Rolex is building a new $1 billion factory, opening a new boutique in London and selling Certified Pre-Owned Watches. #Rolex #Rolex #Rolex How to buy a Rolex How to buy pre-owned Rolex Best place to buy Rolex
Yep. As an Ex-car dealer, I had it figured straight-away. They sell you a new watch and make money. They put you in a position where you need to sell it back to them. When the time comes. And they make money. They then supply you with a new watch. And they make money. Holding you by the balls to keep your profile up and running. As it all becomes “profile”. And the same circle of life will apply to used watches going to first time buyers. It’s just a way to keep your money in the Rolex system at all points of sale and exchange.
@@jimmason8502 it's a pipeline, you would be promoted to sell your watch after 3 years so they can give 2 year warranty without a need to service it. So customers would become certified flippers 🙂
too bad for Rolex. I have the money. And if they don't sell me the Rolex I want, then I go to the next brand... as I've done for the past 4 years. furthermore, I'm sad that anyone would fall for this. I know they do, because this method has leaked from Hermes and Ferrari into my world (Porsche). And I've dropped Porsche for this very reason. They aren't selling water on the moon. There is a competitive market for good (noot even fine) horology. suck it rolex.
Rolex has been the most sought after watch brand for better part of a century. One out of eight of all watches sold is a Rolex. He should talk about them often.
It’s really similar to when luxury carmakers started to do CPO programs 10-15 years ago. It increases inventory and buyer-traffic at the showroom, but also serves as a way to influence pricing and brand value/depreciation downstream. They can then market that by claiming their products depreciate at a lesser rate (or in the case of Rolex, appreciate at a greater rate) than competitors, as they now influence the sell prices on the used market.
That was very enjoyable, thanks. I think you are absolutely spot on regarding the logic of Rolex, selling a lesser model and buying back when the other comes into stock years later , as well as the ludicrous high prices of course, no way are they worth it (speaking as a long time owner of a Sub 14060m)
So even if years later the secondary prices dropped, the AD will offer similar priced deal for the used watch, so it’s a win win situation for the Rolex community. You can always trade in your old Rolex for a new one. 😂
@@michaelnguyen1866 Rolex now commands the secondary market price. The grey market will price their watch a bit below Rolex CPO price which is controlled by Rolex so Rolex will not let the secondary price drop.
@@donaldneo4317 Rolex doesn't set market prices, the market does, that's why they're called market prices. Rolex controls how much they spend on marketing, and thereby, to some extent, how much demand exists in the market. These are called Veblen goods, where demand for the product increases as the price increases, because the good itself is not what provides the "value" to the purchaser, the value is derived by the STAUTS the good signals. They are purchasing the ability to show everyone else that they're rich enough to buy an insanely high priced item. The value in "status signaling" is nearly immeasurable, which is why some people are willing to spend as much as they do on these products. Rolex getting involved signals to me that prices are only going to increase, because Rolex are now able to participate in the up side of the secondary market, something they weren't able to do when these sales were flowing through 3rd party grey markets. So, if Rolex can make millions of dollars of NEW profit through this new business line, they can plow millions more dollars into marketing, which will only continue to drive up demand. So even if the new facility can crank out more product, as long as demand increases faster than production, the secondary market will only get hotter, and it will be even harder to get an allocation from your AD. Brilliant move by Rolex, sucks for the rest of us.
Excellent video. Quick correction: one out of the four facilities already existing does not produce anything per se: the Geneva location is administrative, and they do R&D, assembly, QC and post-sale service. The other three facilities really are the ones making stuff. So we are not going from four to five factories but rather from three to four: a 33% increase-which is even bigger. Also: Rolex SA gains nothing from the CPO. The entire cost, risk, and responsibility befall the AD. But growing frustration towards the brand from not being able to buy its pieces had an intangible cost Rolex SA wanted to remedy.
Yep, agree. The only way they will get stock is to match current grey market pricing. Can't see them saying you have to trade in with us once your waiting list watch arrives. The problem is they don't take watches less than 3 years old, so how long is 'the list'? 🤔
Nice points Adrian, my thoughts are: 1) I never buy above retail, and all my watches are bought new at retail for AD - difficult to sort, but doable given time and good AD relationship. Including Rolex watches. 2) 80% of Rolex clients will gladly jump the trade-up wagon than go for another brand. Same goes for Porsche clients. 3) Collectors-aficionados are better of with other brands. The trade-up model is not “nice experience” for a collector.
