The global luxury watch resale market in 2023 was generally sluggish. Although the domestic market was also affected by the downward trend, It can be said that it performed relatively well. The growing public interest in Rolex, Which serves as the backbone of the resale market, The recovery of cryptocurrency prices, And active marketing and media exposure by the watch industry are all interconnected factors. In fact, The prices of popular models in 2023 remained within a stable range without extreme fluctuations. Here, We will discuss the price changes of popular sports watches in the domestic resale market in 2023, Which can provide insight into the market trends.

*Watch prices are based on unworn condition and reflect the average price as of December 2023.

Daytona Ref. 116500LN

The 116500LN Daytona, Featuring a stainless steel case and ceramic bezel, Has entered a stable price range. This model, Also known as ‘Ceratona’ due to its ceramic bezel, Was discontinued in March this year and replaced with a new reference, Marking another turning point. Many enthusiasts prefer the slimmer case and the dial with less empty space compared to the new model, So the premium for the Daytona 116500LN is expected to continue into 2024.

116500LN White

Compared to 2022: -31.5% 
Compared to January 2023: +4.9%  
Resale premium: +116%
Latest VIVER transaction price: 41, 000, 000 KRW

Daytona 116500LN White / © Bob’s Watch

The white ‘Ceratona’, Which was priced at 70, 000, 000–80, 000, 000 KRW in early 2022, Is one of Rolex’s most popular timepieces, Leading the resale market alongside Patek Philippe Nautilus and Audemars Piguet Royal Oak. Although the decline in the premium for the white ‘Ceratona’ was seen as an indicator of the bursting bubble in the resale market, It is still traded at least twice the retail price. Currently, The price for unworn condition is in the low 40, 000, 000 KRW range, With a premium of over 110% compared to retail.

Daytona 116500LN White 2023 Price / © VIVER

116500LN Black

Compared to 2022 average: -27.5%
Compared to January 2023: +0.9%
Resale premium: +83%
Latest VIVER transaction price: 37, 000, 000 KRW

Daytona 116500LN Black / © Bob’s Watch

The black ‘Ceratona’, Which is as explosively popular as the white version, Also commands a high resale premium. Although it is less talked about than the white version, It remains one of the few steel watches worldwide that can fetch twice the retail price. Throughout the year, The price remained in the mid-30, 000, 000 KRW range, And VIVER recently recorded a transaction for an unworn piece at 37, 000, 000 KRW.

Daytona 116500LN Black 2023 Price / © VIVER

Daytona 116500LN

40mm, White, Oyster

Daytona 116500LN

40mm, Black, Oyster

Submariner ‘No Date'
Ref. 124060

Compared to 2022: -4%
Compared to January 2023: +4.3%
Resale premium: +28%
Latest VIVER transaction price: 14, 800, 000 KRW

Submariner No Date 124060 © Rolex

The entire current Submariner lineup is actively traded on the secondhand market, Making it a useful ‘indicator’ for monitoring Rolex prices. Among them, The
Submariner ‘No Date’, Which has overwhelmingly high trading volume in the luxury watch resale market, Is a model that preserves the heritage of the first Submariner from 1953. As the most affordable model in the Submariner line, Demand is always high. (It was also the most traded reference on VIVER this year)

Submariner 124060 2023 Price © VIVER

According to the annual price trend of the ‘No Date’, Unlike in 2022, There were no dramatic changes in the domestic Rolex resale market.

Submariner 124060

41mm, Black, Oyster

Submariner Date
Ref. 126610LN

Compared to 2022: -4.3%
Compared to January 2023: +5.4%
Resale premium: +32.5%
Latest VIVER transaction price: 17, 500, 000 KRW

Submariner Date 126610LN / © Bob’s Watches

Submariner Date is one of the most traded models in the Rolex Professional line, Along with the ‘No Date’. With the useful date function, It is priced about 2, 000, 000–2, 500, 000 KRW higher than the ‘No Date’. The global price index for the Submariner Date continues to decline, But the domestic market shows repeated minor fluctuations. Unworn pieces have recently been traded at an average of 17, 000, 000 KRW, But sometimes appear in the 16, 000, 000 KRW range.

