Used Rolex Watches -- Global Hype Heats Up for Investors Racing To Own Vintage Daytonas and Presidents
Used Rolex watches are prompting millionaires on every continent to compete for the shrinking global supply of collectible Daytonas and Presidents. San Francisco gemologist Avi Dayan says, “Rolex buyers in the western world once had these exotic timepieces all to themselves. Now, they must share them with the new millionaires who are emerging in India, Russia and China. The race is on to acquire one of the most fashionable signs of wealth and power in the world. May the smartest men win.”
San Francisco, CA (PRWEB) August 1, 2006 -- The new rich of India, Russia and China are giving millionaires in the western world a run for their money,” says San Francisco gem expert Avi Dayan.
“Where once you saw only millionaires from the U.S. and northern Europe collecting vintage Rolex watches, today you see rich men from newly industrialized nations racing to invest in them."
Dayan says for nearly a hundred years, owning a Rolex has been almost a rite of passage among the Western rich. “What we see now is an expanding investment market and a growing demand for a shrinking supply of watches. Emerging millionaires in developing nations are seeking the same luxury that Rolex collectors in New York, Chicago and Phoenix have enjoyed for years. They too, want to invest in the best.”
Dayan, a graduate of the Israeli Gemological Institute, says that new wealth in India, China and Russia has been spurred by aggressive oil and gas production and the rising price of real estate around the world. “And don’t forget to factor in the influence the Internet has had in exposing people in developing nations to exotic western investments,” says Dayan. “Information about a 1960s vintage President is now only a click away on Google.”
The San Francisco gemologist says the king-of-the-hill favorite for elite Rolex investors are the Daytona sports models similar to the watch that clutched the wrist of Hollywood star Paul Newman during his racing days.
“When collectors purchase a Newman-type Daytona, they pay a price that surpasses the cost of a mid-market luxury car. Believe me, these are not your average Rolex watches.” Dayan says the Swiss-made Daytonas were manufactured between 1961 and 1988.Vintage Presidents are the next most popular Rolex collectible, he says. “But, investment quality Rolex watches don’t have to cost as much as a Paul Newman model."
"Right now," says Dayan, "you can buy a stainless steel Datejust for $2,200; a GMT vintage for $3,500 and a Single Quick President for $7,800. All sport models are gaining value by the week.” He cautions millionaires new to the Rolex market to be careful who they trust. This means:
| | - Never buy a Rolex from an Internet dealer – unless the dealer also operates a brick and mortar store located in a secure, respectable location, preferably in the United States. “Buyers should always have the option to visit the seller’s store and personally inspect the watch,” he says.
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| | - Never buy from a dealer who does not provide the specialized service and parts for vintage Rolex watches. “If you buy a 50-year old Rolex, the dealer should have the parts and service professionals available to ensure the watch is fully operable.”
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| | - Never buy a Rolex without an in-house warranty. “You wouldn’t buy a new Rolex without a warranty. Don’t buy a used Rolex without one.”
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| | - Never buy a Rolex in the Far East or Turkey, even if the dealer has a storefront presence.
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| | - Never buy a Rolex on Craig’s List from a private seller. “It’s too risky.”
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For more information on used Rolex watches and the expanding collectible market, contact Avi Dayan, owner of San Francisco-based A&E Watches at (415) 437-3263 or visit his website at www.aandewatches.com.
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