What was the Rolex market like in 2008?

[Rollieo]

Who remembers?

Walk into any AD and pick up any sports model from the case, with a discount? Including Daytonas?

I only had my eye on a DJ then, didn’t even bother looking at the sports models so I don’t remember. I remember DJ would go for 10-20% off too.

[rolex16]

You could but a SS Daytona used around and sometimes under MSRP. Walk into any AD and find just about all SS watches and buy with 5-10% discount. PM with 25% discount. Only once did I see a SS Daytona in the case, but it happened! I walked into an AP AD in Venice and could have bought a jumbo on the spot for $19k. Across the square at Patek, could have bought a 5980. In DC, tried on a 5712 that I almost bought at MSRP but was torn with 5711.

[Time Out]

Big discounts. Full cases. The SA's groveled to you.

You would show big interest in a piece.. try it on, pause, then walk out. The SA's would ask you what it would take for you to buy today.

This went all the way up to 2016 or so. I was offered a Hulk with dust on it for 20% under msrp. I passed and bought a Breitling. LOL

[GradyPhilpott]

I bought my first in September of 2008 and at that time, you couldn't walk in to an AD and expect to find everything you might want, but you had a good choice of references.

You could special order references and something like a DateJust would show up in about a month.

Sometimes, you'd go in and the pickings were slim, but then a couple of weeks later, you'd find another nice group of watches to choose from.

Of course, the steel Daytonas were hard to come by and reference updates would sell out pretty fast, but patience would pay off.

Price increases were fast and furious for about the first four years that I was hot to trot, but even then the prices were reasonable in my humble view.

It certainly wasn't like today.

[Al1969]

Originally Posted by rolex16

You could but a SS Daytona used around and sometimes under MSRP. Walk into any AD and find just about all SS watches and buy with 5-10% discount. PM with 25% discount. Only once did I see a SS Daytona in the case, but it happened! I walked into an AP AD in Venice and could have bought a jumbo on the spot for $19k. Across the square at Patek, could have bought a 5980. In DC, tried on a 5712 that I almost bought at MSRP but was torn with 5711.

X2.

I recall in 2008 picked up about 3 stainless steel watches. All between 15-20% off. Full display cases with just about every reference.

[ArtNouveau]

Hmmm…I sold my black dial 116520 for $10000 that year, having bought it at MSRP of $6550 in 2004, they were still selling at a premium. I did buy my only grey Rolex that year. The DSSD had just come out and my local dealer had a small waitlist. The reseller had one for immediate delivery at a discount.

[inadeje]

Yes, I remember well, those were the days…however, no SS Daytona’s. At least not at all the ADs I frequented. Plenty of subs, GMTs (BLNR and LN). Discounts on PMs between 15-25%. 10% on certain SS, including sports variants.

If we know anything about history, it’s that it tends to go full circle.

[shaunylw]

It was essentially the same as most car dealerships, minus the 6 hour purchase process.


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[rolexjackson]

Originally Posted by Rollieo

Who remembers?

Walk into any AD and pick up any sports model from the case, with a discount? Including Daytonas?

I only had my eye on a DJ then, didn’t even bother looking at the sports models so I don’t remember. I remember DJ would go for 10-20% off too.

it was very different than it is now! i recall walking in and being offered a WG Daytona with the meteorite dial at a discount. The Sales associate telling me that one day this piece would be worth much more than the $15,000 the watch was being offered for. If i had only listened to her! and if I had a time machine!!!

[the dark knight]

I bought my first brand new Rolex (16610) from an AD the very day Lehman's bankruptcy was announced. Things were already slowing down, in hindsight I guess I was kinda nuts to think buying a Rolex was a good idea when the world was melting down.

They had one in the display and more in the back. Pretty much every sports model sans Daytona.

I could be misremembering, but I think the situation (at least for buyers) got even better in the years after and peaked right around 2014-2015.

In 2008, there were ADs that didn't have the Submariner in stock. This did not happen in 2014ish. 2014 was also when I was offered a Daytona for the first time.

I think 2016 was the slow beginning of the supply crunch when the ceramic Daytonas came out and Rolex added to their already considerable hype.

[cts]

Bought my 116520 Daytona white in 2002. I was on a select waiting list then. Could have turned around and sold it for a 3k profit at least, immediately upon purchasing. Wait in general for this piece was at least 2 or so years if deemed worthy…

[28mm]

I was able to get 20% off SS models but might have bought a two tone at the same time once or twice.

There was a physical 'list' for the Daytona where the SA wrote my name on the back of an envelope and I got 'the call' 3 weeks later...did that twice!

No discount on the 16622 when it was released. Got a Milgauss for 20% off and for awhile back then (2009), it was selling for a premium by greys.

[David001]

In 2008 I was travelling almost weekly between the US and Caribbean. The tourist ADs were very well stocked and hoards of cruise ship tourists would swarm into the shops and buy watches at discount, it was the done thing.

