Over the last week, from dealers across the U.S., I have been offered 5 years old with some dings for $100k, 3 years old unpolished (but in need of refinishing) for $110k, and BNIB for an average price of about $130k (prices rounded, not exact). Thank you to the very kind TRF members who provided me with insight over the last few days.

My concerns on a purchase like this, right now, are numerous, obviously. But a primary concern is that I would buy it BNIB for call it $130k, remove the stickers and wear it, and (although I'm extremely careful with my watches) then require the worn market on this watch to appreciate another $15k or so to allow me to exit the watch for what I paid (if I ever wanted or needed to sell it). I don't know that I see another +$15k in this market with relative confidence.

When I spoke to a few non-ADs about this, they told me they won't stock this piece (or probably even buy it from me) because they wouldn't commit the capital to buy the watch for inventory (not many people walk in ready to spend $100k for a watch at a neighborhood shop) and it's just a lot of work to resell in general.

As I've thought about it over the last few hours, I have decided to suspend my fervent search and just see if anything comes around. While I own far too many watches (like many of you) to wish for the market to "come back down," I would like to see where this Platona market in particular goes. It's already traded to +60% of retail - does it have another 60% of upside? Not sure I see this as a $200k watch, but hard to say!

Unfortunately it feels like it's become such a hype piece over a very short time period, that perhaps the supply has been hoarded by speculators hoping for its discontinuation. I suppose only time will tell where this supply goes, and when.

In the meantime, I will enjoy my other watches (such as my black DaytonaC acquired last week) and continue a passive search. Maybe one day I will be fortunate enough to post an incoming on the official Platona owners thread!

Best wishes to all. Thanks for reading.

[NYG1121]

The more expensive they are, the harder they fall

[Chiboy]

I’m not sure it’s realistic to buy a $100k+ watch, BNIB, at gray market prices, and expect to be able to wear it and then sell it with no financial loss.

FWIW, I bought a used one back when they were mid-40s and kinda figured there was another $10k of downside in it. But I bought it to wear, not to make money, and that’s what I’ve been doing virtually every day since. That it’s gotten caught up in the Daytona hype is surprising, as they were readily available at ADs and gray’s for a long time. Crazy market for many watches these days!

[CHRONOLEX]

Originally Posted by Chiboy

I’m not sure it’s realistic to buy a $100k+ watch, BNIB, at gray market prices, and expect to be able to wear it and then sell it with no financial loss.

FWIW, I bought a used one back when they were mid-40s and kinda figured there was another $10k of downside in it. But I bought it to wear, not to make money, and that’s what I’ve been doing virtually every day since. That it’s gotten caught up in the Daytona hype is surprising, as they were readily available at ADs and gray’s for a long time. Crazy market for many watches these days!

Thanks for sharing your feedback. On the first part, I wouldn't necessarily be looking to wear it and sell it - was more of a thought around if I buy it BNIB would need to keep it BNIB to hold the value, but if I actually wanted to wear it, probably should find one already worn with stickers removed, etc. to avoid that issue. The difference between the two I see as premium for being first and only person to wear it, which is steep in this particular instance.

[ap1]

Call me one of the fools that paid 52.5 for one from AD few years ago, then “gave” it to DSW for 45. Omg.

Of course I looked into another one recently and there is zero supply at all the ADs I tried. That diamond dial is the one I’m fixated on. No way is that a 2x watch

[brandrea]

It’s not a $100,000 + dollar watch IMHO, but I get it ... that’s what they’re going for.

Only you can know whether it’s worth paying the price. At these prices it’s hard to imagine they will continue to go up, but who knows.

[Kiddodoc]

I am really wanting to add this reference. Hopefully, I can get one from my AD but who knows. Not the end of the world if I don't get it.

[Vipes]

A few years ago, I would see the platona in the display case at most ADs. Now no supply and ADs can’t order and don’t know if they will get one. Crazy times. Maybe when Rolex recovers from COVID shutdown, supply will be better.

I want a platona too but will wait it out. If prices stay crazy, I will just enjoy my SS Daytonas.

