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☆ One Rolex model bucked the trend and had the biggest increase in value since last year
▼ + stars: | 2024-03-23 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

The frenzy for pre-owned Rolex watches peaked exactly two years ago, sending the market into a slump. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementIt has been a rough two years in the pre-owned Rolex market. Related storiesDesigned as a utilitarian pilot's watch, Rolex introduced the GMT in 1955 with a dedicated hand to track the 24 hours of the day. What's more, this watch is selling on the pre-owned market for around $21,000, or nearly twice its $10,700 retail price.

Persons: II, —, I'm, Carol Altieri, It's, Altieri Organizations: Rolex, Service, Pepsi, Bloomberg Locations: Swiss

☆ Buying a Rolex is easier than you think, an official retailer says
▼ + stars: | 2024-03-21 | by ( Jordan Hart | ) www.businessinsider.com time to read: +4 min

This story is available exclusively to Business Insider subscribers. A store director, Caitlin Hausser, walked Business Insider through how to buy a Rolex from William Barthman Jeweler in New York City. It's not as difficult to buy as other luxury accessoriesCaitlin Hausser told Business Insider that Rolex Daytona models were in the highest demand. "Rolex wants new clients," Hausser told BI. Hausser told BI that clients wouldn't have to pay for their new Rolex until it was time to pick it up.

Persons: —, Caitlin Hausser, William Barthman, Jordan Hart, Hausser, It's, Hermès Kelly, Birkin Organizations: Service, Business, New York Stock Exchange, Daytona, Rolex, Rolex Rolex Locations: Swiss, New York City, New York

☆ Rolex wants more control of its retail sales — and the move has sent shares of a top luxury watch dealer down 21%
▼ + stars: | 2023-08-25 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Rolex is taking over watch retailer Bucherer, giving the luxury giant more control over how its watches are sold, the WSJ reported. After the news, shares of Watches of Switzerland tanked 21%. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Bucherer, a 135-year old watch retailer based in Switzerland, runs more than 100 stores, with more than half selling Rolex products. In any case, the luxury watch market at large has gone through its own downturn in 2023.

Persons: Patek Philippe, Audemars, It's Organizations: Rolex, Service, Wall Locations: Switzerland, Wall, Silicon, London

A tray of Rolex watches are seen on a dealer's stand at the London Watch Show on March 19, 2022 in London, England. Prices for luxury watches are near a two-year low on the secondhand market, reversing a rally that brought timepieces like Rolex, Patek Philippe and Audemars Piguet to record highs during the pandemic. The average price of a watch sold secondhand has fallen 31% since March 2022, according to WatchCharts, a luxury watch price tracker. At the market's peak, the average price of a luxury watch sold secondhand soared to $45,108, with buyers paying up to five times the retail value for in-demand watches. "It was interesting that the price hike mainly happened among three family-owned brands: Rolex, Patek Philippe and Audemars Piguet.

Persons: Patek Philippe, Audemars Piguet, Paul Altieri, Audemars, Tim Stracke Organizations: London, Rolex Locations: London, England, German

☆ Rolex makes more than 123 watch models — most of them are worth more used
▼ + stars: | 2023-07-25 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

The pre-owned luxury watch market has been declining for over a year, driven largely by the top three brands. Even so, nearly three quarters of currently-made Rolex models are worth more pre-owned than new. Patek Philippe still commands the highest resale premium, though only half its models beat their retail price. Spencer Platt/Getty ImagesEighty-nine of Rolex's 123 current models included in the analysis are worth more used than new. On average, pre-owned Rolex watches cost 24% more than retail, less of a markup than pre-owned Patek Philippe, and more than that of Audemars Piguet.

Persons: Patek Philippe, Audemars, Philippe's, Rolex's, Charles Tian, Morgan Stanley, Spencer Platt, Piguet, Tian Organizations: Service, Rolex, Audemars, Oaks, Getty Locations: Wall, Silicon, New York, Swiss

☆ A discontinued Rolex just sold at auction for a record-breaking $2.5 million — the winning buyer reportedly was the watchmaker
▼ + stars: | 2023-05-15 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +2 min

A rare Rolex Milgauss "mad scientist" watch sold at auction for $2.5 million. The winning buyer purchased the timepiece on behalf of Rolex itself, sources told Bloomberg. Phillips in Association with Bacs & RussoThe winning buyer was acting on behalf of Rolex itself, sources told Bloomberg. Earlier this year, the Swiss brand quietly discontinued production of the Milgauss, known to many as Rolex's "mad scientist" watch for its magnetic interference-resistant design. The world record auction price for any wrist watch remains $17.8 million in 2017 for Paul Newman's very own Daytona Reference 6239.

