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Shocking Rolex Price Drop in 2024? - Economist Reveals What's Next!
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- Опубліковано 14 гру 2023
- Welcome back to the channel, where we dive deep into the dynamic world of luxury watches! In today's must-watch episode, we're exploring the turbulent journey of Rolex prices heading into 2024. With an unprecedented rollercoaster ride this past year, what lies ahead for these iconic timepieces?
Join me, a seasoned economist and passionate watch collector, as I break down the complex factors influencing the Rolex market. We'll explore everything from surprising economic trends to the secretive grey market, and how these elements could reshape the landscape of luxury watches in 2024.
I’ll be drawing on my personal experiences, backed by hard data and economic analysis, to give you a comprehensive look at the potential shifts in Rolex pricing. Expect insights into consumer spending habits, the impact of interest rates, and Rolex’s own strategies that could signal significant changes in the market.
Are we on the brink of a major shift in luxury watch collecting? What does the future hold for Rolex enthusiasts and collectors alike? The answers may surprise you. Tune in to get the full story, enriched with personal anecdotes and professional expertise, as we unravel the mysteries of the Rolex market.
Don't forget to like, share, and subscribe for more in-depth analyses and personal stories from the world of luxury watches. Your support helps us continue to bring valuable content to watch enthusiasts everywhere. Comment below with your thoughts and experiences - let's build a community of informed collectors!
Some of the best insight on all of youtube. Love your channel.
Thank you so much! It's comments like yours that keep me going :-).
Just buy what you like, wear it, enjoy it, hand it on to loved ones, forget about it as investments, because they are not.
Yup, words to live by. I never buy any watch as an "investment". That was nonsense pushed by grey dealers on hype watches. Look at them now.
My Watch Journey, I wanted to ask your opinion on the prices of Rolex CPO inventory. The 1916 Organization rolled out the CPO Program across its stores in the US, and prices are significantly retail for a used watch. Do you have any observations you can share if these CPO prices will fall too in 2024?
If we continue with low demand, then yes, those prices will also fall. Now I do think they will maintain a small margin over used prices for watches without the certification. But you can also get that on Rolex serviced watches. So that's going to be a very small margin. It's similar to dealer certified programs for cars.
You always say your videos are too long but I disagree. I enjoy your vids so much that they seem way too short to me. Also, you always say you’ll cover some topic in the next vid which makes me check back a lot looking for the next one. More vids please!
Thanks for your kind words. I really appreciate your participation. It looks like I will have to make a follow up video on the court ruling; so many confused people ;-).
Exactly! They think the government cannot tell businesses what they can or can’t do. But, the government does that all the time! Think anti-trust actions, businesses that commit fraud, etc. Happens all the time!
If there is question will the watch price come down or go up in future, then you shouldn’t be thinking buying that watch. 95% of the time watch price will come down in the long run.
TBH I am always a bit baffled by the vast amounts of Rolex watches many of those grey dealers have. Looking at many youtube movies sometimes it seems as if they have all watches available. Now Rolex is good for 1M watches a year, but my guess is that grey dealers possess a significant proportion of that!
Great video and I agree with most of it, especially with the interest rates and costs of living issues impacting luxury items. I have definitely seen price reductions across most models, and notice dealers are only willing to pay fractions for pieces at the moment, as they are concerned about overpaying in a declining market which is fair enough.
Unfortunately flipping has not stopped though, it might have reduced but definitely not stopped. I have just come back from a recent trip to Japan and currently live in Australia, and I have seen plenty of preowned/grey dealers selling pieces dated as late as Q3/Q4 2023. Cheers !
Margins are shrinking fast and that's only possible with fewer and fewer models. I personally would never flip a Rolex for a couple of hundred dollars. What's the point?
Rolex is a safe bet from an authorized dealer at Msrp even if the luxury watches market go down. Example buy a Rolex at Msrp and if one wants to sell he will lose 15% so for every $100 spent on a Rolex one gets only $85 back buy an Omega, Breitling, Tag Heuer, JLC, Paneri, IWC, Zenith, Hublot I can go on and on one will lose 50% or more will only get $50 back out of the $100 spent on a watch and if don’t have to sell the Rolex eventually one will get more money back than what paid for the Rolex. Wasn’t the Datejust in the 1980s about $1000 and isn’t that same watch worth between $3000 to $5000 now. ROLEX IS KING and if flipping watches is over great. I will still continue to build a relationship with my authorized Rolex dealer. Will probably stick to Rolex maybe Cartier and some David Yurman jewelry to keep building a relationship with my local Rolex authorized dealer
Agreed
Overall in the long term, I agree. But it's surprising to note that Omega has held their secondary value better Rolex in the latest down turn. That's really due to the brand not gaining the same level of hype and having less to fall. The same goes for Cartier. As for Hublot .. well, I can't say I'm a fan.
I buy watches not because of resale value but because I enjoy watches, so who gives a shite.
@@androidaccount7743 Agreed. That's the only way to really enjoy our hobby. I love watches for their own sake.
The safest bet is dont buy any watch just save money and buy bank stocks, oil shares, blue chip bonds, property or gold bars. When I buy my Rolex RM , in my mind , I bought it because I can. Will the price goes up, maybe yes or no, but what really matters is I buy it with joy and show to myself I have made it and you can’t.
IM SO GLAD YOU ARE BACK!
