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Bling bust? Rolex enters second-hand market for the first time: the Swiss watchmaker just launched its ‘Certified Pre-owned Programme’ in Europe amid a timepiece price crash as supply outstrips demand

If you can’t beat ‘em, join ‘em: Rolex just launched its own official pre-owned sales service. Photo: Shutterstock
If you can’t beat ‘em, join ‘em: Rolex just launched its own official pre-owned sales service. Photo: Shutterstock
Rolex

  • Watch prices shot up in 2021 amid Covid-19 as the rich splurged on luxury goods instead of travel, or searched for more stable investments than stock or cryptocurrency
  • Now, as Audemars Piguet, Patek Philippe and other brands are experiencing price drops, consumers can buy second-hand Rolexes through its official retailer Bucherer

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.

A Rolex Explorer I wrist watch inside a green leather box with service book and serial number card at an authorised Rolex dealer. Photo: Shutterstock
A Rolex Explorer I wrist watch inside a green leather box with service book and serial number card at an authorised Rolex dealer. Photo: Shutterstock
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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 US$48,500 in mid-March to around US$30,150, 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 watches available on online resale marketplace Bob’s Watches. Photo: Bob’s Watches
Rolex watches available on online resale marketplace Bob’s Watches. Photo: Bob’s Watches

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.