Almost On Time

Any purchases made on this website may earn us a small commission, please click if you want to learn more.

Used Rolex watches now sell for more than brand new Rolex watches. Whilst this doesn’t apply to every single Rolex model there is, this is true for the majority of stainless steel sports models. If this confuses you, please check this article for more detail where the issue is explained more clearly.

To summarize things quickly, most buyers cannot get their hands on a new Rolex watch due to lack of supply. Therefore they turn to the second hand market to buy watches that were in authorized dealers hands just a few months ago. These watches are exactly the same, but cost more due to their extreme demand.

There is no set price increase and some watches increase in price more than others. You could have a Rolex which depreciates in value 10% as soon as it is taken out of the dealership. On the other hand, you can have specific and sought-after models which can double in price the moment they hit the grey market.

Why Chrono24 Cannot Be Used To Approximate Price

Watches on Chrono24 are often listed for expensive prices which are more than you would expect for a grey market dealer. This is because (for some, but not all) models, these watches are not in stock.

For example, watch dealer A and watch dealer B are good friends.

Watch dealer A has a Rolex Explorer for sale at $7000 in his shop window.

Watch dealer B does not own a shop and lists this watch for $8100 on Chrono24. If it sells, he will pay his friend the $7000 and complete the sale for $8100 online.

Whilst deals like this are not particularly unethical, it can get to a point where the same watch is listed several times and may have already been sold. This pushes up prices to a point where they are not realistic or representative of the overall market.

eBay & Trusted Independent Dealer Websites

You can often get a good representation of value from eBay’s completed listings. First of all, you can filter out and ignore any private listing which isn’t sold by a reputable dealer. Whilst these kinds of sales may be legitimate, they could also involve fake watches, scams, or something which needs a costly service. A reputable dealer who sells on eBay would not risk their reputation with any of these things, so if you see they have sold a watch for $15k, you can guarantee this was a fair price for all.

Secondly, accurate information about prices can be picked up from the online shop windows of independent dealers. Websites such as Bobs Watches have a wide selection of used Rolex watches. Although these may be a little on the expensive side, you’re once again paying for the security. You also know that with a trusted independent dealer, all of the watches will be 100% real and 100% in stock. They will not be listing watches for sale that they do not own. This provides an accurate measure of real Rolex prices.

The Differences Between Steel Rolex Prices (Grey Market Vs List Price)

All prices are up to date as of 08/2021 and are compared by current year models. For example, a Daytona from 1989 will be worth considerably less than the same or similar model from 2021.

One further note is that all watches shown are stainless steel models. Precious metal variations are almost always considerably more expensive.

The list displays all Rolex list prices for 2021 in USD, as well as current Rolex prices on the grey market.

Rolex GMT Master II

Reference Number: 126710BLNR (Batman)

List Price : $9500

Grey Market Price: $20000

This shows a price increase in the GMT Master II by approximately 110%. Whilst this is not too surprising as both the batman and batgirl GMT models are extremely popular. Independent dealers currently have this watch listed around $22000, so it could be set to rise even further, although several completed listings show that the watch has sold for approximately $20000.

Whether the prices of GMT master watches continue to rise is a mystery. It will mostly depend on how many are produced next year as the demand does not look like falling any time soon.

Rolex Daytona

Reference Number: 116500LN

List Price: $13150

Grey Market Price: $37000

The Rolex Daytona has quite an incredible price increase of over 180%. As you can see, the list price is $13150, whereas the current sales price for a Daytona is $37000 and rising. Quite simply, unless you know your authorized dealer extremely well, it is very difficult to get your hands on a Rolex Daytona. The reasoning is obvious, if you are able to buy a Daytona at list price, you will be able to find a dealer within 24 hours that gives you $20k profit – not bad for a day’s work.

This is yet another “hot” Rolex model which shows no signs of slowing down. Once again, unless Rolex were to drastically increase the production numbers of the Daytona, the grey market price should continue to rise.

Rolex Submariner

Reference Number: 124060

List Price: $8100

Grey Market Price: $13500

Although the price increase of the Rolex submariner is quite substantial at around 66%, this model has not been affected as much compared to the Daytona or GMT. For some reason, the driving factor behind the price increases of Rolex submariner watches is largely due to the color schemes used. Every year when new models are released, you will find that some colors go up in value a lot more than others, some of which are then discontinued adding to the type.

The black submariner is extremely popular, but not compared to past models such as the Hulk. As long as Rolex do not discontinue the black submariner, it will not escalate out of control and see huge increases like other models have done. It is however likely to continue a sustained growth in price.

