We’re halfway through 2024 (if you can believe it) and Rolex is raising their prices again, despite doing so already at the start of the year. Rolex price changes are always a big deal, not least because grey market flippers believe they can squeeze a few extra pennies from collectors because the perceived value of each watch has increased. However, if you’re an honest collector (as an Oracle Time reader I assume this the case) who genuinely wants a Rolex and is willing to join the waiting list then things are not so bad as it sounds.
This latest round of price rises only affects a particular selection of Rolex models, specifically the golden references. On average precious metal Rolexes have seen a 4% price increase on top of the 4% in January, which is designed to cover the fact gold itself has seen a 17% price increase since the start of the year. Let’s take a look at the price rises of some specific Rolexes to see how it’s affected real prices since 2023.
Cosmograph Daytona Steel and Ceramic
| Reference | 2023 | 2024 (Jan) | Increase (%) |
|---|---|---|---|
| 126500LN | £12,700 | £13,200 | +3.9% |
Pepsi GMT Master II with Jubilee Bracelet
| Reference | 2023 | 2024 (Jan) | Increase (%) |
|---|---|---|---|
| 126710BLRO | £9,150 | £9,550 | +4.3% |
Day-Date White Gold
| Reference | 2023 | 2024 (Jan) | 2024 (Jun) | Increase (%) |
|---|---|---|---|---|
| 228239 | £35,000 | £36,400 (+4%) | £37,800 (+3.8%) | +8% |
Yacht-Master Everose Gold
| Reference | 2023 | 2024 (Jan) | 2024 (June) | Increase (%) |
|---|---|---|---|---|
| 228239 | £35,000 | £36,400 (+4%) | £37,800 (+3.8%) | +8% |
The Breakdown
January Price Rises
In January Rolex took a very even-handed approach to price rises. There weren’t any dramatic winners or losers like we saw in 2023. The fact that all changes sat so close to inflation shows that really this was a proportional adjustment, rather than being targeted price increases. Still, just because it’s proportional doesn’t mean it won’t hurt the pocket and create an emotional response – frankly no one likes paying more for the same item.
The increases have also pushed some watches above significant milestone prices. For example, the steel no-date Submariner going above £8,000. To me, with the standard Submariner at £8,050 and the standard Omega Seamaster Diver 300m at £5,600, it no longer feels like they’re in the same ballpark. Whereas when the difference was 5.6k to 7.7k it felt like the gap was less significant.
The last point to cover, and it’s an important one, is the fact that this is a snapshot of Rolex’s price rises. While the change from year to year is typically small, the picture across a longer period of time is very different. If we were to compare prices back to 2020, we’d find an average price increase above 20%. Part of that is obviously due to regional market inflation as we’ve been discussing, but some it could also be attributed to next gen movements and global supply chain inflation. However, the overall story is clear, Rolexes are getting more expensive and they look set to continue to do so.
Rolex Boutique, Genève
June Price Rises
Rolex’s June price rises took effect on June 1st and are targeted at their precious metal references, specifically gold. Whether it’s yellow gold, white gold or Everose gold, they’ve all seen increases. Above you’ll note that the white gold Day-Date went from £36,400 to £37,800, an increase of £1,400 or 3.8%. It’s the same story for the golden submariners and Daytonas that all rose around 4% while their steel counterparts remain at the prices set in January.
This is because gold prices have gone up by 17% so far in 2024, rising from approximately £1,600 at the start of the year to around £1,800 currently. Interestingly, the story in January was that Rolex had been even-handed with their price rises but if you look at the total rises, the complete pictures shows that precious metal models have now seen substantially higher rises, just spread out over the year. Meaning there are no headline figures of 8% or 11% rises even though that may be the truth.
Still, just because it’s proportional doesn’t mean it won’t hurt the pocket and create an emotional response – frankly no one likes paying more for the same item. The increases have also pushed some watches above significant milestone prices. For example, the steel no-date Submariner going above £8,000. To me, with the standard Submariner at £8,050 and the standard Omega Seamaster Diver 300m at £5,600, it no longer feels like they’re in the same ballpark. Whereas when the difference was £5.6k to £7.7k it felt like the gap was less significant.
More details at Rolex.