[rolexfanforlife]

Yes the price is crazy. BUT it is the watch to own, it truly is special. That ice blue dial

[Abre]

I was offered one a couple of years back for around 43k Bnib back when no one wanted them .


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[Brich436]

No offense but it seems like the Platinum Daytona isn't right for you.... this is an extremely expensive watch. At this price range your in the AP and PP leagues.

If your net worth is < 10M I wouldn't even consider it. If its above that then buy the watch to keep it (wear and enjoy) and then who cares what resale value is. It's like buying a 130k Porsche that is worth 40k after 6-8 years - though I bet the Daytona will do much, much better.

[Abre]

Originally Posted by rolexfanforlife

Yes the price is crazy. BUT it is the watch to own, it truly is special. That ice blue dial

It’s not that special in my opinion, I think it became very hyped lately and not worth the money but this on the other hand this is special .




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[Sub*Man]

Originally Posted by CHRONOLEX

Hi all:

I have wanted a platinum Daytona since they first came out, and was hoping to pick up a BNIB or LNIB on the secondary market in the sub $50k area, but never did. However, as we all know, rather than staying at that price point, they went in the extreme opposite direction. With all the rumors of being soon discontinued, I once again re-launched my search a few weeks ago (although I really hated finding myself in a position of having to chase the momentum).

In the current market, I cannot really find a great condition Platona at a price that feels like a comfortable entry point. Over the last week, from dealers across the U.S., I have been offered 5 years old with some dings for $100k, 3 years old unpolished (but in need of refinishing) for $110k, and BNIB for an average price of about $130k (prices rounded, not exact). Thank you to the very kind TRF members who provided me with insight over the last few days.

My concerns on a purchase like this, right now, are numerous, obviously. But a primary concern is that I would buy it BNIB for call it $130k, remove the stickers and wear it, and (although I'm extremely careful with my watches) then require the worn market on this watch to appreciate another $15k or so to allow me to exit the watch for what I paid (if I ever wanted or needed to sell it). I don't know that I see another +$15k in this market with relative confidence.

When I spoke to a few non-ADs about this, they told me they won't stock this piece (or probably even buy it from me) because they wouldn't commit the capital to buy the watch for inventory (not many people walk in ready to spend $100k for a watch at a neighborhood shop) and it's just a lot of work to resell in general.

As I've thought about it over the last few hours, I have decided to suspend my fervent search and just see if anything comes around. While I own far too many watches (like many of you) to wish for the market to "come back down," I would like to see where this Platona market in particular goes. It's already traded to +60% of retail - does it have another 60% of upside? Not sure I see this as a $200k watch, but hard to say!

Unfortunately it feels like it's become such a hype piece over a very short time period, that perhaps the supply has been hoarded by speculators hoping for its discontinuation. I suppose only time will tell where this supply goes, and when.

In the meantime, I will enjoy my other watches (such as my black DaytonaC acquired last week) and continue a passive search. Maybe one day I will be fortunate enough to post an incoming on the official Platona owners thread!

Best wishes to all. Thanks for reading.

I think you make some great points. Youre clearly a sophisticated watch owner and a successful guy, cheers to that.

I think the hype has taken this reference to unrealistic levels. It is THE Daytona, but Im' not sure I love it at $130k, but I'm not sure I would ever go $130k on a single watch. Certainly my collection is worth more than $130k, but to me thats a lot of a single Rolex. Obviously your collection far exceeds $130k.

I don't think the luxury watch market will ever go back down. I think the luxury market, like real estate, has entered another level and there is no ceiling. Demand far exceeds supply and the only that will it cool it off in my opinion is a rise in interest rates. And, a "pullback" nowadays might just be considered a cooling off period, not a crash like before. So I think the luxury watch market has parallels to real estate.

Lastly, have you tried the platinum Day Date? May scratch your platinum itch at a much lower price point, and an absolutely stunning reference on the wrist. I have come very close a few times, but always seem to be able to talk myself out of it.

Cheers on your 116500, i too received mine from my AD last week, and it was monumental.

