Demand for Rolex watches is at its peak globally. So much so that it is in short supply. Interestingly this is not a Rolex caused scarcity, the figures show a surprising increase in demand. Mr. Govberg, the owner of a jewelry store and luxury watch destination, attributes this shortage to increasing desirability of luxury sports watches. He believes that an increasing number of customers desire a watch which can be worn at day to night, from the beach to tennis to fancy dinner party. What they’re calling the ‘beach-to-tux’ phenomenon.
Unsurprisingly, Rolex isn’t the only watch brand to benefit from this shift. Brands like Audemars Piguet and Hublot are showing strong growth in their sports segment. Patek Philippe Nautilus pieces are reselling at twice their retail price – which is understandable considering the rare chances of becoming an owner of one owing to their strict customer selection criteria. Omega, who is the slowest mover in this segment, is also gaining market at a steady pace. The demand is so strong that pre-owned watches are selling out at double the cost of a new watch on secondary dealer sites like Watchbox and Watchfinder. This year’s best selling watch is the Rolex GMT Master II with a years long waiting list, with a price tag of £6,800 or more.