All of the professional range were easy to come by, if they weren't in stock then it was only a case of ordering one and waiting for the next delivery batch.

I would sometimes see a Daytona in a case in an airport or tourist AD, but I already had one by then and there wasn't the hype of today so I wouldn't spend much time drooling over the cases. I don't recall them being common though and I think even then they weren't so easy to come by in regular city ADs.

I think I bought my IWC Aquatimer that year, I chose it over a Sub because the Subs were very common and the Aquatimer wasn't an easy piece to get in the states, so the extra exclusivity appealed to me. I bought a two-tone Sub a little while later. I still have it.

[MILGAUSS88]

Originally Posted by Rollieo

Who remembers?

Walk into any AD and pick up any sports model from the case, with a discount? Including Daytonas?

I only had my eye on a DJ then, didn’t even bother looking at the sports models so I don’t remember. I remember DJ would go for 10-20% off too.

In 32 years, I have only seen one Daytona in an AD display case, and that was when they were changing movements.
When I started 32 years ago, there was at least a 2 year waiting list for a Daytona, if not 4 year.

They steel models have always sold at a premium since 1990.
2 tone, deep discount. Solid gold as well.

The rest of the sport models, yes they were available.

[Oystersteel92]

Originally Posted by Rollieo

Who remembers?

Walk into any AD and pick up any sports model from the case, with a discount? Including Daytonas?

I only had my eye on a DJ then, didn’t even bother looking at the sports models so I don’t remember. I remember DJ would go for 10-20% off too.

I don't remember if it was '08 or '09 but at what felt like it was the height of the so-called "Great Recession." How I first knew things were bad (and that people were selling watches to raise cash) was that a worthy internet Grey that I had done business with in the past and routinely checked their inventory suddenly had 8-10 SS Daytonas on offer for the then current MSRP. I then visited my local AD for the first time after having moved here broke in '05 and they had brimming cases full of stock. As soon as I said I was interested in Rolex they offered me a SS Daytona out of the vault. While I was trying on some watches the owner came up and said "did you tell him about the Daytona?" My financial life and career are much, much different now. Would not mind for this kind of market to come back.

[Oystersteel92]

Originally Posted by Oystersteel92

I don't remember if it was '08 or '09 but at what felt like it was the height of the so-called "Great Recession." How I first knew things were bad (and that people were selling watches to raise cash) was that a worthy internet Grey that I had done business with in the past and routinely checked their inventory suddenly had 8-10 SS Daytonas on offer for the then current MSRP. I then visited my local AD for the first time after having moved here broke in '05 and they had brimming cases full of stock. As soon as I said I was interested in Rolex they offered me a SS Daytona out of the vault. While I was trying on some watches the owner came up and said "did you tell him about the Daytona?" My financial life and career are much, much different now. Would not mind for this kind of market to come back.

Just checked the website of the grey I mentioned and they have 3 SS Daytona's currently and have recently reduced the price on the black dial ceramic bezel from $42,500 to $38,900. At the height of the mania they'd have maybe one watch and it would go in a week. They also have a Patek 5711, which is pretty rare for them. Normally they might have the odd Calatrava or two. In general they have more Rolexes than they have had at any time in the past year. Bears watching.

[kieselguhr]

2008? I just got into school. I was a broke student and wasn’t even thinking of buying Rolex. When I graduated in 2012, I was still broke and would remain broke for a while yet.

Around 2013 (when I joined the forum) I remember walking into the Wynn Rolex and all the sports models were readily available for sale. Steel Daytonas were never on display. However, TT Daytonas, PM Daytonas, and even a platinum Daytona was in the display case. The sales associates kept trying to entice me into buying a Rolex as it was a necessary accessory for a professional like me and they were offering 20% discounts. When I told them I was broke, they said no problem and offered 0% financing.

Preowned prices were amazing!! $5500 for a 16610 LV. Nautilus and Royal Oaks for $18,000.

10 years later. I’ve come come a long way, made Jr. partner, but am still broke. But it’s fine because nowadays the display cases are empty anyway.

[joli160]

Daytona was not available but for the VIP customers, your local grey.

Lots of freebees, discounts and customer satisfaction were the norm.

There was not an AD in the world dreaming of keeping the white tag, outer sleeve, removing stickers against customers wishes, keeping warranty cards for a year or trying to sell you any other BS “Rolex” policy .

[rajurama]

I bought SS Daytona stickered right here on TRF from Davidsw .... Guess what below MSRP yes that was 2008 and it can still happen again. I don't wish it happens as watches will be the last of our worries when the crash does happen.

[amanbra]

In 2013 i was in HK, I walked out with a deville 41mm coaxial instead of a gmt master II.

I hated Rolex at the time for some reason… yeah.


