The Rolex Price Increase 2020 but will Rolex have a price increase in 2021?
- When did the Rolex price increase in 2020 come into effect?
- How will the Rolex price increase in 2020 affect your position on the waiting list?
- Will Rolex 2020 price increase stop people from buying a Rolex?
- How does the Rolex price increase in 2020 affect current Rolex watch owners?
- Do Rolex watches hold their value?
- Can a Rolex watch be worth more than the retailer price?
- Should you buy a precious metal Rolex?
- Why is a Rolex watch so desirable?
- Will Rolex Increase their prices in 2021?
Rolex increased the prices of their watches in January 2020. Looking back, the timing seems less than ideal, thanks to the current global pandemic, the economic fallout and a lot of people having to tighten their belts several notches. There might be less cash rolling around, but Rolex is doing better than ever.
When did the Rolex price increase in 2020 come into effect?
The Rolex price increase came into effect from 1 January 2020, representing an average increase of 7.4 per cent across most timepieces. The price increase was long overdue according to many and figures show the increase has only served to make owning a Rolex more desirable.
With Rolex, demand has always exceeded supply, so while the current climate has resulted in some fall-off in demand, this dip has been offset by an increase in people wanting to buy a Rolex – perhaps because they’ve got nothing else to spend their money on, luxury holidays and high-end leisure not always possible. Horologists have often said Rolex watches are, generally, undervalued (at retail), one reason being the lengthy waiting lists. So in some ways, Rolex is just ‘catching up’.
How Will the Rolex Price Increase in 2020 affect your position on the waiting list?
If you’re still sitting on a waiting list for your dream watch, you will be looking at 2020 prices, regardless of when you registered your interest in the watch. We advise taking the hit rather than leaving the list, because it might be tricky, verging on the impossible, getting back on it.
Will the 2020 price increase stop people from buying a Rolex?
Rolex knows their most highly desirable models often trade for significantly more than their original retail price, a unique trait in the luxury market. The quality of the beauty on your wrist is greater than the price you were charged when you bought it. Many have waited years to get their hands on their chosen model, so neither hell, high water, nor a 7.4 per cent price increase is going to stop them getting their hands on it.
How does the Rolex price increase in 2020 affect current Rolex watch owners?
The January price hike only served to increase the allure of owning a Rolex. If you’re already an owner, the price increase will increase the current value of your timepiece, putting you in a stronger position should you want to sell. For those in the market, looking to buy, this is a good time to get your hands on one. It proves what we already knew that Rolex watches are valuable enough to withstand helter-skelter economics and global pandemics. A Rolex is an investment. Like art.
Do Rolex watches hold their value?
Watches are like cars. Once you take them off the forecourt, their value diminishes. This isn’t the case with many Rolex watches, and indeed many Swiss-made timepieces. And while trends come and go, a Rolex is timeless and an heirloom, passed down from generation to generation, going strong all the while.
Can a Rolex watch be worth more than the retail price?
Crazy things are happening in the secondary market. For example, a stainless steel Rolex Daytona ref. 116500LN had a retail price of $12,400 in 2019. The same watch post January 2020 cost $13,150. The open market value, however, currently sits above $20k.
Should you buy a precious metal Rolex?
For those to whom the sky's the limit, solid gold or half gold/half steel Rolex are popular. Who wouldn’t want one? And even then, it’s a bargain, with some of the watches' values only increasing post-purchase. One theory behind the price increase is that it will enable Rolex to offset the growing cost of precious metals without raising the retail price on the full 18k examples.
Why is a Rolex watch so desirable?
Rolex is a beloved and trusted company, another reason why the price increase has not put buyers off. Most collectors trust that if Rolex is putting the price up, it’s not for profit, it’s so they can continue doing what they’re doing, and doing it, arguably, better than anyone else (biased writer). There’s something rather mysterious about the brand, too, as they are incredibly secretive about the inner workings of the company and make very few announcements. But we like the air of mystery. Apparently, if the team Rolex has an idea for a new model, but the material does not as yet exist, they will make it themselves (Everose gold and Oystersteel two give but two examples). That’s pretty cool.
Aesthetics, value, and materials aside, let’s not forget that Rolex watches are nails. They’re gorgeous, sure, but they are way more than that. They’re tough. They’re designed for pilots, divers, marines, SAS, climbers and serious adventurers across the globe. In an interview with Rolex, Director James Cameron, a keen diver, talked about his first Submariner, the watch he relies on to keep him safe in the depths of the ocean. ’When I look at it, I think of all the things it’s been through. I see all the places it’s been, from the bottom of the ocean to playing with my kids to sitting writing a story. It’s the one constant companion. People come and go — the watch is always there.’
Will Rolex increase their prices in 2021?
There have been rumours that Rolex will increase their prices again in 2021 but they are yet to be confirmed. If this is a deciding factor in whether or not you commit to a purchase it's worth noting that you are only going to know about this once it has already happened and at that point it is of course too late to take advantage. If history is anything to go by, Rolex will increase there prices at some point in 2021 but by how much we don't know yet.
Following the Rolex price increase in January 2020 Rolex watches have remained as desirable as ever if not more desirable. A high demand paired with a low supply of watches has kept pre-owned watch prices high and waiting lists long. Fueled further by the cut in supply due to Covid 19 this year it’s very unlikely you’ll be able to find any watches priced at a steal. The more likely scenarios are that demand continues to climb so if you are considering a purchase, there’s no time like the present.
Here at Chrono Hunter, we only work with the best, most reputable retailers across the globe, so whether you’re buying or selling a watch, you’ve come to the right place. The process is very simple, All you need to do is enter the details of the watch you are looking to buy or sell on the Chrono Hunter website, Our network of trusted international luxury watch retailers will make you some offers. You choose which offer you like best and complete your purchase or sale directly with the retailer in a safe and secure environment. We’re rated Excellent on Trustpilot for ensuring that your expectations are exceeded.