Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Rolex is starting to sell officially certified used watches

Rolex is starting to sell officially certified used watches

Rolex officially launched a program for certified pre-owned watches in December as second-hand luxury watches continue to drop in price.
Rolex, the iconic retailer of luxury watches, is making its first foray into the second-hand market. 

Last week, the Swiss company launched a "Certified Pre-owned Programme" for watches that are at least three years old. High-flying customers can now purchase a second-hand Rolex through Bucherer, the brand's official retailer, in six European countries, according to a company press release. 

Rolex has historically certified its products with a guarantee card and green seal. Now, certified pre-owned watches will be minted with the brand's official insignia as well. 

New watches usually receive a five-year warranty, but certified pre-owned ones will only receive a two-year warranty, according to a Rolex press release. 

Rolex's decision comes at a volatile time for the second-hand luxury watch market as prices for iconic timepieces have come crashing down. The price of the Rolex Daytona — one of the brand's flashiest models — has dropped from a peak of $48,500 in mid-March to around $30,151, according to watch price tracker WatchCharts. 

Prices for models from brands like Audemars Piguet and Patek Philippe have been steadily declining as well. 

The drop in prices comes amid a recent surge in supply. According to a report by Morgan Stanley reviewed by Bloomberg in October, analysts noticed a "dramatic" increase in the supply of second-hand watches. Morgan Stanley told Bloomberg the surge was likely due to watch dealers and individual watch dealers "off loading their stocks."

Rolex might be stepping into the second-hand arena as a way to mitigate the declining prices and keep control over the market. 

"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. Because when these watches change hands, their authenticity must be attestable at the time of resale by the Official Retailers," Rolex noted in the press release. 

Just months ago, Rolex watches were actually in short supply. Prices had surged through the roof. 

Over the course of 2021, the average price for a Rolex Daytona — one of the brand's most prized models— shot up by 34%, according to Insider. 

Some customers — with money to spend and nowhere to go amid the pandemic — began directing their funds to second-hand watches through lively online auctions. Others likely saw them as a more stable asset class that would retain value amidst shakier investments in stocks and crypto.

Still others, who had made money off their investments in crypto, wanted to put their newfound wealth toward luxury timepieces in what Bloomberg called the "bling boom."

All of that contributed to a hot market for second-hand luxury watches. A report from McKinsey in June 2021 predicted that the market would swell from $20 billion in 2021 to $29 billion in 2025. 

While prices for second-hand luxury watches have dropped considerably over the past few months, they haven't completely wiped out their pandemic gains. Prices for Rolex watches are still up 21% since January 2021, according to Bloomberg's review of Morgan Stanley's report.

Gear Patrol noted that other pre-owned watch dealers may need to drop their prices even lower to compete with Rolex which might "bring the Rolex price bubble back down to earth."

Rolex did not immediately respond to Insider's request for a comment.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
"That's Disgusting, Don’t Say It Again": The Trump Joke That Made the President Boil
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OnlyFans for Sale: From Lockdown Lifeline to Eight-Billion-Dollar Empire
Bangkok Ranked World's Top City for Remote Work in 2025
Satirical Sketch Sparks Political Spouse Feud in South Korea
Indonesia Quarry Collapse Leaves Multiple Dead and Missing
South Korean Election Video Pulled Amid Misogyny Outcry
Asian Economies Shift Away from US Dollar Amid Trade Tensions
Netflix Investigates Allegations of On-Set Mistreatment in K-Drama Production
US Defence Chief Reaffirms Strong Ties with Singapore Amid Regional Tensions
Vietnam Faces Strategic Dilemma Over China's Mekong River Projects
Malaysia's First AI Preacher Sparks Debate on Islamic Principles
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
Russia's Fossil Fuel Revenues Approach €900 Billion Since Ukraine Invasion
Alcohol Industry Faces Increased Scrutiny Amid Health Concerns
U.S. Goods Imports Plunge Nearly 20% Amid Tariff Disruptions
Italy Faces Population Decline Amid Youth Emigration
Trump Accuses China of Violating Trade Agreement
OpenAI Faces Competition from Cheaper AI Rivals
Foreign Tax Provision in U.S. Budget Bill Alarms Investors
Russia Accuses Serbia of Supplying Arms to Ukraine
Gerry Adams Wins Libel Case Against BBC
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
EU Majority Demands Hungary Reverse Anti-LGBTQ+ Laws
Top Hotel Picks for 2025 Stays in Budapest Revealed
Iron Maiden Unveils 2025 Tour Setlist in Budapest
Chinese Film Week Opens in Budapest to Promote Cultural Exchange
Budapest Airport Launches Direct Flights to Shymkent
Von der Leyen Denies Urging EU Officials to Skip Budapest Pride
Alcaraz and Sinner Advance with Convincing Wins at Roland Garros
EU Ministers Lack Consensus on Sanctioning Hungary Over Rule of Law
EU Nations Urge Action Against Hungary's Pride Parade Ban
Putin's Helicopter Reportedly Targeted by Ukrainian Drones
U.S. Considers Withdrawing Troops from Europe
Russia Deploys Motorbike Squads in Ukraine Conflict
Critics Accuse European Court of Human Rights of Overreach
Spain Proposes 100% Tax on Non-EU Holiday Home Purchases
German Intelligence Labels AfD as Far-Right Extremist
Geert Wilders Threatens Dutch Coalition Over Migration Policy
Hungary Faces Multiple Challenges Amid EU Tensions and Political Shifts
Denmark Increases Retirement Age to 70, Setting a European Precedent
Any trade deal with US must be based on respect not threats', says EU commissioner
UK Leads in Remote Work Adoption, Averaging 1.8 Days a Week
×