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Exploring the Economics Behind the Soaring Prices of Used Rolex Watches

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The Wall Street Journal
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The YouTube video by news channel UCK7tptUDHh-RYDsdxO1-5QQ titled “Why New Rolex Watches Can Cost Thousands Less Than Used Ones | WSJ The Economics Of” explains the booming secondary market for Rolex watches and the factors leading to used watches being more expensive than new ones. The scarcity due to long wait lists for new Rolexes, the desirability of certain discontinued models, and the personal history attached to older watches are driving collectors to the pre-owned market. The video also discusses Rolex’s recent foray into the certified pre-owned space, which has implications for the luxury watch market’s future.
  • Rolex Daytona watches can be significantly more expensive on the secondary market than new due to high demand and scarcity.
  • Wait lists for new Rolex watches can extend for months or years, leading buyers to the resale market.
  • The pre-owned watch market reached $22 billion in sales in 2021 and is growing faster than the primary market.
  • 29% of collectors paid more than retail for their most recent pre-owned watch to avoid waiting lists.
  • Some used Rolex watches are more valuable due to rarity, discontinued models, and the unique patina of older watches.
  • Online resale marketplaces have significantly contributed to the growth of the secondary luxury watch market.
  • Rolex has launched a certified pre-owned program, allowing for verification and certification of used watches.
  • The luxury watch market is experiencing an influx of inventory, which may lead to a cooling down of the used watch market.
  • Despite a potential cooldown, the Rolex resale market remains strong, with watches retaining significant value.
  • The market’s future remains uncertain, reflecting its vast size and complex dynamics.

The Wall Street Journal is an American business and economic-focused international daily newspaper based in New York City. The Journal is published six days a week by Dow Jones & Company, a division of News Corp.

AllSides Media Bias Rating: Center

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Official website: https://www.wsj.com

Original video here.

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