Rolex Yachtmaster II

Reference Number: 116680

List Price: $18750

Grey Market Price: $20500

In comparison to other Rolex stainless steel sports watches, the Yacht-Master II is not particularly overpriced in the grey market at all. The second hand price of the Yacht-master II is only a modest 9% higher than some of the more popular models, although this is likely due to the fact that it is over $18k to begin with, leaving a heavy drop for flippers if prices were to plunge.

Rolex Explorer

Reference Number: 214270

List Price: $6550

Grey Market Price: $12500

With a price increase of over 85%, the original model of the Rolex Explorer is another victim of being suspect to large surges in value, due primarily to its low list price. Compared with other Rolex models, this is a relatively modest watch with little complications but has still moved upwards just like everything else.

Whilst there are no signs of a slowdown, this is still a watch that is very good value if you can get hold of it at list price. However, the grey market cost is very expensive when the explorer is compared to something like the Rolex Air-King.

Rolex Oyster Perpetual

Reference Number: 114300

List Price: $5700

Grey Market Price: $9000

The rough price increase from list to grey market for the Oyster perpetual 114300 is approximately 57%. This is very average when compared against other models as the increase in price has not yet gotten completely out of control. If you had to predict watches that would increase in list price in the coming years, this would likely be top of your list since it has a rhodium dial and currently costs less than $6000.

Unless a mass production of oyster perpetual watches floods the market next year, we are likely to see prices maintain their current levels or perhaps increase even more.

Rolex Datejust

Reference Number: 126334

List Price: $7650

Grey Market Price: $12500

One of the most timeless Rolex models there is happens to be the datejust. This beloved classic has also been swept up with the current hype and been subjected to a heavy 63% price increase. Given that the datejust is already a fairly expensive watch for the specification, the increased price has certainly not helped it become any more affordable.

Due to the popularity of this design, the datejust could be a timepiece that becomes even more expensive to get hold of in the future. If you have the funds and are considering whether or not to buy this, now would likely be a good time.

Rolex Explorer II

Reference Number: 216570

List Price: $8350

Grey Market Price: $12750

Although the price of a Rolex Explorer II has increased by over 50% from the list to the grey market, it is still a lot more affordable than the GMT Master II. Perhaps the plain bezel of this watch puts off people who want to wear a very noticeable watch that is quite obviously a Rolex, as the explorer is a classic design in its own right.

Much like many of the other stainless steel models, the Explorer II shows no real signs of lagging and the price continues to increase. This is a trend that is expected to continue when Rolex once again raise list prices next year.

Rolex Sea Dweller

Reference Number: 126600

List Price: $11700

Grey Market Price: $15000

Strangely enough the Sea Dweller has only seen a price increase of 28%. Whilst this is still a large amount of money for a watch which lists at 5 figures, it is not the same increase as a GMT Master II or submariner. Considering many of the people buying Rolex watches only buy it because they think this is what a Rolex should look like, it is surprising that the price of a Sea Dweller hasn’t risen even more.

In short, this is still a very expensive watch, but could become even more costly next year.

Rolex Milgauss

Reference Number: 116400GV

List Price: $8300

Grey Market Price: $10750

One of the less popular models of Rolex, you do not see people wearing Milgauss watches on their wrists anywhere near as much as sumbariners or daytonas. However, there has still been a 29.5% increase on a watch that is rarely worn unless the owner is a true watch enthusiast.

The Milgauss pretty much sums up the sad state of affairs for those who want to go and buy a watch from an authorized dealer. This is not really a watch with much hype compared to the hot models, yet has still seen almost a 30% increase in price from the list.

Rolex Air-King

Reference Number: 116900

List Price : $6450

Grey Market Price: $8750

Even the Air-King has gone up in value by approximately 35%. Not too long ago, the Rolex Air-King was being sold at a discount by authorized dealers since it was simply not a very popular model. Some 7-8 years later, it is very rare to see one in the shop window for list price.

Although this is arguably one of the least affected models throughout the entire Rolex range, it is fairly symbolic of just what has happened to the grey market.

Rolex Sky Dweller

Reference Number: 326934

List Price: $14800

Grey Market Price: $23500

The Rolex Skydweller is a piece that has really been hit hard by hype and the second hand market. As you can see, the Sky dweller has appreciated by 58%, whilst already being a 5 figure watch at list price. Even if you ignore percentages altogether, this is still a $8700 price increase in an absolute sense. Not even mentioning the blue dial Skydweller, which is currently being sold for approximately $30k on the grey market, showing over 100% appreciation.

If you are able to get hold of the blue dial from an authorized dealer at list price, now would be the time to do so, although you’re probably more likely to find a bag of money on the floor.