Pre-Coronageddon, Rolex made some one million timepieces a year. Despite those vast production numbers, Rolex prices have been steadily climbing. Buyers were willing to stretch their budget -Rolex was the “safe choice.” Come hard times, they could convert their pricey watch into cash. Maybe not as much as they paid, but some. Well hard times are here . . .
New watch alert! Breitling unleashed its new models yesterday – unlike Patek Philippe and Rolex, who’ve decided to hang fire until 2021. The watch market is in deep freeze, as buyers spend their time watching TheTiger King instead of spending their hard-earned cash on horological acquisitions. Even so, Breitling is hardly alone in letting loose the dogs of war. Here’s our pick of this week’s newbies . . .
Watchpro.com reports that Rolex, Tudor, Patek Philippe, Chopard and Chanel have all pulled out of the horological schmoozefest known as Baselworld. In a joint statement, the four watch brands cited the organizers’ “inability to meet the brands’ needs and expectations.” Which is a fancy way of saying Baselworld’s organizers . . .
Over at Quill & Pad, GaryG tackles the question “How in the world can you possibly be focused on something like watches at such a terrible time?” Seriously? Why do watches matter to horophiles during Coronageddon? They help keep us sane. Instead of offering this simple reply straight off the bat, GaryG tells Sherman to set the WayBack machine for 1852 . . .
In WatchBox Market Wrap Ep. 05, veteran trader Mike Manjos reveals that watch prices are dropping across the board. “We got aggressive two weeks ago,” he admits, “we adjusted prices on Rolex sport models.” This week, WatchBox sold a ceramic Rolex Daytona for under $20k. A week previously . . .