My first watch I bought myself was a Rolex Explorer I about 10 years ago and I still love it, but I couldn't be more bored with the brand. As you said in your last video, it's important for you to talk about Rolex from a monitory point of view, but there is so much exciting in our hobby out there - be brave, Adrian! Most watch enthusiasts I talk to couldn't care less about Rolex...
@@sherlockjura Sadly, enthusiasts also talk about Rolex (see how we’re doing that now?) and we talk about them being investments (as above). Can’t get away from how the brand is. It makes up more of the watch market than the next dozen competitors combined. Plus, personally, I find their vintage and neo-vintage watches to be some of the more beautiful (in my price range) on the market.
For me it just kills the magic of the brand, 15 years ago I was lucky enough to make a bit of money went to an AD and bought a Rolex I liked the look of. When you walk into even Harrods nowadays and under each Rolex it says for display purposes only, surely it will just drive potential customers towards other brands, well it has me anyway. Its like they've bought into there own hype and are now starting to eat their own tail.
I think you're right. Rolex always used to represent a kind of "accessible luxury". If someone had a decent amount of ready money to dispose of ("decent amount" - not really silly amount!) then they could go buy a Rolex. It was the kind of thing you might get to mark a promotion at work, if your kid graduated from college, to mark an anniversary, etc... But now Rolex are apparently trying to play in the same league as the real über-elite guys (Lange, Journe, et al.) In other words: a customer might be a multi-millionaire but he/she can't "qualify" for this or that piece until he/she has a "relationship" as a collector - i.e a spend history of X millions. The watch is then supposed to be a deadly serious asset. But the elite haute horology watchmakers are a completely different beast to Rolex! They produce watches at a much higher hand-crafted level, thus also at a massively lower volume. Journe only produces about 1000 watches per year, for example; Lange only a few thousands. Patek or VC is a higher - but still only about 5% of Rolex's annual production. So Rolex is relying on the demand always being even higher than the supply. If there were even a slight fall in their demand due to a big recession or changing fashions it could hit them hard, IMO. It's one thing for Lord Snootyboots up at Moneyvault Castle to saunter around wearing a watch costing 50K or 100K or more. But lots of people - even relatively affluent people - would quickly look to dump watches worth these kinds of amounts if there were any hint that the prices might be dropping by 25% or 30%, or more...
It’s feeding into the human mentality of nothing is more desirable than that which is seemingly out of reach. A prick tease of sorts. When I see guys flashing off GMTs and Daytonas these days I no longer think they look cool, I just think what a total tosser. Such types have no idea about the brand or history they simply want a FU watch. How highly pathetic they look without even realising. So much insecurity around and herd mentality. Possibly mental issues in some. Alas this is driven by social media these days and is something of a running joke.
@@user-cr9lm6by6e Thanks mate. I have a white dialled ceramic Daytona. And a Pepsi. And a platinum Daytona. I was just being ironic. Funny how some don’t get this little joke from time to time. Horology is such a serious business. Well. For some. I just buy what I love and wear it. Life is too short. Watches, by the way, are nothing. Ever got into collecting cars? Or art? These can serious leave a dent in one’s bank account.
Rolex does everything with a long term outlook.. Looking at their prices, their belief is that Rolex ADs can sell it for more than grey market dealers because it comes more legitimized as “from Rolex”. This will allow them to buy it back from sellers at a higher price than grey dealer. It necessary doesn’t even have to be more since the incentivize could be there for an offer of a new watch they want instead. In the long run, they’ll get majority of the used Rolex inventory under their control. They get control of both new and used inventory.
Thanks for the shout out bud - lots of similarities with Porsche. My local dealer had a preowned high spec GT2 RS in for way over retail sitting beside brand new models advertised at MSRP.
It’s what you said, plus people that have purchased Rolex watches in the past either from AD’s or from the gray market, now have a bargaining chip that they can use to get the new Rolex they want. Especially, if they are willing to part with it for a lower price than they might get at a gray market dealer.
@@WestCoastAce27Seconding the "good question" comment. Maybe they will just verify authenticity and condition by inspecting it. Doesn't really matter who sold what to whom.
