Historically rich with its heritage in American racing and culturally famed with Paul Newman proudly adorning one, the Rolex Daytona certainly warrants the price tag.
Will the Rolex Price Increase in 2023?Will Rolex raise prices for 2023? Let’s find out.
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The Current Situation About The Prices of Rolex Watches in 2023
When the 2022 Rolex price list came out, this Swiss giant increased its prices by 4%. By the end of the year, this figure had gone up by around 5%. Yes, the cost of living may be nipping as much as Jack Frost at the window. But for our devoted UK readers, the price hike lies on us, the consumer.
The collapse of the pound in comparison to other markets has happened before such as in 2016 with Brexit. But luckily for the avid watch collector, the luxury watch world was slow to react, making the UK one of the best places to buy a watch at a very affordable price.
Due to the lack of swiftness previously, Rolex have made no bones about repeating that situation again, reacting immediately to the pound collapse quicker this time round. Using literal examples, The Rolex Submariner (no-date model) Ref. 124060 jumped from £7,150 to £7500…an increase of 4.9%.
While this would be particularly common amongst older models, the newer models are witness to this hike. The Rolex GMT Master II Destro Ref 12672VTNR climbed 4.4% from £9000 to £9,400.
Looking purely at the consistency of the price increases, they do tend to insinuate a few things. Namely, the chances of a 2023 Rolex price increase looking more and more likely. In the manufacturing business, it's commonly known that a New Year usually follows a price correction.
This in turn could very much swing a few different ways based on a number of different factors.
Factors To Consider Regarding the Prices of Rolex Watches in 2023
Raw materials are unquestionably a key component if you are looking to buy a Rolex watch. Premium materials are essential to watch production and will bump up the price due to their quality.
Globally, we are seeing a natural rise in prices, especially in relation to industrial metals. Consequently, this impacts Swiss suppliers and the watchmaking industry.
2022 notes that the steel market in particular has risen by over 21% from the fourth quarter of 2021 to the second quarter of 2022. This has resulted in a dramatic increase showing the threat of raw materials on the resultant price.
Rolex is renowned for using 904L stainless steel, essentially a hyper 316L steel that other brands use. This type of stainless steel requires additional work and specialised skills to create it. Combine this with a rise in steel price and the future looks as bleak as a January snowstorm.
The Rolex Oyster Perpetual 36 reference 126000 shows the 904L steel perfectly on the Oyster bracelet. This is accompanied with the similarly made folding Oysterclasp and Easylink providing a 5mm adjustable extension.
The war in Ukraine and subsequent sanctions imposed on Russia significantly impacted watchmakers across the globe. Russia is famed for their supply of diamonds, gold and other precious metals which luxury watchmakers revel in. Most notably, Russia is one of the biggest producers of gold in the world, accounting for 10% of global gold production.
Beautiful watches such as The Rolex Yacht-Master 16622 rely on Rolesium which combines steel and platinum with 950 platinum used on the dial and bezel on this model.
My thoughts? It can be expected 2023 Rolex prices are set to undergo an adjustment to reflect the increase due to increasing raw material costs.
Supply and Demand of Rolex Watches
Rolex is bound by internal guidelines set by the Hans Wilsdorf Foundation. Production takes precedence as the amount of Rolex’s manufactured annually should augment by only a few percent.
While this is to preserve the standard and integrity of the watches being made as well as market oversaturation, this drives up demand and exclusivity if you want to buy a Rolex.
In order to skip waiting times, people will happily pay more in order to get their hands on these sought after models through second hand models or the ‘grey market’. In terms of authorised dealer retail, the price has also increased with models like the Rolex Submariner Ref. 124060. Further details about the Rolex retail price in 2022 can be found here.
What About the Labour Quality of Rolex Watches?
Rolex watches are considered to be the pinnacle of luxury watches. Enough said.
