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"Rolex is still on fire," says Paul Altieri, CEO of Bob's Watches and one of the most respected collectors and experts on Rolex in the United States.
The sale focused on watches from the golden era of mechanical watches, right before the advent of the quartz timekeeping, and all of the four lots were believed never to have been sold at auction before.
Businesses that have been conceived primarily as ecommerce operations have weathered the storm better than those relying on brick and mortar retail, and the leading pre-owned and secondary market players have suffered far less than those in the primary market.
Bob’s Watches' latest ‘Fresh Finds’ auction is focusing on rare vintage 1960s sports watches including classics from Omega and Rolex.
In Volume 1, we focus on how the secondary market has performed during the first half of this year when the Coronavirus pandemic swept across the world.
Sixteen watches, all seen at auction for the first time, raised a total of $587,000 at the online sale.
Pre-owned specialist says crisis has cooled Rolex prices by 10-20% but expects them to rebound to pre-pandemic levels because loss of production means supply will be just as tight later this year.
Auction of vintage Rolexes assembled by California’s Bob’s Watches is tempting bidders by selling with no buyer’s premium.
Browsing for watches on the secondary market has spiked during lock down, but dealers are being offered much lower prices.
Retailers could be earning money from selling pre-owned watches within days through the Partner in Time program.