@@eastbaystreet1242 obviously nobody but Rolex knows. Some think this is being done partially to reign in the grey market (world economy is actually doing a decent job of that). But it’s very possible Rolex doesn’t care, is only doing it to give the ADs another revenue stream. Time will tell.
Adrian , always coming strong with the thoughtful and logical analysis. It’s also a way to control the demand for they new pieces. With their foot in the door of the grey market, and pricing at the high end of it (with assumed added value of “factory certified”), they can ensure the secondary stays high. It makes sense. 🤷🏻♂️
No Joe Blow is going to spend thousands on a DateJust, a watch he doesn’t want in order to get the watch he really wants, a few years later. The average person doesn’t play these waitlist games with any other product in their lives.
Couldn't agree more. The average person buys a Rolex as a once-in-a-lifetime purchase like retiring or hitting 50 or getting that big promotion. Those guys are currently priced out of the market and aren't going to "marry down" the Rolex food chain. They are going to go elsewhere.
Rolex is not for Joe Blow, they are for VIP. Tudor is for them. Rolex is exclusive luxury like Ferrari, Bugatti etc. Not every brand exists for everybody
@@bdegrds you probably incorrectly assumed he meant middle class person by Joe B. And by your definition you made his pt more valid - VIIs don’t play trade in games. How do you think the owner of the AD would feel if he went to the Benz dealership and had to buy the entry level sedan to have a shot at the one he really wanted?
@@bdegrds LOL no AP and Richard Mille are ferrari and bugatti. Rolex is like porsche. Obtainable for most middle class people who want it. I'm middle class and have about a $60k watch collection. I could get a Rolex if I wanted. I couldn't afford Royal Oak though.
Good insight, I just don't know if they're going to be able to out price themselves. Hasn't been done from any other manufacturer, like Lamborghini, Ferrari etc. It'll be interesting to see
For me the Rolex certified programme is more like Ferrari Classiche and solves quite a few issues for Rolex. Primarily it allows Rolex to secure a share of the used market profit their products are driving through the certified costs, but it also gives Rolex more control over how people experience their brand. By selling authenticated high quality watches through their AD's they can ensure that even if a customer isnt buying a new watch, they will still have a great Rolex experience.
Given the fact that a vast majority of Rolex buyers aren't interested in other brands (and they were buying lesser models to get to the the one they wanted), this makes sense. Now the process of trading up into that model they've dreamed of can be done in-house. It streamlines the whole process and keeps it a luxury experience, while Rolex reaps the rewards of playing in the secondary market. Brilliant business model that is going to make those tough-to-get pieces almost impossible without drinking the kool-aid. I applaud them for their tactics and bemoan the fact that they are forcing people to play their game.
Will make sense if next year Rolex bump up their prices for new watches 200% so that a new Submariner will list at 18000 for example. Maybe they are preparing the market for that.
This is the most sane and logical theory that doesn't require a million presuppositions to arrive at the conclusion. Rolex saw the grey market and wanted a piece of the pie. They're already the most profitable watch company by a country mile. Now, by incorporating the second-hand experience in-house, they get some of that money, too. Mercedes has a CPO program, but that doesn't mean you can't drive down the street to Carmax and buy the same car from them for (likely) less money. You have options. Those that don't trust grey dealers (like the people who post on forums asking if Chrono24 or eBay with it's authentication service are safe) can go through Rolex in-house. If they look online and see the price is cheaper elsewhere, they have the option of going there, too, but they don't get any purchase history.
I walked into my Rolex AD a few years ago, ready to buy my first Rolex---I'd bought one for my wife a few years prior. Upon seeing the empty display cases, and then going home and doing a bunch of research, I decided that I would never do what you just said---play Rolex's game. I went to the Beverly Hills Grand Seiko AD, fell in love with the brand, and I couldn't be happier. I know GS won't hold the value of Rolex, but I don't care. I'm wearing watches that I wanted to buy...not watches the AD made me buy, as a stepping-stone to something better. At my age I REFUSE to "audition" to salespeople at an AD for a watch purchase.
the sticking point for me with this theory is still, why not buy on the grey, pay less and still go on the wait list with the AD. You're still working on the promise that once you've bought the 2nd hand watch, that the AD might look on you favourably enough to select you for the watch you want
Because buying from Rolex guarantees it’s a real Rolex, simple as that. So rolex is protecting its brand, and it’s making money from second hand watches, it’s a win win for them.
