Why are Rolexes so valuable? – The Iconic Status of Rolex
What is the first brand that comes to your mind when you think of an exclusive and sophisticated watch? The answer should undoubtedly be Rolex. The Swiss luxury watch has been in business for 114 years and is regarded as the world’s finest, most reputable watch. From iconic characters like James Bond to world leaders like Barack Obama, Rolex watches are donned by influential figures with a fan base that any other brand would envy. It is said that a Rolex can be recognized from at least 20 feet away.
Founded in 1905 by Hans Wilsdorf and his brother-in-law Alfred Davis in London, the company moved its headquarters to Geneva, Switzerland after World War I to avoid heavy taxation. The company name eventually became Rolex SA and has been owned by a private family trust since 1960. Along with its subsidiary, Montres Tudor SA, Rolex manufacturers, designs and distributes world renowned wristwatches.
But why is Rolex so reputable? Why has no other watch brand been able to replace its prestigious position?
This is because Rolex has stayed loyal to its time honored, traditional technique of being assembled manually. It is hard to believe but all Rolex watches are partially handmade. Every watch gets individual attention, is meticulously arranged and independently tested to meet its high standards. Rolex also refines its own gold in order to monitor the appearance of each watch. The stainless steel used is much more expensive than any other high-end brand and is resistant to rust and corrosion, making it ideal for deep-sea divers.
Its supreme level of quality accounts for a high price tag. Some of the reasons why a Rolex is so expensive:
- High Design Costs
Watchmaking is a time-consuming profession, especially when a company like Rolex has its own in-house design and manufacturing.
- Complex Movements: Owing to the small size of the parts that are used to build a watch, there is a high failure rate of movement pieces during assembly. This adds to the time taken by the labor to build each watch and the Swiss labor costs are quite high.
- High Quality materials: In comparison to other watch brands that use 316L steel, Rolex tends to use 904L steel. This improved quality steel, which adds molybdenum, a rare element used to make the hardest steels on earth, and copper makes it less likely to tarnish as it is more resistant to corrosion. Dials are usually made of white gold and bezels tend to be ceramic.
- Goodwill:Over the years, Rolex has fostered a reputation for excellence and it shows. Owning a Rolex is equivalent to achieving status and it is a symbol people are ready to spend a huge amount of money for.
- Durability: According to Rolex’s site, a Rolex was found frozen on the side of a mountain and was still ticking with the correct time and date. The owner, a competitive skier, wrote to Rolex telling them that he lost his watch during the course of the race. Once he reached the bottom, he informed the tourist office of his lost beloved Rolex. 2 months went by and finally someone finds it, frozen solid so much so that they needed to use a hammer to break it out. When it was taken out, the second hand was running and the date was still working! If that isn’t a testament to quality then nothing is. There is almost no chance an Apple watch would stand the test of the elements and of time like this Rolex did. For more stories on Rolex watches and their durability click here.
Producing over 2,000 watches per day that generate sales of over $7 billion each year, Forbes ranked Rolex as the world’s 71st most valuable brand in 2018. Some of the most expensive watches sold all over the world are Rolex watches. And as such, they hold tremendous resale value. Paul Newman’s Rolex Cosmograph Daytona became the most expensive watch ever sold in an auction at $17.8 million in 2017.
The company offers a wide assortment of classic and professional watch models to strike a balance between style and functionality. Rolex’s Datejust is the archetype of the classic watch that never goes out of fashion. Rolex’s GMT Master II, manufactured from an extremely hard ceramic material, is one of the most expensive models, designed to show the time in two different time zones simultaneously. The Rolex Cellini collection,inspired by the Italian Renaissance artist Benvenuto Cellini, combines the elegance of traditional timepieces with a contemporary touch.
These watches have been celebrated around the world for years as a reward for reaching milestones in life. Whether it is to celebrate a business achievement like closing a big deal, retiring, or celebrating an anniversary, Rolex endures in American culture as a status symbol for the rewards life can bring.
The prestige of a Rolex is unsurpassable and over the years its reputation has only increased. However, there could come a time in your life when you feel that your Rolex doesn’t mean as much to you anymore, and you would rather sell your watch. In such a situation, it is really important to know the value of your watch before you decide to sell it. For starters, it is best that you do not sell your Rolex online on platforms like Craigslist or eBay who charge hidden fees that can cut into the amount of money you make. Most Rolex buyers will choose to purchase a Rolex watch from a dependable and trustworthy seller. While it may be tempting, selling your watch to a local jeweler is not the best option. Most jewelers will not know the current market value of your Rolex and even fewer will have access to an efficient marketplace in which to resell it, so they will offer lower payouts to hedge their bets.
This brings us to the question that many of you looking to sell your watch must be asking yourselves, “how do I sell my Rolex? How do I get the best value when I sell my watch?” The answer may seem complicated but actually it’s fairly simple. You could find several contenders to buy that exclusive Rolex you own, who have been dying to add a Rolex to their collection. But to get the best offer on your watch, you must evaluate its worth and then pick the best buyer. One important thing to know before selling your Rolex is that its resale value can be incredibly high. Meaning, that you could buy a Rolex, wear it for a couple of years and then sell your watch without it depreciating too much. Its value doesn’t depreciate substantially over time if properly maintained. In fact, some rare and high end models can be sold for a higher price than what they were bought for after being used for 10+ years if kept in the proper condition and sold to the right buyer. Surprising, right? But that’s the power of Rolex!
A key consideration in getting the highest price is who are you selling it to and how much effort and trouble you want to go through. You will realize the highest prices by selling to an end-user or collector. The challenge is you will need to find a buyer on your own. That is why there is such a strong secondary market in the buying and selling of Rolexes. Unlike other luxury watches, Rolexes maintain value and are constantly in demand. Selling to a professional and reputable company is a convenient and efficient way to maximize your value and time.
To get the best value when selling your Rolex make sure you have:
- All the original paperwork
- The box
- Any spare links or bezels
If you have all these lined up before you come in it could add a great deal of value or hurt the value if you are missing them as all of these are sought after by any serious buyers and collectors.
Vasco Assets can help you sell your Rolex and get the best possible price. It is a private international financial firm based in Newport Beach, CA with experienced luxury experts who can give the highest possible return for your watch. Vasco Assets has access to a global marketplace and is alert to fluctuating market conditions and aims to assist their clients to achieve the highest value.
Vasco Assets is very respectful of its clients’ time, and has an expedited process when you sell. So next time when you find yourself asking how do I sell my Rolex, just call Vasco Assets at 855.285.7059 and get the best possible deal on your watch.
About Vasco Assets:
Vasco Assets is a private licensed, fully insured, and bonded financial firm with business interests worldwide, specializing in luxury commodity assets. Located in Newport Beach, CA, Vasco Assets provides Financial Flexibility and Security by buying and lending against luxury assets, unlocking the inherent value and converting the assets to funds, offering a variety of innovative collateral loan programs to both individuals and businesses. Vasco also provides Access to Luxury by making luxury available to their clients well below wholesale and manufacturing by virtue of diamond production in India and Israel, jewelry manufacturing in Los Angeles and worldwide networks. Vasco offers programs to Build and Maintain Wealth, through diamond commodity investment programs, taking advantage of the hedge opportunities inherent in commodities. By virtue of their diamond production, these investment grade stones are offered at commodity pricing, eliminating the mark-ups of wholesale and retail pricing.
For more information or to inquire about any of Vasco Assets’ high-value services, please call 855.285.7059 or email email@example.com