Submariner Date 126610LN 2023 Price / © VIVER

Submariner Date 126610LN

41mm, Black, Oyster

Submariner ‘Starbucks'
Ref. 126610LV

Compared to 2022: -8.5%
Compared to January 2023: +1.7%
Resale premium: +44%
Latest VIVER transaction price: 20, 000, 000 KRW

Submariner ‘Starbucks' Ref. 126610LV / © Rolex

This is the third-generation Submariner ‘Starbucks’ in Rolex’s iconic green. The first generation is the original green Submariner 16610LV ‘Kermit’, And the second generation is 116610LV ‘Hulk’. Both previous references are cult favorites among enthusiasts, But the ‘Starbucks’ trades at a lower price than these older references. Although it was priced in the 30, 000, 000 KRW range in early 2022, It has remained in the 20, 000, 000 KRW range for the past year. The resale premium is still over 30%, And with little price fluctuation, It is a steady seller that guarantees asset value for sellers and transparent pricing for buyers.

Submariner 126610LV 2023 Price / © VIVER

Since mid-2023, The ‘Starbucks’ has featured a brighter bezel color, Making the resale market a necessity rather than a choice for consumers who prefer the previous darker tone. Enthusiasts generally refer to the first version as MK1 and the next as MK2 for distinction.

Submariner Date 126610LV

41mm, Black, Oyster

Submariner Rolesor ‘Bluesy’ and ‘Blacky’

‘Bluesy’ and ‘Blacky’ are Rolesor models that combine yellow gold and steel for a striking presence. With a retail price of 20, 030, 000 KRW, Rolesor models with gold components have a high entry barrier and therefore carry little premium. Because of the low premium, Trading is more active in the resale market.

Submariner ‘Bluesy’ Ref. 126613LB

Compared to 2022: -3.6%
Compared to January 2023: +1.9%
Resale premium: +9.8%
Latest VIVER transaction price: 22, 000, 000 KRW

Submariner ‘Bluesy' Ref. 126613LB / © Rolex

Submariner ‘Bluesy' Ref. 126613LB 2023 Price / © VIVER

Submariner ‘Blacky’ Ref. 126613LN

Compared to 2022: -4%
Compared to January 2023: +5.5%
Resale premium: +9.8%
Latest VIVER transaction price: 22, 000, 000 KRW

Submariner ‘Blacky' Ref. 126613LN / © Rolex

Submariner ‘Blacky' Ref. 126613LN 2023 Price / © VIVER

Submariner Date 126613LB

41mm, Royal Blue, Oyster

Submariner Date 126613LN

41mm, Black, Oyster

GMT Master 2 ‘Pepsi'
Ref. 126710BLRO

Ref. 126710BLRO / © Bob’s Watch

The rumored-to-be-discontinued GMT Master 2 ‘Pepsi’ also saw a decline in average price compared to last year, But remains strong. The ‘Pepsi’ inherits the blue-red color combination of the first GMT Master from 1954, Making it the most sought-after dream watch in the GMT Master 2 catalog.

Ref. 126710BLRO 2023 Price / © VIVER

Jubilee
Compared to 2022: -13%
Compared to January 2023: +10%
Resale premium: +100%

Oyster
Compared to 2022: -8%
Compared to January 2023: +7% 
Resale premium: +82%

Watch communities at home and abroad are debating the ‘Pepsi’ discontinuation rumors and the resulting lower liquidity in the resale market, But there have been no dramatic changes in actual prices. Since Rolex has not made an official statement, It does not seem to have a significant impact on the market. 
If the ‘Pepsi’ is actually discontinued, There are expectations and concerns that its resale price could exceed the 30, 000, 000 KRW range seen in 2022. As the best ‘daily wear’ watch and an excellent tangible investment for Rolex enthusiasts, The GMT Master 2 ‘Pepsi’ is traded at nearly twice the retail price.

GMT-Master 2 126710BLRO

40mm, Black, Jubilee

GMT-Master 2 126710BLRO

40mm, Black, Oyster

GMT Master ‘Batman'
Ref. 126710BLNR

126710BLNR / © Bob’s Watch

126710BLNR – also known as ‘Batman’ and ‘Batgirl’ is the second most popular model in the GMT Master 2 catalog. Since its debut in 2013 with the first black-blue color combination, ‘Batman’ has been a steady seller for ten years. Although the price has declined compared to 2022, Actual transaction prices over the past year have not been significantly affected.