[Rado63]

Probably as the OP has speculated collectors may be holding on to these watches for a future sale once this watch gets discontinued. The platinum Daytona is a 50th anniversary piece. First platinum Daytona introduced in 2013. Even though they have been producing them since 2013, This is a rare watch. The price will always be high. If discontinued prices will go higher. Unless you are a well known client at an AD, chance of getting one at retail, probably zero.

[WatchGuy]

I bought my platona from AD December 2019, when they were sitting around. Paired a white SS Daytona and Hulk with it (possessed all within 4 months). I knew then that the “waiting list” was BS. FYI I buy to keep.

Not sure what to say about trying to acquire at this point. Provided it gets discontinued relatively soon, I wouldn’t expect you to lose much upon sale. However, you have to be prepared to lose something, even though I suspect you are likely to gain over the long run.

[Tavli3]

I guess if used 5711s go for 100K platonas bnib can go for 130K easy.

I’m a buy low sell high type guy this market is the polar opposite. As for will it change I have no idea but when it seems like everything is going straight up in value at the same time I tend to sit on my hands when paying huge premiums are required.


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[Old Geezer]

I thought USD55K BNIB was too high a few years ago
As much as I like the current version and want one, I can't bring myself to seriously consider it at 100K plus. I'm sitting this craze out. If it's discontinued, I'm hoping there will be a new platona to replace the current version and I'm banking on liking it and acquiring it from my AD if I do. These are crazy times in the market

[CHRONOLEX]

Originally Posted by Brich436

No offense but it seems like the Platinum Daytona isn't right for you.... this is an extremely expensive watch. At this price range your in the AP and PP leagues.

If your net worth is < 10M I wouldn't even consider it. If its above that then buy the watch to keep it (wear and enjoy) and then who cares what resale value is. It's like buying a 130k Porsche that is worth 40k after 6-8 years - though I bet the Daytona will do much, much better.

Thanks for your concern! My Porsche was more than $130k so no need to lose sleep over my situation.

I've always done well by entering into purchases at the right price point, no matter what it is. Makes no sense to me to blindly spend money without regard to market for obvious reasons.

Price may increase or decrease, but this latest craziness is without compare. Even dealers themselves are scratching their heads. A very nice dealer told me this morning that he was offered a BNIB 116506 at such a high price that even he said no, as he could never resell it and make anything, so that to me says the market is starting to push back a little.

[CHRONOLEX]

Originally Posted by Sub*Man

I think you make some great points. Youre clearly a sophisticated watch owner and a successful guy, cheers to that.

I think the hype has taken this reference to unrealistic levels. It is THE Daytona, but Im' not sure I love it at $130k, but I'm not sure I would ever go $130k on a single watch. Certainly my collection is worth more than $130k, but to me thats a lot of a single Rolex. Obviously your collection far exceeds $130k.

I don't think the luxury watch market will ever go back down. I think the luxury market, like real estate, has entered another level and there is no ceiling. Demand far exceeds supply and the only that will it cool it off in my opinion is a rise in interest rates. And, a "pullback" nowadays might just be considered a cooling off period, not a crash like before. So I think the luxury watch market has parallels to real estate.

Lastly, have you tried the platinum Day Date? May scratch your platinum itch at a much lower price point, and an absolutely stunning reference on the wrist. I have come very close a few times, but always seem to be able to talk myself out of it.

Cheers on your 116500, i too received mine from my AD last week, and it was monumental.

You are very kind, and thank you for a thoughtful response. Big congrats on your 116500! Wonderful add to the collection!

I actually already have a few DDs, including platinum, and really coming to the end of my Rolex pursuits which is sad in a way. I grew up very modestly near a flashy city, and that Rolex crown captivated me from an early age. Back then, the two tone DJ was the rage, and I used to find such delight in studying people's watches from across the room to see if they were a Seiko/Citizen/Pulsar/Bulova or the real deal. When I saw the wrist turn just enough to see the that fat DJ case, the raised acrylic crystal (or sapphire catch the light), or the thicker clasp with embossed crown, it was like bagging a trophy in the wild. So thankful to have had those formative experiences! For me, the platinum Daytona would just be one of the cherries on top of a wonderful journey.

