Rolex Certified Pre-Owned Watch Program Launches in the U.S.
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- Опубліковано 24 сер 2024
- Rolex Certified Pre-Owned Watch Program Launches in the U.S.
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Rolex, one of the most renowned luxury watch brands in the world, has finally decided to enter the secondary market with its new Certified Pre-Owned (CPO) program. The initial rollout of this program was in Switzerland, Austria, Germany, France, Denmark, and the U.K. Now, Rolex CPO watches will be available in select Tourneau and Bucherer boutiques in the United States, starting from May 3rd.
In order to curtail the market for newer models being flipped in the gray market, only Rolex watches purchased from authorized dealers (ADs) and that are more than three years old will be eligible for the pre-owned program. The brand is also taking a unique approach in the secondary market experience, making it different from the typical buying process. When a customer purchases a Rolex-certified pre-owned watch, they will receive a certificate of authenticity and a new, two-year warranty card. Additionally, they will receive a coveted Rolex "wax seal" tag.
Over the past two decades, the pre-owned watch market has experienced a notable surge, and this trend is expected to continue, thanks to millennials and Gen Z shoppers. Rolex is not the first major player to claim its own slice of the pie in the secondary market. In 2018, Richemont entered the second-hand space by acquiring Watchfinder, followed by Watches of Switzerland purchasing Analog/Shift in 2020. Last year, Hodinkee got into the pre-owned watch game by purchasing Crown & Caliber.
The pre-owned watch market and its retailers have often carried a certain stigma. There is arguably a greater risk involved when buying a luxury watch outside the sphere of an authorized dealer or directly from the brand. While many brands have historically wanted to distance themselves from the second-hand market, others have recognized the value in being a part of it. Some have used the Certified Pre-Owned (CPO) approach, a strategy that has long been used in other luxury sectors like cars, where companies like Porsche and Ferrari have been putting their stamps of approval on pre-owned vehicles for years.
Rolex's move into the pre-owned market may seem like a bit of a surprise at first glance, but it is actually a logical next step for the brand. In the past few years, Rolex boutiques worldwide have been running dry with display cases marked by dreaded "For Exhibition Only" signs. Employees break the news that a particular watch might not be available for months or even years. The Crown recently gave collectors hope that the tides might be shifting with the announcement of plans to build a new $1 billion factory in Switzerland. But until it is up and running, certified pre-owned Rolex watches may help fill the gap in supply.
The brand's decision to embrace the pre-owned category of the business is positive news for many watch enthusiasts. It validates the category and acknowledges the value of watches in the secondary market. What remains to be seen is how this move will affect the existing secondary market. While some may worry that the introduction of Rolex CPO watches may negatively impact the value of pre-owned Rolex watches, others believe that it could increase demand for pre-owned watches, creating a win-win situation for both buyers and sellers.
In conclusion, Rolex's entry into the pre-owned market may be a logical next step for the brand. The CPO program aims to curtail the market for newer models being flipped in the gray market, and it also helps fill the gap in supply, especially in regions where demand is high. The certification process may help increase trust and security in the secondary market, which could attract more buyers. While it remains to be seen how this move will impact the existing secondary market, the validation of this category is a positive development.
Thai police are investigating a woman accused of stealing a Rolex watch worth a million baht ($30,000) from a British tourist in the beach town of Pattaya.
The tourist filed a report to police earlier this week, saying a Thai woman whom he invited to his room to hang out had stolen his expensive Rolex watch from him and fled, Pattaya News reported.
The tourist said he did not know the name of the woman as he had just met her at his condo in the Jomtien area of the Banglamung district.
Police Captain Chonlawit Athipansi, deputy investigator at the Pattaya Police Station, said police were attempting to identify and locate the suspect.
In other words, a midcentury Rolex was more like an Apple Watch than the highly prized collectible it is today, where even the lowest-priced Datejust would set you back $5,000.
#rolex #watches #rolex2023
Excellent information - well done
Thank you kindly Sir Jamie
You have to bring coffee & Krispy Kremes for your AD to sell you a pre-owned Rolex!
hahahaha dont forget the foot massage.
Interesting!
Boucher- RAY!
makes total sense given how well Rolex's holds there value on the 2nd hand market.
it's a bit weird to sell an used for market(higher than the new? I assume it's higher than msrp).
like it would make sense for them to just keep watches for 3 years in a box and just sell them as cpo instead as new.