Is ‘no purchase history’ the biggest watch flex of 2022?
D.C. Hannay“Just stop your cryin’, it’s a sign of the times, we gotta get away from here” – Harry Styles, ‘Sign of the Times’
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The lyric above doesn’t pertain to the phenomena of the Watch Flex, but taken out of context, it’s oddly fitting. It wasn’t that long ago that Instagram and Facebook became quite heavily populated with a steady stream of posts showcasing Rolex, Patek, and AP owners fronting their latest highly desirable acquisitions. Some are fun, with the buyer excitedly sharing their shiny new toy, and we get a glimpse of that unboxing that we might never see otherwise. Others are a bit more wearying, with straight-up clowns shouting to anyone who will listen, “Hey, look what I got! What you can’t get! Look at meeeeee…”. But there’s a new, hyper-specific type of social media missive: The “no purchase history” post.
The story tends to go something like this: “New Watch Alert: Just randomly walked into a Rolex AD this weekend, chatted them up a bit, and with no prior retail purchase history, walked away with this Sub (or GMT-Master II, etc.) at retail.” How the dealer managed to have a new Rolex Submariner in stock that wasn’t spoken for is a bit of a mystery (unexpected restock?). An amazing story, if true (I suspect some aren’t), but it begs the question: Is “no purchase history” the biggest watch flex of 2022? And is it a reflection of this day and age? A sign of the times, if you will?
Wrist watch buyers tend to fall into three broad categories: Watch collectors, who tend toward themes, eras, or brands, and are known to be quite disciplined, patient, and willing to pay for exceptional examples of a certain reference. Diligence is key to building your ideal collection, and many an hour is spent on super-specific brand forums, searching for that elusive model.
Then you have your watch enthusiasts (raises hand), who are simply just happy to be invited to the party. We’re more of the happy-go-lucky type, usually playing in the shallow end of the pool price-wise, dipping a toe in with a new Seiko or other attainable brand. We don’t focus primarily on a watch appreciating in value, but simply enjoy the journey. Oh, and being totally stoked when some great vintage find falls into our lap.
Finally, there are watch acquirers. The flippers and the showboats. Their focus is almost solely on the Big 3 of retail scarcity: Rolex, Patek, and Audemars Piguet (specifically, the Royal Oak). Whether seeking out the hottest models for their investment possibilities, or for the self-satisfaction of dunking on other watch fans with their latest piece of unobtanium, these players tend toward straight-up flexing or, possibly worse, the dreaded, eye roll-inducing humblebrag. They live for the likes, and get wasted on the Haterade. It’s one thing to see someone well-off enough to afford a great piece if they’re genuinely enthusiastic about it, but the craven attention-seekers will usually earn a quick unfollow from me.
So how did we get here? Several years ago, with the rise of online watch media and a general increase in demand for certain popular models, many dealers began experiencing shortages. Whether these shortages are artificial (limited production) or not is still a subject of debate, but in the ensuing years, things have only gotten worse. The rise of the “waiting list” became the new normal, with prior customers receiving preferred models ahead of the hoi polloi. And due to the restricted supply being unable to meet increased demand, the “watch flipper” was born. These agents of opportunity use their connections to purchase the hot models at retail, and immediately resell them above the manufacturer’s retail price, sometimes at many multiples. But that may be changing in the near future. Finally, after several years of relentless escalation in prices driven by Instagram FOMO (the discontinued $35,000 stainless Patek Philippe Nautilus 5711 trades for well into six figures), we may have finally reached a subtle market correction. Inflation and a reduction in discretionary income, combined with a rumoured new dealer policy from Rolex aimed at reigning in flippers and unscrupulous dealers, might somewhat deflate an overblown bubble.
So, despite market forces, and no prior purchase history with the authorised dealer, you’ve managed to snag a Rolex. Good for you. Be happy about it! The fact that you’ve made an amazing score due to some incredibly fortuitous timing is a great story, and one to share. Just be mindful that 99.9% of the potential customer base isn’t as lucky, so rather than plastering your good fortune on a braggy social media billboard — or worse, tossing out a disingenuous humblebrag like “just popped over to the Rolex dealer, walked out with a new Pepsi without ever setting foot in there before. NBD.” — be a little grateful. You won the lottery of watch collecting. Attention-seeking (even the low-key kind) may be a sign of the times, but Insta likes aren’t everything. Be gracious. Be a good winner. Perhaps the ultimate flex is merely a secret smile to yourself, shaking your head at your good fortune.
Given how overwhelming the world can be of late — between war, political and social unrest, a worldwide pandemic, and a general lack of empathy, courtesy, and the ability to simply listen — it can all be a bit much. Watches are a hobby, not a necessity, and the whole endeavour should be fun. Honestly, over the past few years, I’ve found a good deal of solace and a bit of escape from the weight of the world through this pastime. I’ve even made friends IRL as the result of Zoom watch meetups! So, despite the tempest that is today’s world battering us all, there is hope. Be enthusiastic about others’ enthusiasm in our hobby. Don’t be a sore loser (or a terrible winner), because it’s not a competition. And if you do find yourself lucky enough to score that shiny new no-date Sub at retail, the story should be about how psyched you are at your good fortune, and not some misguided gloat-fest. Because, really, we all could stand to live with a little more grace in our lives.