Totally agree. I said this on the forums right after it was launched. I would sell my 3+ year old piece to either jump the wait list on a Daytona or just be able to jump into a Daytona.
I think eventually Rolex will have the retail price over the market price and have full windows again. I can see more aggressive price raises over the next few years.
I thought about this myself, but if you can gain access to the Rolex you want at RRP i guess most people would trade- in at a lower price. Yes Rolex would then need to carryout the service but the price does not need to be at sky- high prices, they could kill off the grey dealers. An upgrade shouldn’t cost tens of thousands. Their supply chain is the trade- ins but they need to ensure there is more availability, which i gather there would be once the new Rolex factory is finished.
It all falls down because Rolex are giving the market 3 years on new models to set the price. If they bring out a new Daytona next year and it sells on the secondary for three times the retail price, who in hell is going to accept a trade 3.5years down the line at below retail? It’s an extreme example but next years new Milgauss will be the same principle but with a smaller percentage price increase above retail, as will all the other new models.
@@TheRunningManZ ok a daytona is endgame. but would you trade in a GMT batman for below retail in order to buy a daytona? i think the anwser to that question for most is yes.
@@KevinTheScreenKiller not if at 2 years old it was worth £12k or so. It just won’t work this way. People will sell at a profit rather than wait “for a chance of something else.” As no AD can promise you a Daytona. If you’re being offered a Daytona you’ve bought a lot more than a Batman and you won’t need to trade it in. This view that they want to sell below retail is naive. They are only doing it because the watches sell above retail and that is what makes it possible.
Depending on the new model offered, this is perfect for the collector as they can buy the AKs, MGs, DJs etc and safe them for 3 years and trade them back unworn for another at retail. Sure you're losing on the trade in so the new piece will technically be at a premium but the net will have to be less than market price. Currently probably only makes sense with Daytona maybe GMT but as market goes up you'll get more participation and longer term value is building more spend/trade history with the AD
Absolutely bang on! And they will prioritise you in the wait list if you are ‘trading’ in. You will get some uplift in your original price and they will shift another watch and make profit on the second hand market. Legitimising flipping after 3 years.
I think people are also forgetting that watches have historically been depreciating assets. If something has historically been a bad asset, it will generally always be a bad asset barring certain exceptions. Cars are the greatest corollary to watches. Most cars don't appreciate, but the ones that do will either appreciate right away (e.g., the LE releases like the 911 Speedster), or will appreciate once enough time passes (e.g., the regular 911s from the same generation). We saw a jump in the car market, but that doesn't mean that will always be the case. That is an insane assumption. Watches are no different. If Rolex is pricing their watches based on the market, there will eventually come a time when Explorers cost substantially under retail again on the second-hand market. When that time comes, the prices will better reflect the MSRP. Maybe Rolex will cap the price at MSRP, or reduce it a smidge, but they're not going to be paying retail + 25% when Explorers are trading hands for $5,000 again (and 114270s already are, so the 124270 is soon to follow as the recession continues).
I guess it would be similar to how some countries control their currency exchange rate, it really comes down to how much Rolex is willing to spend on buying back their watches. Now they have a way to control watch supply even in the grey market. If the price drops, they can try to buy back to reduce the total supply, which then supports the price.
In other words: Now a 1st Time buyer will have it even harder to buy at list price and is forced to buy from the CPO - maybe then he will have better chances. I mean- hats off to Rolex- they know how to do Business, Screw the custumer and be even more attrctive because of it.
Great perspective. Appreciate it! I was wondering what they are playing at. I really hope to start seeing OPs closer to retail because of this. Somehow. 😅
Maybe Rolex, like car companies, should start leasing watches, too. The customer would pay to wear the watch for, say, a 3 year lease, Rolex would get it back, and sell it as a certified pre-owned watch for over retail.
Well, maybe this is the final goal of this operation… but with that I think the “father to son” part of owning a watch will, sadly, end. I don’t think is a good long-term move, maybe in the short term will provide enormous revenue.
@@G2z899 I think it would be ridiculous,but it wouldn’t surprise me if they did this in pursuit of the almighty dollar. I can see it now: “Hey bud, what time is it?” “I don’t know; I had to take it off. I reached the limit on my leased watch & I’d be charged $.10/hr for every hr over!”
