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Staggering high prices for high end watches explained (Maybe)

clockboy
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clockboy Distinguished Member

clockboy

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I have noticed this on auction sites such as eBay high end watches being sold for staggering prices way above their actual RRP,s. 

In this months BHI mag there is an article that maybe reveals what is happening. 

The reasons for this is complex and deserve their own discussion, but one can include pandemic-induced Swiss manpower and materials shortages, a steep rise in the number of buyers with excess discretionary income, and the self-reinforcing effect of strong prices. So as always, these watches are consistently proving to be reliable stores of value and incredibly good investments. 

Two particular brands being Patek Philippe and Rolex who are now subject to these mega-price increases. Watches by Rolex now command phenomenal prices in the peer-to-peer market. For example the Rolex GMT-Master I easily commands £20,000-odd, against its RRP of £8,600. The stainless steel Cosmograph Daytona commanded some £20,000 (double the RRP) before the pandemic, but now cannot be had for much under £30,000, and every variant of the green bezel will set you back between around £20,000 and £ 40,000, against pre-pandemic figures of roughly half that.

This should be good news for watch owners, and good publicity for horology generally. However it also presents a problem though for manufacturers. With prices buoyant, many people who purchase watches from ADs (Authorised Dealers)find the onward-prices tempting, and so elect to sell them straight away, called ‘Flipping’.

One peculiar side-effect has been that some ADs have been attempting to stem the flow of watches from their clients wrists onto the open market. One strategy is by withholding of the Warranty Certificates by refusing to release warranty documents to buyers of certain Rolex and Patek Philippe models, instead issuing a promise to hand them over after one year if the customer would relent to allow his property to be examined at that time to ensure he had not sold it.

A watch without its original certificate is worth less than one with.

However, this seems to be having little lasting effect, because people are simply waiting the year before selling.

If I had a spare £10k/£20k I could be tempted to take a chance😊. 

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