(rolex) watch buying moratorium... a review?

[taxico]

some time back i decided to suspend all purchases of rolex watches until prices go down. i thought to myself "it's time to sell, not buy" and i think i'm right thus far.

generally rolex watches did very well in the last few auctions and i'm very happy with the results (and the profits i've made). by the middle of next year, i hope to sell at least 7 more pieces. preferably as many as possible but higher prices will be realized if there's an element of rarity in the catalogs.

right now i would really really (really) like to buy a 116600 SD but i don't think i can make myself pay 12.5k for a grey piece, much less pay the RRP from an AD.

if i were paying 12.5k i think i want the 3135 to have all the bells and whistles (paraflex, better anti-magnetic properties BEYOND the blue hairspring, longer PR, etc... all the stuff that rolex can implement today but instead chose not to do so).

my money will probably be better spent on some other blingy "luxury dive watch"... until i realize rolex will jack up the prices of everything again in 12-15 months' time and that big attention-getting watches are not for me. so the money will, for now, stay in my war chest.

at the moment i think certain models are overpriced in the singapore market. so if you're chasing a 16710 it might be better to look outside the country or paying a little bit more for an older ceramic GMT2. LV (16610) prices seem to be coming down but it could just be an anomaly. time will tell. 216570 fervor seems to have been tempered too... the exp2 curse?

NOS pieces are recently coming out of the woodwork so i guess i'm not alone in the "selling" mentality. priced far too enthusiastically than what i think the market can bear - but it's always a battle of time vs demand (and supply). the winner will of course be the patient seller.

china seems more twitchy than most people analysts are really comfortable with. they still have a whole lot of buying power, especially for the bright shiny uber expensive pieces (at least that's what the auction houses have been telling me). personally i can't wait for 2019... closer to home i'm hoping for a chinese economy meltdow - sooner is better than later.

i've rambled on long enough!

6 months into 2014 - how are you guys coping with this hobby thus far? buying more than last year because of a big bonus or have you cut back also because of high prices?

[alantannottam]

Nice reading your rambling. Thanks for sharing your thought.

Well, my case will be simple (since financial juice is limited). I foresee i can only drool over watches on window counters, online or in GTGs. will not be getting any new watches for years to come, except maybe one for my wife as a belated push present. anyway, i am happy with my current collection (consolation? haha), so my juices will be spent on other necessities/indulgence, like car, travelling, kids edu..

[waikong86]

which entry level of rolex to buy is the best for age 20+

[mew]

Down to just one Rolex as my only watch at the moment.

The property market in China is worrying, thus i'm not too comfortable holding on to too many pieces at current price levels.

[Tricolore]

some time back i decided to suspend all purchases of rolex watches until prices go down. i thought to myself "it's time to sell, not buy" and i think i'm right thus far.

generally rolex watches did very well in the last few auctions and i'm very happy with the results (and the profits i've made). by the middle of next year, i hope to sell at least 7 more pieces. preferably as many as possible but higher prices will be realized if there's an element of rarity in the catalogs.

right now i would really really (really) like to buy a 116600 SD but i don't think i can make myself pay 12.5k for a grey piece, much less pay the RRP from an AD.

if i were paying 12.5k i think i want the 3135 to have all the bells and whistles (paraflex, better anti-magnetic properties BEYOND the blue hairspring, longer PR, etc... all the stuff that rolex can implement today but instead chose not to do so).

my money will probably be better spent on some other blingy "luxury dive watch"... until i realize rolex will jack up the prices of everything again in 12-15 months' time and that big attention-getting watches are not for me. so the money will, for now, stay in my war chest.

at the moment i think certain models are overpriced in the singapore market. so if you're chasing a 16710 it might be better to look outside the country or paying a little bit more for an older ceramic GMT2. LV (16610) prices seem to be coming down but it could just be an anomaly. time will tell. 216570 fervor seems to have been tempered too... the exp2 curse?