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[Jocke]

When I bought my first Rolex in 1999, it was about 2 months waiting time for most sports models except Daytona which was
about 2 years waiting time. Then the waiting time increased slowly but surely. It was a few years around 2010 that it was possible
to get YM, EXP & EXP II for immediate delivery.

[Incroyable12]

Originally Posted by kieselguhr

2008? I just got into school. I was a broke student and wasn’t even thinking of buying Rolex. When I graduated in 2012, I was still broke and would remain broke for a while yet.

Around 2013 (when I joined the forum) I remember walking into the Wynn Rolex and all the sports models were readily available for sale. Steel Daytonas were never on display. However, TT Daytonas, PM Daytonas, and even a platinum Daytona was in the display case. The sales associates kept trying to entice me into buying a Rolex as it was a necessary accessory for a professional like me and they were offering 20% discounts. When I told them I was broke, they said no problem and offered 0% financing.

Preowned prices were amazing!! $5500 for a 16610 LV. Nautilus and Royal Oaks for $18,000.

10 years later. I’ve come come a long way, made Jr. partner, but am still broke. But it’s fine because nowadays the display cases are empty anyway.

You could buy used Royal Oaks for as low as $6-8k back then. As late as 2017 Yves Klein dial 14790s were only around $10-12k. A SS/Platinum RO Perpetual Calendar was around $30k.

Beyer signed Nautilus 3800s were only $15-18k. Nobody even gave a second look at things like the Vacheron 222 or Rolex 1530/OQ. Forget about oddities like the Rolex King Midas. You couldn't give them away for near scrap prices.

[mountainjogger]

It was not a great time for AD's or the watch industry.

[ravellee]

Originally Posted by jdg443

it was very different than it is now! i recall walking in and being offered a WG Daytona with the meteorite dial at a discount. The Sales associate telling me that one day this piece would be worth much more than the $15,000 the watch was being offered for. If i had only listened to her! and if I had a time machine!!!

wow the sales associate had very good foresight

[Bigeyetuna]

Originally Posted by rolex16

You could but a SS Daytona used around and sometimes under MSRP. Walk into any AD and find just about all SS watches and buy with 5-10% discount. PM with 25% discount. Only once did I see a SS Daytona in the case, but it happened! I walked into an AP AD in Venice and could have bought a jumbo on the spot for $19k. Across the square at Patek, could have bought a 5980. In DC, tried on a 5712 that I almost bought at MSRP but was torn with 5711.

I don’t agree at all - at least not in NYC. You could not just walk in and buy a SS Daytona at Wempe or Tourneau in NYC 2007 - 2009. Not a chance - God knows I tried. During the crash, two huge banksf failing, Madoff etc - stainless Daytonas could not be found in NYC in the case at an AD and sure as hell not at a discount.

I paid about $10k or 11k (I think)from Davidsw for my 116520 in May of 2009 because I specifically could not find one at retail. I know I paid over retail. I’ll see if I can find my email correspondence with him (great transaction btw)

[ronricks]

I remember walking in my AD in 2008/2009 and being offered 10% to 15% off SS Rolex before I could even open my mouth and tell them what I was interested in.

[buffetwarren]

Are we suggesting an economic/stock market downturn could result in the same today?

[rolex16]

Originally Posted by Bigeyetuna

I don’t agree at all - at least not in NYC. You could not just walk in and buy a SS Daytona at Wempe or Tourneau in NYC 2007 - 2009. Not a chance - God knows I tried. During the crash, two huge banksf failing, Madoff etc - stainless Daytonas could not be found in NYC in the case at an AD and sure as hell not at a discount.

I paid about $10k or 11k (I think)from Davidsw for my 116520 in May of 2009 because I specifically could not find one at retail. I know I paid over retail. I’ll see if I can find my email correspondence with him (great transaction btw)

I never said the SS Daytonas were readily available as a walk-in. I said it happened one time. I bought mine for $8400 lightly used/mint from a grey, which I believe was below MSRP for 2009 which is when I believe I purchased.

[Golfbone]

As others have said. The local dealers had display cases full of watches and they were available at a 10-15% discount. What they didn't have you could order and usually get. But back then 1 or 2 pieces was enough for me. Once they became hard to get....everybody wants them more and that creates a vicious cycle of skyrocketing prices. Now of course some people who are holding more pieces than they really need or wanted in the first place may start to unload those and there will be an adjustment but that's fine for those of us who only bought the pieces we like at AD prices. For folks who bought Sky Dwellers, Pepsis and Daytonas at double or triple MSRP .....well they probably can afford to lose a bit without going bust and they probably will.

[Marcjvr]

One of the best features of this forum is that history exists all the way back to 2005

If you want to know what it was like in 2008 you can go back and read all the 2008 posts…

I find it very interesting to do it on occasion to see what has changed and what hasn’t. I can tell you I always come across a few threads about Rolex as an investment no matter how far back you look. They were never reviled the way they are now