@Adrian My big question is what are they going to pay for your used Rolex? Will it be well above retail? If they pay well they will get all the watches and force prices up.
It really is a multifaceted brilliant move on Rolex’s part. First you have the trade in/up option which many will take advantage of. Trade ins will ensure AD’s finally will have stock of entry level pieces and you may be able to walk into an AD and walk out with a watch, albeit pre owned. And the entire world is heading into a real recession, there will be plenty of individuals who go to an AD to liquidate rather than messing with Chrono24, these folks won’t be trading in and sitting on waitlists obviously so that just fills the dealers cases. As for price, certified pre owned is worth more than something you found on eBay, and will absolutely hold value better not to mention give the buyer piece of mind.
When I visited Rolex in Mongolia in 2018, I saw for sale a steel Daytona and a red/blue GMT; however, you had to buy a solid gold watch simultaneously with each model. I could have bought a Submariner if I purchased a bi-metal Datejust. An Explorer II required the purchase of a steel Datejust.
Spot on. Rolex want to be involved in every single transaction with the people that can actually afford their watches. Makes the waiting list "real" and you work your way up the ladder, taking a 5-10% hit every time. That's the definition of luxury, not flipping immediately after walking out the AD. Well done Rolex!
I am on the fence. AD’s are going to continue to sell desired watches to preferred customers. AD’s will make new buyers purchase used watches at inflated prices in order to build the relationship. Unless Datejusts and OP’s are easier to get and people are pushed to work their way up.
Hey Adrian, great points but I think those are all secondary imo. Rolex is primarily providing a low cost low effort way to appease and support their massive AD network by providing them an additional income channel through participating in the secondary market.
Sensible business point of view. Happier ADs means Rolex can even push on them more unsellable Cellinis that will collect dust in the drawers but increase the Company cash flow.
Love it… the very last comment about someone paying £15k for a submariner is hilarious and spot on! Great job as always and can’t wait to see the video regarding the GS 👍🏼👍🏼
I'm wondering whether they'd pull a WatchCo and assemble pieces from spare parts of discontinued models. After all they only need a certified pre-owned plastic thingy and not box and papers.
It’s ok building a new factory but the biggest problem will have is employing the watchmakers as there isn’t enough of them being trained etc. unless they plan to automate the process . Great videos
Sounds reasonable, but your are missing a key point here… Rolex does not need a bunch of new trained watchmakers for their new factory. Rolex is a mass produced product and has been for years. A large part of the process is fully automated already. Filling these positions is no problem for Rolex. If they were, Rolex wouldn’t have build the factory in the first place.
Good question. I have a feeling it will make it harder for grey dealers as ADs might "look after" the clients who sell watches back to them. It ultimately allows them to make a profit on the original sale, and then the resell.
@@BarkandJack I feel it will make them more scarce for the grey market as people will be in a similar system as the car industry as you described. Also putting the secondary prices up even higher.intresting stuff
@@BarkandJack Exactly correct. If you are a Rolex customer and you didn’t flip your watch that is over three years old and you want to trade it in, you just moved to the front of the line.
@@BarkandJack ultimately, they are putting the flipper in a position that they must hold the piece for 3 years. A regular watch customer this will not be an issue for, and I suspect - they will only be taking back on trade original owner watches not stuff that has been flicked 10 times in 3 years.
@@BarkandJack I still can't see how Rolex can keep a straight face and say you can't buy the watch you want from us (via an AD) at RRP, but you can buy it from us (via anAD) at RRP + 25%. Unless you've bought from us before. The only way I can see this working without them looking like a bunch of t**ts is if they give you market value on your trade in, and then sell your next watch at RRP, but then they would have to keep selling pre-owned, at above retail, in perpetuity, to not lose money on the difference between the two.
