Rolex is a brand that has redefined luxury in an innovative and legendary way. The retail prices for Rolex are justified based on the quality, but Rolex watches are sold at an even higher price in the secondary market. Here’s a guide to tell you why Rolex prices are more in the secondary market than the retail one.
Are Rolex Watches Really Expensive? If Yes, Why?
Rolex prices worldwide are always on the higher end. Usually, the least expensive price of Rolex at least cost between $5,000 and $6,000, but during the time of COVID-19, the prices peaked at $50,000 for a Rolex watch worth only $15,000 in the secondary market.
Due to this reason, this topic has taken center stage in the market. So, whether you’re checking Rolex prices in Dubai or any other country, you won’t find much difference in the secondary market. If you are wondering why it is what it is, then here are some reasons why this luxury brand is sold at a higher price than the retail market.
Huge Desirability
Rolex is one of the few names in the luxury watch market that comes to everyone’s mind when they are on the topic. Every watch collector has at least one piece of Rolex; otherwise, the collection can never be complete. People all around the world have a huge desire to get their hands on Rolex watches as soon as they are released.
Unfortunately, this is very difficult, which is why watch collectors often switch to secondary markets to purchase them. Looking at this, the sellers often double, triple, or even quadruple the prices of Rolex watches to earn profits. This is the first reason why you find these luxury watches very expensive in the secondary market.
Long Waitlist
The second reason why people look into the secondary market to buy Rolex watches is because of the long waitlist. Once a new model hits the market, people from all around the world start purchasing the watch, so it often becomes impossible to get your hands on a new model.
But a watch collector knows no barrier. Eventually, they end up purchasing this luxury watch from someone who is selling it in the other market where they pay more than they would have in the retail market. In short, long waitlists are another reason why watch hoarders switch to a different market to purchase them.
Low Production
Despite being a luxury brand, Rolex does not produce enough watches to meet the market demand. Normally, this luxury brand only produces 800,000 watches each year, which is not enough to cater to the existing watch hoarders.
As a solution for this, people turn towards the secondary market and pay a higher price to purchase this luxury watch. If Rolex starts to produce more watches per year, then there’s a chance that the number of people buying these luxury watches from a reseller would plummet.
Supply and Demand
As mentioned above, Rolex does not produce enough watches per year, which leads to a gap between supply and demand. Millions of people are fans of Rolex watches around the world so, producing 800,000 watches is not enough to let everyone have this luxury watch in their collection as soon as it’s released.
Eventually, the unavailability of these watches leads buyers to shop from resellers in the other market. However, it’s necessary to shop from a trusted and reliable watch seller, such as WatchMaestro in Dubai to avoid scams from other businesses. Many people simply polish a fake copy and sell it with the tag of a new and original Rolex watch.
You must have an eye for identifying an original Rolex if you’re buying from the secondary market at a higher price. It’s best to buy from a trusted reseller who is well-known and established in the luxury watch market.
Are You Planning to Buy Rolex Watches from the Secondary Market?
Buying luxury watches from resellers is a common practice among watch lovers. Even though you pay a higher price, you at least dont have to wait for years to get your favourite piece. This is one reason why people are ready to pay a premium over the retail price.
If you’re new to the process, then it’s best to shop these watches from a trustworthy person or store to avoid scams. Don’t waste any time and check out different resellers in Dubai to find just the perfect one for you to purchase Rolex from.