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Luxury watch prices halve........

MikeMA

MikeMA

pfm Member
......as wealthy Chinese sell collections to stay afloat.

According to today's FT Weekend, Watcheco, an industry portal for used luxury watches, said the prices of second hand Rolex Submariners - a model coveted by connoisseurs and collectors - had fallen 46 per cent since March.

One dealer in Nanjing is reported to have bought six Patek Philips and 29 Rolex Submariners from distressed owners in July alone.

Hermes handbags are well down too apparently.

Is this influencing UK/European prices, I wonder, and how will it impact the cost of living crisis?
 
MikeMA said:
......as wealthy Chinese sell collections to stay afloat.

According to today's FT Weekend, Watcheco, an industry portal for used luxury watches, said the prices of second hand Rolex Submariners - a model coveted by connoisseurs and collectors - had fallen 46 per cent since March.

One dealer in Nanjing is reported to have bought six Patek Philips and 29 Rolex Submariners from distressed owners in July alone.

Hermes handbags are well down too apparently.

Is this influencing UK/European prices, I wonder, and how will it impact the cost of living crisis?
Click to expand...

Yes, the world is now witnessing what happens when China switches Off. The world managed to scrape thru the 2008 mess because of Chinese growth engine...but this time...hmmmm.

There's enough empty properties in China to house the entire population of Germany
 
andyoz said:
Yes, the world is now witnessing what happens when China switches Off. The world managed to scrape thru the 2008 mess because of Chinese growth engine...but this time...hmmmm.

There's enough empty properties in China to house the entire population of Germany
Click to expand...

We do live in intresting times.
 
What goes up must come down. From same article -

Some luxury goods investors argued that the recent price falls were inevitable after an unsustainable surge prior to March.
In the six months leading up to Shanghai’s lockdown, the price of second-hand Rolex Submariners rose by 240 per cent.

MikeMA said:
Is this influencing UK/European prices, I wonder, and how will it impact the cost of living crisis?
Click to expand...

Not yet afaics, but China is ahead of the West in economic cycle.
I sold my sub a couple of months ago because values seemed crazy high.
Got a good price from a dealer but he has yet to sell it. Six months ago it would've flown out the door.
Not boasting about my market timing skills - I used proceeds of sale to buy another Rolex.
 
Our daughter works at a high end jeweller, she’s Rolex trained. There’s certainly no reduction in people wanting brand new Rolexes. The problem is there’s nowhere near enough supply and there never will be so I can’t see the retail price changing. Highly inflated 2nd wrist values will be more volatile. If you buy a new Rolex you can sell it for more than the retail price but Rolex take a dim view of people who do this, they really do prefer to sell to people who appreciate their products rather than investors. The waiting list for a Rolex tends to be around a year and that’s once you’ve demonstrated your genuine interest. My daughter recently had to report to her management that someone offered her a bribe via WhatsApp to her work/client phone. Others walk in with wads of cash hoping to get lucky.
 
There's nothing wrong with the retail price of rolexs, there never has been, just on the grey market some of them were fetching 5x retail.

Investors lose their shirts sometimes, that's the nature of the beast, no sleep lost here for speculators in any field who add no value.
 
You have to separate the intentions of Rolex , the non-profit company, from the acts of some of their ADs.
 
@Nero AD = Authorised Dealer.
Rolex is owned by a charitable foundation and doesn't pay tax.
What's weird about that? There's nothing weird about that.

(races to exit)
 
AD is authorised distributor. They may play fast and lose but when found out they will lose their franchise. Bear in mind that Rolex make no money out of the grey market.

If someone buys a £20k Rolex and sells it on for a very juicy profit they’d better be a very good mate of the AD owner with a good story or the AD will be in trouble.
 
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