The recent price increase is good news for the pre-owned watch market, according to Watchfinder.
The pre-owned watch retailer has said that increasing the price of new Rolex timepieces will have a knock-on effect for the second-hand market as consumers will have increased confidence that buying a Rolex watch will be a solid long-term investment.
Watchfinder director Matt Bowling said: “I’m in favour of the price increase, it’s fantastic for the pre-owned market. It strengthens the argument for Rolex and it drives new sales as when people buy them they see they will be worth more down the line.”
Bowling said that this is a theory that applies to other brands, and that price increases on new models generally delivers a boost to the pre-owned timepieces already on the market.
The price increase on Rolex models came into effect last Monday with UK retailers reporting that average prices have gone up by about 7%.