Are Rolex Prices Dropping in 2024? Latest News & Update

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Is There a Decrease in Rolex Prices? Rolex represents opulence, fashion, and achievement. Given its famed designs and unparalleled quality, it’s expected for Rolex watches to be priced steeply.

But what is there to the thesis that more and more people say that Rolex prices are falling?

In this article, I will tell you what is true about this rumor, why prices are falling and which models it explicitly affects.

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Are Rolex Prices Dropping?

The prices of luxury timepieces are on a never-ending wave of fluctuations, so it often doesn’t come as a surprise when the prices take a hike upward. However, things start getting exciting when they start dropping to a new low.

The crown jewel of luxury watches, Rolex, has been on the radar for price fluctuations since the pandemic. The retail market prices have steadily increased, while the secondary market had different opinions. So, are Rolex prices going down or up? 

Here’s everything you need to know:

The Retail Market

The official price of new Rolex watches hasn’t seen any drop recently. Or more precisely, since the pandemic.

Naturally, most luxury watch suppliers witnessed supply and demand disruptions during the 2020 pandemic, and the side effects seeped into 2021.

Rolex is known to raise the prices once annually in January, but the luxury watchmaker didn’t change the price list during 2021 because of the pandemic’s effects. Instead, it updated the price list in the second quarter of 2022.

During that price change, Rolex dropped new models—Rolex Perpetual 41mm—and updated some existing ones—the Submariner.

Another price change came through in November of the same year with an average increase of 5 percent.

A few months later, in Jan 2023, the Swiss watchmaker announced a new Rolex price increase of approximately 3% across all models.

Whether the price will change again in the beginning of next year is still unknown. There are also some speculations around Rolex price increase in 2024, but nothing official has been announced.

The Secondary Market

When it comes to luxury watches, the secondary market is where all the interesting insights are—that’s how it’s been forever!

While the retail market of Rolex didn’t see any price drops in recent years, the secondary market got its share of price fluctuations.

According to WatchCharts, pre-owned Rolex watches went through a price drop of a whopping 31% since March 2022. While the drop may seem steep, it was an expected fall from a market peak in 2021, which was a result of the pandemic.

The price of secondhand luxury watches went through the roof in April 2021, when the firsthand effects of the pandemic started wearing out and people were willing to pay more money for luxury items. Aside from that, the prices also spiked because of an increase in demand meeting a shortage of supply.

Starting from 2022, the price started dropping again, correcting itself to a normal range. 

According to Morgan Stanley, the Rolex Daytona dropped 21% of its secondary market price since 2021. It’s not the only luxury watch that dropped either; the Audemars Piguet Royal Oak took a 17% dive as well.

The price decline seems to have lost some of its steepness during 2022. Apparently, pre-owned Rolex watches only dropped 8% from the second quarter of 2022 to the third quarter of 2023.

Are Rolex Prices Dropping 2024?

Are Rolex Prices Dropping in 2024? Latest News & Update
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Many luxury watch enthusiasts and experts already dropped Rolex 2024 predictions, but they all had to do with new models, renewed models, etc. As for the price changes, most experts had nothing to say because the changes rely largely on the market’s performance in 2023, which is still not over.

I personally don’t believe we’ll see a price drop during 2024, at least not in the retail market. Some people are already setting expectations for the January price raise. 

However, when it comes to the secondary market, it’s different. The increased supply ought to cause a price drop, at least for some models. Meanwhile, some models will likely maintain their price range.

If the demand stays at its peak in 2024, we’ll likely see another decline in the price of pre-owned Rolexes. Meanwhile, the retail price will probably go through its annual price raise in the beginning of 2024.

Why Are Rolex Prices Dropping?

Every time the price of a luxury watch skyrockets and goes through the roof, it’ll inevitably drop again, and that’s what happened with Rolex prices.

Throughout 2020 and 2021, the demand for luxury watches took an unusual upward hike, surprising many people, myself included.

If you ask me, the worst time to buy a luxury watch is during a pandemic for obvious reasons. But apparently, buyers had different opinions. 

My explanation is that the pandemic kept people from paying money for conventional luxuries, like traveling abroad and entertainment venues. So, when the restraints were released by mid-2021, people had more money to spend on luxurious watches.

Another more plausible explanation is that the supply shortage caused an increase in demand. As always, people usually desire what they can’t get, so a supply shortage—as a result of the pandemic—meant they became willing to pay more money to get the watch they want.

So, back to our main question: why are Rolex prices dropping?

It’s a normal market reaction after a record high. When the supply increased with the new price list in 2022, the price went down to accommodate the demand, and the market is slowly getting back to its normal range before the pandemic.

Rumors of Rolex Price Increase

Although 2023 isn’t over yet, watch experts are already speculating around Rolex price increases in 2024. Naturally, Rolex increases its prices once a year in January, so in less than three months, we’ll likely meet the new price list.

Though I can’t be sure, I expect to see an increase of 3%–10% across all models, with some models rising more than others. 

Most luxury watch enthusiasts expect some Rolex models to have higher price increases than others.

The Oyster Perpetual Green Dial and the Daytona White Gold Blue Dial are highly-anticipated price increases. With the increasing demand for these two watches, people expect their price increases to be the highest.

There are no reasons for a steep increase in Rolex prices, so the new list shouldn’t be shocking.

However, these are mere speculations, and you can never be sure. The currency fluctuation and worldwide inflation may have different opinions in Rolex’s new price list.

Current State of Rolex Prices

Rolex Prices Dropping

Rolex watches range in price from about $7,000 to $39,350 for the GMT Master II collection.

Prices have decreased in recent years but are still more than double their retail price. The Submariner Hulk’s value has increased by nearly 26% since 2018, with an average market price of around $32,600.

FAQ:

Why is it so hard to buy a Rolex right now?

The demand for Rolex watches is astronomically high, and the annual supply of one million new watches cannot keep up. Rolex scarcity isn’t new, but it’s becoming more extreme. u003cbru003eu003cbru003eRolex is not artificially limiting supply, but the average buyer may find it challenging to purchase a new watch due to the limited availability of specific models. The pre-owned market is also thriving, which benefits the Swiss luxury brand.

How long is Rolex waiting list?

Rolex watch waitlists can range from 6-36 months, with some models, such as the Explorer II, taking 1-2 years and others, such as the GMT-Master II, taking over 5 years, and sometimes much longer. A simple Rolex Submariner in steel is expected to have a 2-3 year waitlist.

Disclosure: We only recommend products we would use ourselves and all opinions expressed here are our own. This post may contain affiliate links that we may earn a small commission at no additional cost to you.

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Elisa Steffes
Elisa Steffes

Elisa Steffes reviews designer fashion brands and elegant pieces for a living. She also loves Old Money Brands and is passionate about writing about topics related to this classic style.
She has close to 3 years of experience in SEO and has taken the Streetstylis Pinterest account to one of the most popular magazines on Pinterest and Instagram.
When she's not working, you'll find her doing Pilates, dancing or hanging out with her friends in Malta.

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