The Current State of Rolex

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The Current State of Rolex

Rolex had celebrated their 60th anniversary in 2016. They are known as luxury Swiss watches that were manufactured in Switzerland. Rolex watches could be your lifetime partner, where they keep track of your time day and night. The founder of Rolex is named Hans Wilsdorf along with Alfred Davis. If there is a time where you are not able to use your phone to tell the time, then a wristwatch will do their job. Although any wristwatch would do a fine job, Rolex had done 20 different test drops plus a water resistance test. Rolex watches go from mid-size, large size with the use of materials like oyster steel, oyster steel and gold, gold, and platinum. And surprisingly, according to the New York Times, the export of Swiss watches had dropped 21.9% due to the coronavirus lockdown. And the No. 1 export destination was in Hong Kong since the export had dropped 41.3%.

However, due to the Coronavirus essentially putting the world on pause and sending the majority of the workforce home, people have had more time in their day, specifically for retail therapy. But it isn’t just shiny, newer models that have been selling; vintage Rolexes have been in extremely high demand. While the company itself has decided to halt its plans of announcing new models, auctioneers have been very successful in selling vintage models dating all the way back to the late 1940s. But these auctions aren’t for the faint of heart or the lightest of wallets. In March of this year, auctioneer house Sotheby’s was able to sell one Paul Newman Daytona $167,188 USD, and another Rolex Daytona for $306,378 USD. Online watch marketplace Bob’s Watches has been preparing to auction off watch models in June, including Submariners, Paul Newman Daytonas, GMT-Masters, and Steve McQueen Explorers, collectively estimated at $500,000 USD, but is expected to total $1million USD.

No matter how old or new Rolexes are, the company’s models remain a classic for all watch lovers. For some, this symbol of luxury is worth its expensive price tag. If you have a Rolex watch and are looking to sell your Rolex, please visit our buying page for more information.

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