NOS pieces are recently coming out of the woodwork so i guess i'm not alone in the "selling" mentality. priced far too enthusiastically than what i think the market can bear - but it's always a battle of time vs demand (and supply). the winner will of course be the patient seller.

china seems more twitchy than most people analysts are really comfortable with. they still have a whole lot of buying power, especially for the bright shiny uber expensive pieces (at least that's what the auction houses have been telling me). personally i can't wait for 2019... closer to home i'm hoping for a chinese economy meltdow - sooner is better than later.

i've rambled on long enough!

6 months into 2014 - how are you guys coping with this hobby thus far? buying more than last year because of a big bonus or have you cut back also because of high prices?

A few collectors and I share a same sentiment for vintage Rolex pieces in auctions (especially those Paul Newman Daytona): They are priced too high for comfort, and it MAYBE be a bubble that is waiting to burst. I mean, look, the prices have been too ridiculously high with each auctions. It is just scary, looking at the way things are going.

As for classic pieces like the 16710 (or the vintage/ classic market as a whole), Singapore prices are actually kinda depressed as compared to the EU counterparts. Not sure why, but I reckon it is possibly the lack of interest in the market.

I supposed many watches are priced on the "higher" end now, due to the increase in purchasing power in the recent years. Then again, with the uncertainties in the market, I think there might be some correction soon. Or at least, I hope. China has been cutting back on certain brands, like Patek. But many are going strong. Well, it is anybody's guess on where the industry is heading. But I am, like you, keeping my money in my war chest. The market is a little too high for watch purchases right now.

[Mezz72]

I think the red black n green fantasy is dying off too.
Prices too high n u r seeing increasingly more unsold pieces now.
I mean, I find it ridiculous when the gmt2 is selling close to or even higher then a gmt2c.
And the premium of a green bezel is $1-1.5k over a black.
Anyways, just my personal opinion n 2ct worth.

[bono1976]

Sub no date bro...

[taxico]

...will not be getting any new watches for years to come, except maybe one for my wife as a belated push present...

you can always get a "unisex" rolex... and share it with your wife... : )

my wife wears a men's 36mm datejust... that i some times use also. we have separate bracelets.

[taxico]

A few collectors and I share a same sentiment for vintage Rolex pieces in auctions (especially those Paul Newman Daytona): They are priced too high for comfort, and it MAYBE be a bubble that is waiting to burst. I mean, look, the prices have been too ridiculously high with each auctions. It is just scary, looking at the way things are going.

...China has been cutting back on certain brands, like Patek. But many are going strong. Well, it is anybody's guess on where the industry is heading...

as a collector liquidating many pieces (as carefully as possible so as to not overwhelm the market), i am extremely happy with the prices realized in recent auctions. unfortunately, as a collector without a billionaire fortune, i would not wish to be buying right now.

except that some extremely rare pieces or pieces in exceptional condition can only be bought during peaks/boom times such as now - so anyone who knows exactly what they are getting and have the holding power should certainly jump in for those watches.

the bubble will burst for sure, but you can bet that the next time most of those pieces come up for sale again, the owners will be reaping handsome profits.

as thierry stern puts it: to be popular in china, pate must do well outside china. the bulk of their chinese customers would (naturally) be buying patek watches outside PRC.

[taxico]

I think the red black n green fantasy is dying off too.
Prices too high n u r seeing increasingly more unsold pieces now.
I mean, I find it ridiculous when the gmt2 is selling close to or even higher then a gmt2c.
And the premium of a green bezel is $1-1.5k over a black.
Anyways, just my personal opinion n 2ct worth.

it appears that buyers might not always factor in the 1-1.2k RSC overhaul rates into older pieces - the final price is almost always in the ballpark of watches still within its original 2 year warranty.

to be fair - a few times i have been extremely keen on paying (imo) overpriced rates for NOS/BN unworn pieces... but discipline dictates that i stop buying watches.

i have, instead, been buying used and cheap(er) speaker leads, interconnects and speakers. and CDs/vinyls...

many people are "upgrading" these days and i finally get to try out all the different cables and speakers for cheap!