Rolex. One of the biggest and most luxurious watch brands globally. A brand that is highly coveted. Recognized even by a watch amateur.
With entry-level prices at S$8000 (Official Agent Price), it is no wonder that buying a Rolex watch is not a decision to be made on a whim and involves different considerations.
There are two options to buying a Rolex, either brand new from an authorised Rolex retailer or a pre-owned piece.
For the former, since it is purchased from an authorised retailer, there is no issue with the authentication of the watch. But even with money, this option does not come easy. Popular sport watch models such as the Daytona, GMT II and the Submariner come in limited quantities, making each piece ever more precious. With high demand for these hot models, authorised Rolex retailers often only release them to VIP customers on long waitlist, or if you want it quicker, spend tens of thousands buying "other" watches with the dealer at one go and you can jump the queue and be the next to be allocated your dream model.
This article and tips are for the rest of us who may not have the luxury of waiting or spending astronomical amounts just to be on the waiting list for a brand new Sport or Professional Model.
Buying a pre-owned Rolex might seem less intense, but there are still some tips to keep in mind.
1. Do your research
The first area of research is on the model of Rolex you are interested in purchasing. Familiarise yourself with the features, specifications and design of the model so that you know what to look out for when examining the watch. Alongside that, do research on the pricing of the watch to have a better gauge of the expected price. This ensures that you will not get ripped off by dealers. If the price offered online is too "affordable", it could also be a warning sign regarding the authenticity or the condition of the watch.
Next, check online for dealers and retailers selling the particular model you are looking for. Read online reviews to find out how other customers' experiences went and get a gauge of the dealer's service standards.
For dealers with a physical shop, by and large, dealing with them involves lower risks. These shops have more fixed costs in place and their reputation tend to be at greater stake.
In today's digital society, more independent sellers in Singapore are also going on peer-to-peer selling platforms like Carousell or forums to sell their watches. The credibility of these independent sellers can be verified in similar manner by checking their background and reading the reviews left behind by previous buyers. We advise making an appointment to meet the seller and authenticate the watch before your purchase.
Overall, doing the necessary research will help ensure authentication of the watch you are buying. And always remember to be realistic about pricing, even if you really want to save some costs.
2. Ensure items bought are in a complete set
Once you have engaged the right dealer and is presented with your intended purchase, the next tip is to ensure that your purchase comes in a complete set. A complete set includes the watch, the watch box, the certification and for some, other papers or accessories. Having a complete set is especially important when it comes to reselling. The difference in value and price between a Rolex watch with and without a full set can easily go up to hundreds and thousands.
3. Authenticate parts and movement
This final tip is to guard against the potential of buying a tampered watch. The previous owner of the watch might have “enhanced” the Rolex watch by switching the original bezel for a dazzling diamond one or changed the original crystal of the watch. These details might have been overlooked by the dealer itself as their verification and processes could have fallen short. Before making the purchase, seek for an authentication of the watch with a third party. Ensure that the movement is in tiptop condition and different parts of the watch are authentic. This step and information is crucial in the long-term when you wish to bring your watch to Rolex Agent for servicing or sell your watch to another buyer for a good price.
At the end of the day, buying a pre-owned Rolex can still cost a hefty amount, especially if you are prepare to pay a premium for an immediate choice piece. Going the extra mile by doing the necessary research and cautionary steps such as authentication, will only make your purchase safe and worthy.