[CHRONOLEX]

Originally Posted by Sub*Man

I think you make some great points. Youre clearly a sophisticated watch owner and a successful guy, cheers to that.

I think the hype has taken this reference to unrealistic levels. It is THE Daytona, but Im' not sure I love it at $130k, but I'm not sure I would ever go $130k on a single watch. Certainly my collection is worth more than $130k, but to me thats a lot of a single Rolex. Obviously your collection far exceeds $130k.

I don't think the luxury watch market will ever go back down. I think the luxury market, like real estate, has entered another level and there is no ceiling. Demand far exceeds supply and the only that will it cool it off in my opinion is a rise in interest rates. And, a "pullback" nowadays might just be considered a cooling off period, not a crash like before. So I think the luxury watch market has parallels to real estate.

Lastly, have you tried the platinum Day Date? May scratch your platinum itch at a much lower price point, and an absolutely stunning reference on the wrist. I have come very close a few times, but always seem to be able to talk myself out of it.

Cheers on your 116500, i too received mine from my AD last week, and it was monumental.

By the way, I recommend the platinum DD for you!! It's such a cool piece.

[CHRONOLEX]

Originally Posted by Rado63

Probably as the OP has speculated collectors may be holding on to these watches for a future sale once this watch gets discontinued. The platinum Daytona is a 50th anniversary piece. First platinum Daytona introduced in 2013. Even though they have been producing them since 2013, This is a rare watch. The price will always be high. If discontinued prices will go higher. Unless you are a well known client at an AD, chance of getting one at retail, probably zero.

For all sorts of reasons, asset classes are risk-on and people can't seem to get enough. Maybe it's too many dollars, too few goods, too many people working at home with time to obsess, or any other reason. Whatever, whiskey, knives, baseball cards, etc. are on a tear.

Who is buying it all? I have this image of someone sitting in their small apartment buying as much of these odd goods as they can find and letting them stack up all around them, thinking they will get rich off being able to resell it all in short order. If that's the case at all, multiply it by ?? and there you might find some of the supply.

[CHRONOLEX]

Originally Posted by Old Geezer

I thought USD55K BNIB was too high a few years ago
As much as I like the current version and want one, I can't bring myself to seriously consider it at 100K plus. I'm sitting this craze out. If it's discontinued, I'm hoping there will be a new platona to replace the current version and I'm banking on liking it and acquiring it from my AD if I do. These are crazy times in the market

You make a great point!! The Platona occupies a huge spot in the lineup. If it goes, something will have to follow behind it. The way Rolex (and the market) have behaved recently, the new thing would shoot to the moon while the old Platona might crater. Seems like people really want the new stuff most.

I've actually been surprised that the vintage Daytonas have "seemed" to be relatively stable in comparison to the surge in modern pieces. Could pick up a 6263 for much less than a Platona right now.

[macrowatch]

I personally would balk at 130k for BNIB, for I think 'equilibrium' seems good around 100-110k near BNIB. US retail plus sales tax already puts in around 85k USD right? So say same 15-20k premium that SS sees and I think buyers are willing to buy and sellers willing to sell (maybe not the ones holding out but the ones looking to transact).

FWIW, if your day dates came from AD, why not patiently wait and see if one might appear at the AD since it's still at least in production for another year?

Finally, is it just the metal or the specific dial combination? If the specific anniversary dial and it gets discontinued finally next year, then what's it worth to you in one year's time?

[CHRONOLEX]

Originally Posted by macrowatch

I personally would balk at 130k for BNIB, for I think 'equilibrium' seems good around 100-110k near BNIB. US retail plus sales tax already puts in around 85k USD right? So say same 15-20k premium that SS sees and I think buyers are willing to buy and sellers willing to sell (maybe not the ones holding out but the ones looking to transact).

FWIW, if your day dates came from AD, why not patiently wait and see if one might appear at the AD since it's still at least in production for another year?