They are assembled entirely by the hands of the most gifted watchmakers in the world. As mentioned previously regarding the Hans Wilsdorf Foundation, every watch is designed and fashioned to the nth degree.
Their practice of using 904L stainless steel and 18 karat gold is testament to the level of detail and care that goes into each product.
The movements that Rolex produces are very expensive to make. Due to the miniscule size of the parts, they come with a higher failure rate during manufacturing. The parts are then put together by hand and even polished.
There are more than 200 of these miniature parts which demand established expertise, especially since each watch is created manually. This precise engineering harks back to the very start of Rolex’s creation and the same handling and craftsmanship is used today.
When you buy a Rolex, you are purchasing time for an eternity. The numbers on the ceramic bezel are lined with sandblasted platinum, a guarantee for longevity due to the durable nature of both ceramic and platinum.
Rolex has been instrumental in evolving horological technique, pioneering various fields such as the development of the waterproof case through to the development of anti-magnetic alloys and devices to improve accuracy.
You are not only investing in the history of Rolex but one of the most stable watches benefiting from world class achievement. Instantly identifiable, the brand is loved worldwide from key watch influencers to your next door neighbour.
Utilising several research departments alongside highly sophisticated equipment, there’s no expense spared. Rigorous testing certainly isn't a new feature.
Synonymous with pushing boundaries, the Rolex Submariner leaves no room for imitators. Following a strict criterion of being robust, aesthetically pleasing and comfortable to wear, the Rolex Submariner collection was born and took the proverbially large crown of being the only watch to have a water resistance of 100 metres.
With its emphasis on the diving community, the Rolex Submariner also incorporates a grip edged rotating bezel, allowing the diver to observe their immersion and compression stops, limiting the chances of fatalities.
While the watch could easily be iconic on its own merit, it being worn by Sean Connery as James Bond in the film Dr. No propels its status into the untouchable and gives it the new name ‘Bond Submariner’. With this newfound fame came a costly price tag of £250,000, a symbol of how collectable the Rolex Submariner is.
By sticking to the same proportions and design, the modern Rolex Submariner remains steadfast in its look but refined in its innards. A weighty watch with a solid set of tools gives the adventurer a strong head start.
What to Expect from Rolex Watches in 2023
The general consensus after reading this article and the outlook from previous years is that a 2023 Rolex price increase is certainly on the cards. In reality, you have the same amount of luck as forecasting the weather or how to win the lottery.
We can however make stabs and assumptions on possible outcomes. Looking at 2022 in its entirety, we have seen a significant price increase. As the markets continue to behave as erratically as Christmas shoppers, it could be argued that keeping the price as it is, is the safest bet for Rolex.
Keeping the prices the same wouldnt alienate the buyers due to the increase in prices for the cost of living making times a little tighter than usual. This argument would be the most satisfactory to the general public but, as we all know, Rolex and all major luxury watch brands like to keep us on our toes.
The Price of Rolex Watches in 2023
Looking at previous prices for all Rolex models, there is always an increase of a few percent every year as shown below:
At the time of writing, The Rolex Submariner (Date) Ref.126613 in the secondary market has a minimum of £13,500. It is retailed by Rolex at £13,150. The Rolex Datejust Ref.126334 in the secondary market is retailed at £10,000. It is retailed by Rolex at £8,650.
The Rolex GMT Master II Ref. 126719 BLRO has a minimum pricing of £34,100. Rolex currently retails this model at £34,200.
What can we say time lords? The luxury watch sector is as reliable as the UK transport system. An across the board rise of 5% does seem most consistent with previous years.
For those looking to buy a Rolex, retailers appear to be selling a Rolex at the manufacturer's suggested retail price, a promising sight for those looking to invest.
So what have we learnt? While the 2023 Rolex price increase is as hard to predict as the next wave of UK strikes, it can be acknowledged that Rolex watches will always be one of the hottest pieces of luxury refinery. If the markets fall as we suggested, it may be prime time for investing in a Rolex as they will still be increasing in value.
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