Are There No Advantages to Rolex Resale?

These days it is difficult to even find a Rolex in stores so those who want to own a watch have no choice but to pay a premium and purchase through resale. Some may think that the premium is due to resellers or that resellers are making it harder for genuine users to buy watches. However, The secondary market price structure is not determined by just one simple factor. Even now as prices are returning to their original levels the main reason resale prices still exceed retail is because more people want to discover the value of Rolex over time while supply remains limited.

To clarify the terminology resale market secondary market and used market all mean the same thing. Any method of trading watches outside of official stores falls under this category.

How has the watch resale culture developed in other countries? In neighboring Japan the Rolex secondary market has been thriving since the mid-1990s. The markets in the United States Italy and Hong Kong started even earlier.

So what about Korea? Rolex officially entered Korea in 2003 and the resale market has only grown significantly in recent years. The Rolex resale market that began with the Daytona in 2016 and the GMT Master in 2018 saw a surge in liquidity during the pandemic leading to the phenomenon known as "open run" and now it seems almost impossible to buy a watch at retail price. Will those days ever return? The Rolex resale culture is something we must now accept so let us consider what effects it may have for us.

Proper Evaluation of Watch Value

Since Rolex began official sales in Korea in 2003 it has supplied a variety of watches to the domestic market over the past 20 years. Models such as the Daytona 116520 sold for 13 years the Submariner Black 16610LN sold for 7 years the Submariner Green 16610LV and the Explorer 114270 are now rarely seen in the domestic resale market.
Where have all these highly sought-after watches gone?

Daytona 116520

40mm black oyster

Submariner Date 16610LN

40mm black oyster

Submariner Date 16610LV

40mm black oyster

Explorer 1 114270

36mm black oyster

In Korea many users found it hard to accept that used watches could sell above retail so the secondary market struggled to mature. As a result many watches were sold overseas where prices were higher. In the 2010s when Chinese and Japanese tourists frequently visited Korea many would visit places like Jongno and Apgujeong specifically to buy watches. This was a regrettable reality akin to an outflow of national wealth. Due to the lack of content and information about watches each watch was not properly evaluated.

These days Korean prices are catching up with overseas used watch prices but there are still some models with different price trends. When watches leave the country it is ultimately Korean consumers who lose out so it is important for the secondary market to maintain appropriate watch prices.

Overall Expansion and Growth of the Watch Market

One unique aspect of the Korean watch market is the activation of "private transactions." Unlike in the past it is now easier to access various information so many individuals trade watches by referring to overseas market prices or precautions. However trading products worth tens of millions of won always carries risks and inconveniences. Still the main reason for preferring private transactions is the lack of trustworthy companies.

ⓒ Rolex

From the process of product commercialization to watch management after-sales service and most importantly buying and selling prices many companies are making great efforts to enter the market by providing services tailored to customer needs. This is expected to have a positive effect on watch users. Long-time buyers can buy or sell watches more quickly and the entry barrier for newcomers will be lowered. As the utilization of older watches increases the industries for repair and preservation will also grow together.

Providing High-Quality Content

Currently in the Korean market most watch content is produced by a few enthusiasts through blogs or online communities or is found in magazines that are not easily accessible or on YouTube channels. However the quality of content is crucial for studying watches so it is difficult to find good resources other than translated foreign articles or a few magazines. Even this content has only increased naturally as more companies enter the secondary market.

Everyone agrees that simply buying and selling watches is not enough for the industry to continue to grow. To communicate with users it is most important to produce diverse content and to form a sense of community and healthy communication among users based on that content.

VIVER Knows the Resale Market Well

It may sound like self-praise but VIVER is the place that embodies all the advantages of the watch resale market. VIVER will lead the watch resale market with expertise so please trust us. Whether you are looking to buy or sell a watch we will be your reliable partner.