☆ You can now buy secondhand Rolex watches as the luxury brand's certified pre-owned program hits the US
▼ + stars: | 2023-05-05 | by ( Jordan Hart | ) www.businessinsider.com time to read: +2 min

Rolex introduced its certified pre-owned program to US customers on Wednesday. Starting this week, shoppers can buy pre-owned Rolex watches from an official Rolex reseller. "This new program, therefore, attests to the authenticity of these pre-owned Rolex watches at the time of resale by the Official Rolex Jewelers." Rolex first introduced its secondhand program to the world in December 2022, launching in countries including Switzerland, Germany, and France. Prior to the announcement, American watch collectors had to seek out resellers with authentication programs like Bob's Watches for pre-owned luxury watches.

☆ Here's why Rolex watches are so expensive and how the brand gained its luxury status
▼ + stars: | 2023-04-29 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +6 min

With their precision manufacturing, specially sourced materials, and exceptional craftsmanship, Rolex watches have never come cheap, but neither were they out of financial reach for 1960s working professionals in search of perfect timekeeping and technical innovation. "Back then, anybody could afford a Rolex," Hess told Insider. Dealers would buy luxury watches in Switzerland to carry across the border and sell in Italy. That reputation has helped Rolex crush the competition with a quarter of the luxury watch market — more than double that of runner-up Omega. "They all buy the little wannabe Rolex brands in the beginning and finally, when they achieve success, they buy that Rolex."

☆ Rolex is discontinuing its $9,300 'mad scientist' Milgauss watch — and now some resellers are listing it for over $13,000
▼ + stars: | 2023-03-28 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

Rolex has quietly discontinued one of its professional watches, the magnetic field-resistant Milgauss. Bob's Watches CEO Paul Altieri told Insider he's holding off selling until prices find a new steady state. The original version was worn by the scientists at CERN, the European Organization for Nuclear Research, in Geneva, Rolex says. It even ranks near last place among the 16 Rolex models tracked on the site. Of course, Rolex could resurrect the Milgauss in a few years, but until it does, mad scientists will have to content themselves with a pre-owned model.

☆ Rolex just released its 2023 watch collection. See the platinum 60th-anniversary Daytona and 8 other new designs which are likely to have years-long wait lists.
▼ + stars: | 2023-03-28 | by ( Dominick Reuter | Lakshmi Varanasi | ) www.businessinsider.com time to read: 1 min

The other, known as the Rolesor, is a combination of gold and steel. This one is made from a combination of Rolex's proprietary Oystersteel alloy, and yellow gold. RolexSource: Rolex

☆ Rolex watches have outperformed gold, real estate, and stocks over the past 10 years, and sellers believe their future value will continue to deliver
▼ + stars: | 2022-12-21 | by ( Dominick Reuter | Lakshmi Varanasi | ) www.businessinsider.com time to read: +4 min

Prices for luxury watches like Rolex, Patek Philippe, and Audemars Piguet skyrocketed in 2022. Demand for second-hand luxury watches will likely stay high next year, according to Chrono24 founder Tim Stracke. Around 14% of the platform's sales come from Rolex watches, and 80% of those are pre-owned. "The new programme makes it possible to purchase pre-owned watches that the brand itself has certified and guaranteed. Its aim is to bring added value to the existing supply of pre-owned Rolex watches.

☆ Rolex is starting to sell officially certified used watches
▼ + stars: | 2022-12-05 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +4 min

Rolex officially launched a program for certified pre-owned watches in December. Last week, the Swiss company launched a "Certified Pre-owned Programme" for watches that are at least three years old. Now, certified pre-owned watches will be minted with the brand's official insignia as well. Its aim is to bring added value to the existing supply of pre-owned Rolex watches. While prices for second-hand luxury watches have dropped considerably over the past few months, they haven't completely wiped out their pandemic gains.

☆ Insider Life: Rich nab NYC penthouses — Rolex's rise — Lavish post-pandemic weddings
▼ + stars: | 2021-08-20 | by ( Jordan Parker Erb | ) www.businessinsider.com time to read: +3 min

We're back just in time for the weekend with some of our best stories spanning real estate, retail, and lifestyle. Today, we're bringing you the latest on NYC's penthouse sales, Rolex's rise to the top, and lavish $200,000 post-pandemic weddings. Rolex's path from humble origins to the top luxury watch brand. Gary Hershorn/Getty ImagesRich people are scooping up more New York City penthouses now than any other time in the last 14 years. Here's what that means for Manhattan real estate.

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