Rolex shortage winds up eager customers

Rolex shortage winds up eager customers

Demand for luxury items from the growing middle classes in China is being blamed for rising prices for Rolex watches

Second-hand Rolex watches are being sold for up to three times their original price as demand from the rising middle classes of China and other countries vastly exceeds supply.

The shortage, which has led to waiting lists as long as several years for the more popular models, has variously been blamed on speculative investors, Instagram influencers, bling-hungry Berlin rappers or even a deliberate ploy on the Swiss manufacturer’s part to drive up its profits.

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Some luxury watch dealers in Germany listed the sought-after green-faced gold Rolex Cosmograph Daytona for as much as €105,000 (£88,000) today, more than three times the €32,400 that Rolex charges through its official distributors.

The roots of what some of the more excitable sections of the German press are calling the

This Rare 1955 Rolex Submariner Could Be Yours for a Cool $560,000

Sought-after vintage Rolexes are always going to be a hot commodity, but this has only become truer as the brand’s new timepieces become increasingly hard to get your hands on.

Take, for example, the “Big Crown” Submariner 6200 from 1955 that Tropical Watch just posted for sale. Even without its original box or papers, the gorgeous timepiece, which shows each of its 66 years of age in the best way possible, still carries an asking price of over half a million dollars.

The “Big Crown” 6200 isn’t the rarest of Submariner references but it is one of the most desirable. Introduced in 1954, it was designed for professional divers and has a water resistance of up to 200 meters. Like the best Rolexes, there’s more to it than just its functionality, though. Specifically, the “Big Crown” 6200 is notable because of its distinctive look. It features a bezel without graduation markings, a gilt Explorer 3-6-9 dial, long hour hand and wide-beveled lugs. It’s one of those timepieces that mixes style and substance just right.

Although it was recently serviced—or “overhauled,” according to the sales listing—this particular example still has all the elements that have helped make the “Big Crown” 6200 a classic. Even better, these details all show the timepiece’s age, something you actually want from a vintage watch. This includes a bezel insert that has faded to vibrant purple; an aged dial that has developed a speckled patina and lume that has taken on a warn golden hue. Other choice details include the original crystal’s extensive crazing and a 37mm case that hasn’t been polished since the watch was brand new. The bracelet isn’t original—its clasp bears a 1969 date code—but the watch’s superficial details remain basically untouched.

It’s easy to see why someone would want this particular “Big Crown” 6200. Be prepared to spend big to make it yours, though, specifically $558,350. That may seem like a lot for a watch without the original documentation, even one this beautiful, but it’s also to be expected at the moment. An increase in demand for Rolexes, along with supply chain disruptions due to Covid-19, has led to a serious shortage of the brand’s timepieces and a corresponding jump in prices for new and pre-owned watches alike.

No one ever said collecting watches, especially Rolexes, was going to be affordable. If you’re interested in this example, you can reach out to Tropical Watch for more details.

Michael Jordan, Giannis Antetokounmpo lift luxury watch start-up WatchBox to valuation nearing $1 billion

Charlotte Hornets owner and Hall of Famer Michael Jordan reacts during the first half of their game against the New York Knicks at Spectrum Center on November 12, 2021 in Charlotte, North Carolina.

Michael Jordan has six NBA championship rings. He also likes watches.

The five-time NBA most valuable player, who now owns the Charlotte Hornets, joined a list of athletes to invest in WatchBox, a site that allows people to buy, sell, and trade luxury watches. Brands include Richard Mille, a favorite of NBA players.

WatchBox said on Tuesday that it raised $165 million in its latest financing round. Joining Jordan were Milwaukee Bucks star and reigning championship MVP Giannis Antetokounmpo, Bucks owner Marc Lasry, Phoenix Suns stars Chris Paul and Devin Booker, and Wall Street investor Bill Ackman, among others.

WatchBox, based outside of Philadelphia, has reeled in $260 million since its founding in 2017. While the company did not disclose its latest valuation, people with knowledge of the matter told CNBC that it’s approaching $1 billion. The individuals asked not to be named because the valuation is private.

In an interview with CNBC on Monday, WatchBox CEO Justin Reis said the company is on pace for $300 million in net revenue this year, and could seek an IPO in the future.

WatchBox has an inventory valued at $150 million. Rather than serving as a marketplace for peer-to-peer transactions, the company buys and trades luxury watches from sellers. It then authenticates the products and resells them to collectors and other buyers, capturing transaction fees in the process.

“It’s no different than dealing with Goldman Sachs,” Reis said of the platform. “We have client advisors that you speak to and also manage your portfolio of watches.”