First 2023 Rolex novelties hit the secondary market – where does the new GMT Master II sit?Zach Blass
No matter how exquisite the finishing, how innovative the escapement, or how beautiful the colour of the dial, unfortunately these days the worth of a watch can be far more literal in the eyes of the broader marketplace. Outside of the scope of die-hard watch geekdom, a watch is only alluring as its value on the secondary market – in particular what value does it command above retail. While companies such as Rolex, Richard Mille, Audemars Piguet, and Patek Philippe, at least in my book, make compelling and quality watches regardless of financial analysis, the aforementioned brands have garnered a larger audience due to their investment potential. Scarcity or faux-scarcity aside, the “unobtanium” nature of these pieces have created a sense of cynicism and apathy due to the fact mere mortals are no longer able to just walk in a store and buy watches from a company like Rolex. But, as much as the community may bicker and jest, or even try to demerit brands they cannot purchase from, many still keenly watch the secondary market like a Patagonia-vest wearing finance-bro locked into a Bloomberg portal – periodically checking in on where secondary values of Rolex sit. Well, at the end of March at Watches & Wonders, Rolex debuted their 2023 novelties. But, according to @watchanalytics, the first 2023 models are starting to hit the secondary market.
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As @watchanalytics responsibly points out in their caption, the current listing values will continue to adjust over time. The “first offer” asking prices as they describe are effectively grey dealers’ first speculation at what they believe the watches are worth to the public. Depending on the response, the values will certainly be adjusted. For example, @watchanalytics points out that, while the retail price of the new yellow rolesor GMT Master II is €16,550, the initial “first offer” price currently sits at over double (€35,500). Interestingly, the full yellow gold model, which I would assume is more desirable than the two-tone, has a proportionally tamer markup up from €39,200 to €67,800.
I personally believe that these are certainly not stable asking prices, and inevitably they will shift. But, I think the full yellow gold model is not far off from where it will land. The yellow Rolesor on the other hand, I think has a bit of a reality check in store. That being said, only time will tell.