Vintage Rolex Prices Heading for the Stars (again)

[freddy333]

Has anyone been following the auction prices of vintage Rolexes at Christie's today?

Among others, a nice 6542 with box/papers sold for more than $268k. A 6538 sold for nearly $550k. & a white 6610 goes for more than $180k.

Talk about investment potential.

[cc33]

I have been following, I can't get over these prices, a member who was there said it was Chinese investors/collectors buying them up. But as others have mentioned they are paying 2-3x for what they go for through a private collector/dealer. I can't understand, again as others have said, why they wouldn't just acquire one from a collector/dealer. Instead the buyer/s are spending way too much. Freddy, for 200-250k either one of us could contact Eric or one of the other super high end dealers and pick up a 6538 for example, just like the one sold today. It makes no sense to walk into an auction and pay that much more than the appx market price unless they are trying to manipulate the market using a very public setting

[panerai153]

Those guys are awash in cash, they are the Russian Oligarchs of today. They are converting cash into "things" before the new Communist leader starts cracking down on ostentatious wealth.

Like Mike said, they want the publicity, and the spotlight shining on them. Spending 1/10 to 1/2 as much through a dealer garners no publicity, which they crave now, but may cone to regret in the future.

[freddy333]

Alot of Christie's auction bids come by way of telephone & the buyer's identity is, therefore, rarely revealed. My guess is that, in addition to the growing number of Asian (mainly Chinese) buyers, alot of these were bought by US/EU collectors.
I think the Chinese are working to make up for decades of financial & aesthetic poverty. But overpaying for vintage Rolex is nothing new for the Chinese. They were on a similar, albeit less gargantuan, Rolex binge just prior to the crash. I think the reason they are buying through the major auction houses & paying way over current values is to guarantee an easy path to ownership of major pieces so they can quickly establish themselves as serious collectors. & I do not think this is a temporary blip either. As China (& Asia) continues to grow millionaires & billionaires, Rolex's decision, 20 years ago, to place adverts in Tiananmen Square & other high profile Chinese sites, is now paying off by turning China's nouveau riche into rabid Rolex buyers.

[Archetypal]

^ there's a man that knows his onions.

[cc33]

Agreed

[JoeyB]

...overpaying for vintage Rolex is nothing new for the Chinese.

Looks like the 6542 insert needs a price adjustment.  

[ghost]

I dread the day the chinese folk become proficient enough in english to spoil the vrf market

[Guest zeleni kukuruz]

Its a great way to lounder money guy's you never thought of that right?

[Watchmeister]

Its a great way to lounder money guy's you never thought of that right?

Fully agree. Just remember, if you had parked your fund in Cyprus you received a 40% haircut. We are seeing the same thing going on big time in urban area real estate in NY. Foreigners are paying outrageous prices and all cash. The "look" how big my dick is is a bonus though.