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HOW (AND WHERE) TO BUY A ROLEX
KEN DEVAUL, IDC’S WATCH EXPERT, DECODES THE CURRENT ROLEX MARKET
The Rolex market is in a state of flux at the moment, and the way people buy the brand has changed completely, says Ken Devaul, director of timepiece operations. “Twenty-five 25 years ago, it was totally different,” he says. “Historically, in the pre-owned market, up until a few years ago, an Authorized Dealer (AD) might have half a dozen Submariners and you could just go in and buy one. A steel Daytona might have been harder to get, but there would be a waiting list, and the AD would add your name and give you a call when one becomes available. “That all changed. Today, you can’t just walk into an AD and get a steel or even a two-tone Sub. They can only get so much product and it’s all pre-sold. They may have a ladies’ Datejust or a solid gold Daytona or a gold GMT-Master that you could just walk in and buy, but they don’t have any core product available in the professional sports watch range, and it’s been that way for two years straight. An AD won’t even put you on a waiting list anymore. They just tell you that they’ll make a note that it’s a ‘watch of interest’ for you. You’re going to have to be a customer who has spent a lot of money previously with them just to get on the wait list. And when someone on the wait lists gets a call, they take it. Even if they don’t want the watch, they can flip it and make a profit.”
So what does that mean for the rest of us? “If you want a steel Submariner, GMT-Master or Daytona, you have to go to the secondary market – you have to come and see me,” says Ken. “I have them all sitting in a showcase. But they come at a price that is above retail, because I’m paying above retail for them. I’m only making 10%, but I’m getting a lot of customers coming into the store, and you will see our large bridal selection and our diamonds, so it’s worth it for me to stock them.” (An AD makes about 35% on Rolex.) “Rolex is bigger than any other brand in our store right now. People see it as a good investment. For example, if you bought a pre- owned Submariner in the last few years, it just increased in value, because Rolex introduced a new Sub this year and discontinued the old one, which makes it more valuable. A lot of people are annoyed at Rolex right now, but I’m embracing it,” says Ken.
All IDC Pre-owned timepieces come with a full 2 year warranty and are fully inspected by a watchmaker prior to sale for proper function and timekeeping.
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