We all know that shortages of key Rolex models are causing prices to soar on the secondary market and, it seems, the greater the shortage the higher the mark-up.
A 2018 Rolex Daytona Rainbow Everose 116595RBOW, which has a list price of $96,900 sold at auction in London this week for more than three times that amount: £237,500 ($310,000).
Sotheby’s gave the watch a pre-sale estimate of $182,000 to $312,000, and the watch sold at the top end of the valuation.
Its owner trousered a profit of $213,000 (minus fees) simply for buying a watch one year and selling it the next.
Of course, this is not just any watch. Only a handful are produced each year by Rolex because of the difficulty in sourcing perfectly calibrated sapphires of the right color to construct the rainbow adorning the bezel.
The model was first introduced in 2012 in yellow gold and later in white gold.
In 2018, Rolex revealed the Everose version, the pink gold edition which has baguette rainbow indexes as opposed to the simpler, brilliant diamond-set indexes of the two previous versions.
The watch was said to be in excellent condition by Sotheby’s (probably never been worn given that it still has its tags). It is claimed to be the first of its kind to appear at auction.
The watch was sold with its all-important box and papers.