You beat me to this video. I think you are absolutely correct. This is for the average watch buyer to be convinced in to buying the watch available and then trading it in to get the watch they really want in three years. We do this in the diamond industry to upgrade to the eventual size they want when they can’t initially fund it by starting smaller and then trading up later. Unfortunately, with Rolex watches, It’s a win-win for Rolex and a lose lose for the collector. Just like you would expect Rolex to do. Great video man. Mine will be on the channel within the next day or two. I wasn’t quick enough this time. Lol
Brilliant move by Rolex, you only have to look at the amount of pre owned Kermit’s,Batmans & Starbucks listed cheaply on eBay since this announcement to see that grey dealers are in panic at the min & the Flippers have become Flappers.. it’s been long time a coming and this is just the first move - there is more to come. It’s brilliant news for people who want to buy one to wear rather than putting in a safe as a commodity and prices will drop dramatically once Rolex puts the next move in place👍🏻
My best guess - they will buy back a used Rolex for retail price - then sell you a new one for retail price, then sell your pre-owned one for +30% to someone else - who then eventually can bring it back and also get a new one for retail price etc. etc. So the Rolex AD makes 30% regardless on which watch. (illustrative margin only) - so Rolex (and the ADs) makes perpetual revenue on the watch. Rolex for the certification and the AD with the selling price....
It will be this. I’ve been offered by my AD to buy back my exp1 at retail if I didn’t want it anymore. Why would I? Because I wouldn’t be blacklisted, unlike if it sold it myself on the grey market
“Imagine being someone who spent $15K on a submariner…” That’s me Lol! not everyone has the luxury of paying retail for a watch they want Adrian, you said it your self . This one will be in my collection forever though 🙃
Great Video...Rolex is looking at DeBeers and the Diamond market for clues on how to " influence " market price. There is also another consideration, generational " tastes and preferences" ...( especially in the Classic Car Market)....All markets are changing ; Rolex has to "Flex" to be relevant in this new Market Dynamic....Thank you..
For some reason that reminds me of the line from Revenge of the Sith if Obi-Wan was the general watch community and Anakin was Rolex...paraphrasing it to: Obi-Wan (anguished) : You were the chosen one! You were supposed to destroy the Sith not join them! You were supposed to bring balance to the force not leave it in darkness!
As I posted on your gray market video a couple of days ago….. Rolex can NOW increase retail prices on NEW watches justified by what people will pay for certified pre-owned…..for example that used Daytona can now sell CPO for $15-20K (a bargain compared to $30-35K on gray) and a NEW can sell for $25K retail….hence doubling existing retail prices and Rolex getting piece of the pie on all ends….PLUS they will charge for certification and service on CPOs…brilliant when you think about it
Likening it to Porsche made it much easier to understand. Having a browse on chrono24 for Rolex prices shows these certified watches are definitely priced at the high end... I think the average person will probably talk themselves into buying through this scheme with the guaranteed authenticity (which is funny as they don't displace the year on the adverts on bucherer. Surely you'd want to know exactly what you're buying when spending that sort of cash?!) and the fact they can get a Rolex sell it back to the AD for a small profit which could even cover the retail of their new watch and possibly walk away with profit still. All while boosting a relationship with their AD of choice. Lots of mixed feelings about this hand Rolex has played but we will just have to wait and see how it unfolds
As you mentioned in a previous video, I saw "Rolex" in the title and I fell for it. i clicked instantly! But no regrets, very interesting and pleasant video as usual.
Great video Adrian and some valid points. But I think to understand Rolex you have to think 5-10 years ahead of where they see themselves. As you point out new shops and factories are underway so the situation as it is now os most likely only a "bump in the road" to them. Liked the video from @wristswap which gave a pretty good industrial point of view. And will the authorized pre-owned dealers be pushing up prices or in actuality set a cieling where they will force grey market dealers to go below that as they would not be able to compete with the certification of authenticity?
The issue I see with this whole situation is that prices on the grey market are falling because people are not buying the high prices anymore, I believe Rolex certified preowned is a good idea but during a recession it might not be that good, i already have a consolidated relationship with my AD so I will not be buying pre owned but we will see how this works for first time buyers.
Depending on the market conditions for the watch they can still offer less than retail.. car manufacturers including Porsche have had certified pre-owned programs for years.. and buyers will pay a premium for that compared to buying used privately or from small time dealers 🤷🏻♂️
Makes complete sense,. Wonder what their profit margin will be on these pre-owned pieces. Will they pay high and sell high, or more likely buy low and sell high for a much bigger margin, more so than on new watches I suspect.
This is very clever and makes sense. It's a win-win for them. They make you buy a watch that you don't want, then add you to the waiting list for a watch you want. This way they can stretch the longevity of the waiting list, keep you engaged because you have a rolex and as you say, make Rolex scarcer.