Finally, is it just the metal or the specific dial combination? If the specific anniversary dial and it gets discontinued finally next year, then what's it worth to you in one year's time?

Agree with your points - thank you

[Daytonaman799]

Originally Posted by Sub*Man

I think you make some great points. Youre clearly a sophisticated watch owner and a successful guy, cheers to that.

I think the hype has taken this reference to unrealistic levels. It is THE Daytona, but Im' not sure I love it at $130k, but I'm not sure I would ever go $130k on a single watch. Certainly my collection is worth more than $130k, but to me thats a lot of a single Rolex. Obviously your collection far exceeds $130k.

I don't think the luxury watch market will ever go back down. I think the luxury market, like real estate, has entered another level and there is no ceiling. Demand far exceeds supply and the only that will it cool it off in my opinion is a rise in interest rates. And, a "pullback" nowadays might just be considered a cooling off period, not a crash like before. So I think the luxury watch market has parallels to real estate.

Lastly, have you tried the platinum Day Date? May scratch your platinum itch at a much lower price point, and an absolutely stunning reference on the wrist. I have come very close a few times, but always seem to be able to talk myself out of it.

Cheers on your 116500, i too received mine from my AD last week, and it was monumental.

All parties end... what’s going on right now is lunacy, Nautiluses for 100k while PCs sit in the window unloved. COMEX’s couldn’t get given away and now they are 150-200k. Steel Daytona’s trading at 35-40k. AP 15202 for 90 but VC PC Overseas below retail. There is ZERO value for money right now and that kind of realm doesn’t last. Enjoy the party now because the hangover is going to stink.

[Sub*Man]

Originally Posted by CHRONOLEX

You are very kind, and thank you for a thoughtful response. Big congrats on your 116500! Wonderful add to the collection!

I actually already have a few DDs, including platinum, and really coming to the end of my Rolex pursuits which is sad in a way. I grew up very modestly near a flashy city, and that Rolex crown captivated me from an early age. Back then, the two tone DJ was the rage, and I used to find such delight in studying people's watches from across the room to see if they were a Seiko/Citizen/Pulsar/Bulova or the real deal. When I saw the wrist turn just enough to see the that fat DJ case, the raised acrylic crystal (or sapphire catch the light), or the thicker clasp with embossed crown, it was like bagging a trophy in the wild. So thankful to have had those formative experiences! For me, the platinum Daytona would just be one of the cherries on top of a wonderful journey.

You’re very welcome!

That’s a very cool intro to what I imagine is a captivating story! If you’ve care to DM, I would love to hear it sometime. I too grew up modestly, and I remember serving tables at a fine dining restaurant and always looking for cyclops, and if I was lucky, a Presidential bracelet. Now I have both (but not like you!!) God is good.

JB

[macrowatch]

Originally Posted by Daytonaman799

All parties end... what’s going on right now is lunacy, Nautiluses for 100k while PCs sit in the window unloved. COMEX’s couldn’t get given away and now they are 150-200k. Steel Daytona’s trading at 35-40k. AP 15202 for 90 but VC PC Overseas below retail. There is ZERO value for money right now and that kind of realm doesn’t last. Enjoy the party now because the hangover is going to stink.

Party responsibly while not getting drunk. Just buzzed.

If drunk, best to crash into the morning with something that has a ceramic bezel instead of metal bezel just to be safe.

I DO find it interesting thought no one (or at least not many) decides to cash out of Platona to grab a PP PC.

[Sub*Man]

This is a good thread. Intelligent and well articulated responses.

[CHRONOLEX]

Originally Posted by macrowatch

If drunk, best to crash into the morning with something that has a ceramic bezel instead of metal bezel just to be safe.

[Chiboy]

Originally Posted by macrowatch

I DO find it interesting thought no one (or at least not many) decides to cash out of Platona to grab a PP PC.

Funny you should say that. I have thought if I could source an AD SS Daytona and swap my platinum Daytona for a Patel 5170P, that might be interesting. And I’m a guy who has worn and loved my Daytona every day for 4+ years.