Rolex watches are some of the most sought-after timepieces in
the world. Last year, a vintage Rolex Daytona worn by Paul
Newman was sold at auction for $17.8 million. Cara Barrett, editor
at Hodinkee, fills us in on why Rolex's are so pricey. Following
is a transcript of the video.
Cara Barrett: There is a rumor that in order for a Rolex to
actually leave the factory or be a Rolex design it has to be
recognizable from 20 feet away.
Hi, I'm Cara Barrett, editor at Hodinkee, the leading online
watch publication. Rolex is one of the few brands, if not the
only brand that has a very specific aesthetic. They are sporty,
they are active, they are tool watches that's kind of their main DNA.
In the 50s they came out with the Submariner, the Explorer,
the Milgauss, the GMT and they were all watches that were
designed and made to be used as tools. And so that's their bread
and butter and it still is today. It kind of evolved into a luxury
brand later in life which now is what they're known for. So that's kind
of the interesting thing about them is they initially were tool
watches which have now become luxury. Rolex is kind of one of
those brands that sits on the lower end of the spectrum as far as
luxury watches are concerned.
The Submariner's $8,000. The entry-level watch at Rolex is
$5,000 with the Oyster Perpetual. Their three qualities are
self-winding, waterproof and precision. And they really focus on
quality. It takes one year to make a Rolex. They go through
extensive testing. The accuracy, the chronometer, the timing,
it's all about telling the right time, keeping the right time.
They also have extensive service work after, so if you ever
have a problem with your Rolex, you can take it to them and
they'll fix it.
The clasp is opened and closed a thousand times before it leaves
so you know that when you get it, it's not gonna break.
The whole point of a Rolex is you buy one now, it will last
you for 20 years if you take care of it. It will last you for 100
if you really take care of it. That's ultimately why they're so
expensive because you're buying something that will last you
a lifetime presumably. And something that you can pass down to
other generations as well.
In the collectors' world, there's the vintage Rolex market.
And there's a whole underground of different nuances and
you know there's a GMT with a matte dial, a GMT with a gilt dial
and there are all these tiny little details that change and they
make a watch more or less valuable.
There's the Paul Newman Daytona which sold for $17.8 million
last fall and that's the most expensive Rolex that's ever sold at
auction. The Paul Newman Daytona is a really good example
where they came out with a Daytona back in the 70s and they
put these exotic dials on them and they couldn't sell them.
And now they're the most collectible watches on the vintage market.
No one knows how many Rolexes are produced per year, no one
knows how many Rolexes are produced per model. But there are
specific ones, like the Rainbow Daytona that came out this year,
rumored to have X amount made, but very small quantities.
You don't ever know exactly what the number is, but you do
know that there aren't that many. And they're hard to get.
One of the best things about Rolex is anyone can wear any of them.
They're very unisex and I think that that's refreshing 'cause a lot
of times brands put a lot of diamonds on watches and kind of
brand it as a woman's watch. Whereas Rolex does the same thing,
but it's kind of unisex. I wear a lot of men's Rolex. But the ladies
Datejust is actually, in two-tone, is actually the most sold Rolex
model of all time. Which is a really fun fact.
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