Happy New Year! What better way to ring in 2023 than with… price increases. At least, according to Rolex. Yes, you read that right, Rolex prices are on the rise, and we’ve got the scoop for you.
Similar to last year, when the luxury watchmaker increased prices between 4-10% in the EU (with an subsequent hike in the UK of roughly 5%), this year’s price increase will be 3.7% in Europe. U.S. prices went up yesterday, with hikes ranging from under 2% to 6%, depending upon the model.
The chart below breaks down increases for some Rolex models in US dollars. We confirmed the prices at CD Peacock, an authorized Rolex dealer in the Greater Chicago Area.
These are the prices as of January 3, 2023:
| Model | 2022 Price | New 2023 Price | Percent Increase |
| Day-Date 22839 | $40,500 | $41,900 | 3.45% |
| Daytona 116500 | $14,600 | $14,900 | 2.05% |
| GMT-Master II (Rootbeer) | $39,600 | $40,800 | 3.03% |
| Datejust 126300 | $7,900 | $8,050 | 1.89% |
| Oyster Perpetual 126000 | $5,800 | $6,150 | 6.03% |
| Yacht-Master 126655 | $28,150 | $29,050 | 3.19% |
| Submariner 124060 | $8,950 | $9,150 | 2.23% |
| Explorer 226570 | $9,500 | $9,750 | 2.63% |
As readers know, we’ve kept a close eye on Rolex prices over the course of the past few years. Traditionally, a Rolex watch (like a Hermès handbag) can be difficult to find. You might have a wait and/or do some work to find one. Building a relationship with the brand became the only way to access coveted Rolex models. A concept not foreign to readers here.
Limited supply, countered by steady demand, drove secondary market prices sky-high. At times, it seemed as though everyone wanted a Rolex- but no one could get one. But it’s what transpired post-pandemic that really changed the market.
Enter- a little something called ‘alternative investment instruments.’ Essentially a fancy term for an investment that’s a different than your traditional stocks and bonds. We’ve written about this before, as well as the various luxury investment indices.
Right after the height of the pandemic, investors sought out diversified assets in which to park their money and continue making gains. Many of these individuals cashed in on the benefits of the booming crypto market at the time. And they turned to alternative investments, like prestigious timepieces. Suddenly pieces like the Daytona were virtually impossible to buy in-store.
Of course, this is a good problem to have- if you’re Rolex, that is. As a high luxury brand, to have your products readily available is not necessarily desirable, as both brand image and the aura of exclusivity come into play.
Similar to other luxury brands, exclusivity is the name of the game. For a bag or a watch or even a car to be (or perceived to be) extremely difficult to acquire, with a limited number made for the lucky few, adds to the lustre and concept of rarity that luxury brands thrive on.
For luxury goods, when the primary market fails to meet demand, the resale market heats up. Rolex watches were no exception. Take the Daytona model, for example. A clear favorite of luxe timepieces lovers, it was clearly the most popular style from the brand. As a result of such high demand, prices soared on the resale market. With demand outpacing supply, the Daytona saw price tags in the upper five to low six digits.
However, what goes up must come down, and as cryptocurrency values fell, with economic woes slowly creeping, the luxury watch resale market also took a big hit. These same buyers who were once willing to pay exorbitant (even six-figure) prices at one point, began offloading their prized purchases. Today, there are even more Rolex watches on the resale market with more competitive pricing than before. Again, surplus is not something luxury brands are pleased to have when it comes to their products – it drives down demand as the air of exclusivity wanes.
In addition to plummeting resale prices, currency fluctuations affected the brand. Taking a page out of the Chanel pricing playbook, Rolex enacted swift price increases in the EU and UK in order to attain a level or “price harmonization” between global markets. Today, another round of increases for the US and European continent.
We will keep you updated on this space.
Read Related Articles:
Crypto Losses Bring Down Prices of Rolex, Audemars Piguet & Patek Philippe Watches
Rolex Price Increase Kicks off 2022
Gang Called ‘Rolex Rippers’ Notorious for Surge in Rolex Robberies
Love, PurseBop
XO
Updated: January 3rd, 2023
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