The Birth of the Rolex Resale Market

People who have loved watches for a long time say there was a time when Rolex boutiques were full of new watches. And as with most products, There was a time when the resale price was set below the retail price. When exactly was that, And will such days ever return? No one knows.

So, When did the phenomenon of Rolex resale prices far exceeding retail prices begin? As expected, It started with the Daytona, This very model.

A Small Change, A Big Impact

The Daytona Ref. 116500LN was unveiled at Baselworld 2016. Although many new models were introduced, The new Daytona model attracted the most attention. With the success and anticipation of the previous Ref. 116520, The market responded enthusiastically, And people rushed to get on the waiting list. Even now, It remains one of the hardest models to acquire in the entire Rolex collection.

Compared to the Daytona 116520 we looked at previously, What has improved? First, The in-house (masterpiece) movement Cal. 4130, Which was the core of the previous Ref. 116520, Remains unchanged. The size is the same, And the material is also 904L steel. Now, Let’s look at what has changed.

Daytona 116520

40mm, Black, Oyster

Daytona 116520

40mm, White, Oyster

Cerachrom Bezel

The bezel material changed from steel to ceramic. The Cerachrom bezel is a masterpiece that Rolex has researched for a long time. Using the PVD (Physical Vapor Deposition) process, Platinum particles are thinly filled into the numerals and markers, Resulting in a robust and highly legible ceramic bezel. This solves the biggest drawbacks of the previous steel bezel, Such as scratches and discoloration.
The slightly bolder font, Matching the strong image of the Daytona, Is also attractive. This small yet powerful change seems to symbolize the identity of the 116500LN. It is still called by the nickname “Ceratoner.”

Black Sub-dials

The dial was released in both black and white, Just like the previous model, But with a slight change. This change is more noticeable on the white dial, Where the sub-dials inside the dial are black. This resembles the Ref. 16520 released in 1988, Giving it a retro feel. While the black dial was more popular in the previous model, After the release of this model, Demand for the white dial increased.

From left, Black dial, White dial

The Birth of the Domestic Resale Market

It was only the domestic market that was late. In countries where the “open run” culture for Rolex existed early on, This was a common phenomenon. There were many people who wrote blog posts about their experiences as if writing a diary. When the Daytona Ref. 116500LN began to be supplied in 2016, The retail price was 14.5 million KRW. However, It did not take long for a premium, Albeit small, To form.

In fact, Before this model, There was no real premium market in Korea. It was considered natural for pre-owned watches to be priced below retail, With depreciation. However, When the Ceratoner appeared, For the first time in the domestic pre-owned market, Prices exceeded retail. At first, Everyone found it unfamiliar. The used market boards were abuzz with Ceratoner listings. But it was impossible to go against the global trend. This was the point when the so-called “P” premium began to be added in the domestic market.

Daytona Without Brakes

After the COVID-19 pandemic, Demand for luxury watches surged, Causing a rapid price increase. Rolex was at the center of this, And leading the way was this Ceratoner Ref. 116500LN. The premium, Which had been around 20 million KRW, Soared to an astonishing 70 million KRW, Shocking everyone. Someone unfamiliar with the market might think it was a watch encrusted with jewels, But it is indeed an all-steel model.

VIVER Index

This model is always in demand, And in January 2022, Rolex’s price increase further fueled the market. The price surpassed 50 million KRW and even reached 70 million KRW, But it is now trending downward again.

Daytona 116500LN

40mm, Black, Oyster

Daytona 116500LN

40mm, White, Oyster

The price of the Ceratoner, Which has become a symbol of Rolex resale, Is always a topic of interest. What will happen in the future?