Thanks! And me too haha.
Curious, do you think Rolex holds their 2024 MSRP at 2023 levels due to the overall cooling demand?
MSRP is typically not impacted directly by used prices. And one thing is that luxury watch manufacturers do not lower retail prices. It would damage their brand. So it's possible that 2024 will see another price increase. But if so, it should be more moderate than before. And I think it's fine with most used Rolex watches are priced lower than retail. That's actually the way it should be.
Already announced price increase
Can't argue with logic...
I want to add another Rolex to my small 5-watch collection - I'm a watch enthusiast rather than a collector - but paying more than Rolex RRP is utter BS & metaphorically gives me a slap in the face whenever I start looking. Being in a position to pay £10k+ for a watch is a privilege but the boutique experience should be a big part of that process, not just clicking on Chrono24 & getting a Royal Mail package a few days later! For that reason, one Rolex is all I'll probably ever own.
Definitely! At this point, with the market now, there's no point in buying secondary. I'll wait.
Already scored my new 124060 under retail with my Mint green DJ41 that I scored new WAY under retail, so I am out of the Rolex game for good. The grey dealer thought he suckered me into this trade but he didn't know the low price I secured the DJ41. In the end I'd rather have fun and get something like a Speedmaster since I always wanted a good and legendary chronograph.
Congrats on the new watch? But did you immediately sell it? Well, taking the profit and getting a speedy is a good option.
@@mywatchjourney6579 no, my Sub is permanent and the Speedy will be the other.
What are you wearing in this video? Looks like a pink dial?
It's a beautiful watch. The Monta Noble. The pink dial was a limited run for breast cancer awareness. The bracelet on this is amazing!!
I am glad that you are back Sir! Cheers!
Thank you kindly!
Enjoy your videos!. I was offered a Bluesy from my AD today at MSRP but I haven’t bought it yet. I like the watch a lot but you never know what the future holds. You think it’ll hold value in the next few years. Thanks!
Thank you! A bluesy is not my style, but lot's of people love it! I think that model is already below retail. So prob not. But if you like it, I would say go for it!
Who cares if watches go down in price? It’s not a thing that affects everyday peoples life.
True, most people don't even wear watches nowadays.
Obviously nobody can predict watch market prices. However, my sense is that the anger at the treatment of new customers at Rolex AD's, the cost of living for food, gas, & rent is still stubbornly high compared to before "Bidenomics", and many watch collectors who just want to buy one Rolex to mark a special occasion are finding other brands. Due to patience and collectors getting more educated on Rolex prices, people are waiting for the "right price" to buy their Rolex. Educated collectors know that the AD's are still playing their "supply-demand" games and keeping their showcases empty in the store. Yet it is plainly obvious that there is a lot of inventory on the grey market. If enough of us just sit it out, prices will continue to fall, so I am happy to hear that My Watch Journey using his economist lens sees the market price for Rolex continuing to fall.
I don't comment on politics of course. I want my channel and our beautiful hobby to be a shelter from all that. But yes, the AD games will increasingly be harder to maintain in the face of lower demand. We are very unlikely to go back to those pandemic highs. (It would take another global lock down). And I personally will sit out the market this year for Rolex and wait for better prices next.
Your point is meaningless. Rolex is for people of means. Not broke dicks who worry about the cost of rent, food and gas. And most Rolex owners have 3 or more pieces. Rolex isn't going to run out of customers. Besides, once the US defaults on its treasury bonds the rest of the world will have the means to purchase Rolex watches. Emerging markets will dwarf the US market.
I was just checking to see if I missed a video yesterday!
Sorry for the delay :-). Getting sick and then my day job keeps me very busy haha.
@mywatchjourney6579 we all understand, happy to have you back!
Thanks for the analysis! I am waiting for Rolex to drop further and likely sometime late next year snag a like-new used Explorer 1 36mm. Right now it is going for about MSRP ~$7200 in the used market. I think it may be a 10-15% cut at most. I agree that the Rolex market is overpriced with the greedy artificial supply hold.
Yeah waiting until next year is the plan for me too. By then my Sub should be ready 😉.
@@mywatchjourney6579 May I ask how come you prefer to buy through your AD for MSRP when you can buy in like-new from chrono24, ebay, etc. for less? I just got into watches and my first watch is the Grand Seiko Skyflake that I just got from Japan on a whim haha.
To be fair if you brought Rolex's hoping for a investment profit you deserve to lose your money.
You should only buy watches for personal enjoyment not financial gain.
Can you see a day where you can go into a Rolex Ad and pick what you want?
Yes, it's hard for me to say exactly when but it will happen. Most likely when the new production facilities comes fully online. So it might be a couple of years. But hey, that's already shorter than the waitlist for a Daytona. Most people forget that ADs used to struggle to sell watches.
Rolex will raise their prices about 4,2% in average in 2024
If true, that would further help to align prices to the grey market. The gap is shrinking.
@@mywatchjourney6579 I heard this in the latest video from Kai Leingang (Watchvice) … he is an expert on Rolex in Germany
Fed just pivoted and S&P500 is teaching all time high. Some Rolex model is still double or higher. 😢
We shouldn't take a day movement too seriously. But it's true that the overall economy is still doing well. But we are in fact seeing the public move away from luxury goods. And then the recession will hit. That's what's scary.
The economy is obviously shite at the moment, how is this not a recession for average individuals?