Ref. 126710BLNR 2023 Price Trend / © Rolex

Jubilee
Compared to 2022: -18.2%
Compared to January 2023: +6.8% 
Premium over retail: +57.4%
Latest VIVER transaction price: 22, 000, 000 KRW

Oyster
Compared to 2022: -13.6%
Compared to January 2023: +3.8% 
Retail premium: +52%
Latest VIVER transaction price: 20, 500, 000 KRW

The 126710BLNR is maintaining its value thanks to a gradual price recovery. The ‘Batgirl’ Jubilee bracelet version, Which was traded in the 23, 000, 000 KRW range between December 2022 and February 2023, Considered the ‘bottom’ of the luxury watch resale market, Was traded at around 22, 500, 000 KRW in November 2023, About a year later.

GMT-Master 2 126710BLNR

40mm, Black, Jubilee

GMT-Master 2 126710BLNR

40mm, Black, Oyster

Explorer 1 40mm
Ref. 224270

Resale premium: +21.3%
Latest VIVER transaction price: 11, 800, 000–12, 000, 000 KRW

Ref. 224270 / © Rolex

As of December, This is the most affordable Rolex professional model available in the resale market.
Unveiled for the first time at Watches and Wonders in March 2023, The Explorer Ref. 224270 is the largest Explorer 1 in history. Along with Explorer 2, Explorer 1 remains true to its tool watch heritage, And its evolution into a more robust and powerful form has made it a wishlist item for enthusiasts worldwide. Ref. 224270 (Explorer 40) has only been on the resale market for six months, But it was already listed as a VIVER bestseller in 2023.

The initial transaction price for Explorer 40 rose to 13, 000, 000–14, 000, 000 KRW, Then dropped to the high 11, 000, 000 KRW range, But trading remains active. The 36mm version, Ref. 124270, Also contributes to the popularity of Explorer 40. Although the 36mm retail price is 540, 000 KRW lower, It is traded at about 1, 000, 000 KRW higher in the resale market, So more consumers are choosing the 40mm version. The number of beginners seeking Explorer 40 as the first step in their luxury watch collection is expected to continue to grow.

Explorer 1 124270

36mm, Black, Oyster

Explorer 40 224270

40mm, Black, Oyster

Omega Speedmaster ‘Moonwatch’

The Speedmaster ‘Moonwatch’ is Omega’s pride and one of the most important icons in watch history. The Moonwatch is renowned as the first watch worn on the moon, Combining both fame and heritage.

Speedmaster / © Omaga

Although the Moonwatch holds an iconic status, It is also economically accessible in the resale market. The reissue stainless steel Moonwatch can be purchased at a very reasonable price in the resale market.
The ‘Sapphire Sandwich’ version with sapphire crystal is about 30–35% cheaper than retail in unworn condition. Thanks to this attractive price, The Moonwatch is sold on VIVER within an average of eight days after listing.

Moonwatch 310.30.42.50.01.001

42mm, Black

Moonwatch Apollo 11 50th Anniversary 310.20.42.50.01.001

42mm, Black/Gold hands and indexes, Apollo 11 50th Anniversary

Audemars Piguet Royal Oak

The Royal Oak, The origin of luxury stainless steel sports watches and the icon that sparked the integrated bracelet trend, Comes in many variations, Making it difficult to track price trends. Knowing the three entry-level steel models in the current catalog will help you understand the overall price movement.

Royal Oak 15000 Series / © The Watch Club

There are the 41mm 15510ST, The 37mm 15550ST, And the reissue 39mm 16202ST ‘Jumbo’. The 15510ST and 15550ST started at over 70, 000, 000 KRW in the resale market and have now fallen to the mid-50, 000, 000 KRW range. Black, Gray, And silver dials carry a resale premium of +38–50%. The most in-demand blue dial version trades for about 10, 000, 000 KRW more.

The previous reference 15202ST, One of the big three in the luxury watch resale market, Was succeeded by the 16202ST ‘Jumbo’, Which also saw a price drop but still commands a significant premium. With only a few pieces available in Korea, The ‘Jumbo’ is traded at over 100, 000, 000 KRW in the resale market. At one point in 2022, The price approached 200, 000, 000 KRW. Although the price has halved, It is still traded in the 80, 000, 000–90, 000, 000 KRW range, Remaining an eternal icon among sports watches.

The next magazine will cover the prices of classic models.