Used Rolex Watches – ‘New Millionaires’ Race 'Old Rich' To Grab-Up Vintage Daytonas and Presidents

SAN FRANCISCO, CA — August 8, 2006 — Used Rolex Watches are prompting the ‘new rich’ of India, Russia and China to give millionaires in the western world a run for their money,” says San Francisco gem expert Avi Dayan. “Where once you saw only rich men from the U.S. and northern Europe collecting vintage used Rolex watches, today you see millionaires from newly industrialized nations racing to invest in them."

“Rolex buyers in the western world once had these exotic timepieces all to themselves. Now, they must share them with the new millionaires emerging in India, Russia and China,” he says.

Owning a Rolex has been almost a rite of passage for nearly a hundred years, among the Western rich, says Dayan. “What we see now is an expanding investment market and a growing demand for a shrinking supply of used Rolex 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 like upscale used Rolex watches,” 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 is the Daytona sport models similar to the watch that clutched the wrist of Hollywood star Paul Newman during his racing days. “When collectors purchase Newman-type Daytonas, they pay a price that surpasses the cost of a mid-market luxury car. Believe me, these are not your average used Rolex watches .” Dayan says the Swiss-made Daytonas were manufactured between 1961 and 1988.

Vintage Presidents are the next most popular Rolex collectible, says Dayan. “But, investment quality used Rolex watches don’t have to cost as much a Paul Newman model. For instance, right now, you can buy 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.”

Dayan cautions that millionaires new to buying used Rolex watches should 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.
• Never buy from a dealer who does not provide the specialized service and parts for vintage used 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.”
• Never buy a Rolex without an in-house warranty. “You wouldn’t buy a new Rolex watches without a warranty. Don’t buy a used Rolex watches without one.”
• Never buy a Rolex in the Far East or Turkey, even if the dealer has a storefront presence.
• Never buy used Rolex watches on Craig’s List from a private seller. “It is too risky.”

For more information on used Rolex watches in the expanding collectible market, contact Avi Dayan, owner of San Francisco-based A&E Watches at (415) 437-3263 or see the company website at www.aandewatches.com.

Focus: used Rolex watches, preowned Rolex watches