Dr. Ito's thorough analysis of mechanical watches!! Vol.24 ~ What is a vintage Rolex that has high asset value?

Good evening, everyone!

This column discusses mechanical watches from an engineer's perspective. For our 24th installment, we will be talking about:

"Vintage Rolexes with High Asset Value"

We will be discussing this topic.

"Vintage Rolexes" are gaining popularity, especially among enthusiasts, for their unique aged charm not found in current models. Along with their rising popularity and demand, their asset value has also been drawing attention in recent years.

Many readers of this column might be interested in the "conditions" and "trends" that make certain vintage Rolexes more likely to increase in asset value.

What makes a vintage Rolex high in asset value?

Generally, vintage Rolexes that are "close to their original state" or "rare models with limited circulation" tend to have high asset value. This time, I'd like to explain this across three categories.

1. Consistent Pieces

Vintage watches that are close to their original condition when manufactured and sold tend to fetch high prices, which is deeply related to the manufacturer's after-sales service policy.

When an overhaul is requested from the manufacturer, it is not uncommon for parts to be replaced, even if there is no problem with their use, due to the manufacturer's desire for the watch to be used safely in a condition as close to new as possible. While this makes the watch look clean, it moves it further away from its original state.

In other words, the older the model, the more often it has typically undergone overhauls, making it difficult to maintain its original condition. For this reason, pieces that are close to their original state are considered to have high value.

Even among vintage watches of the same model, those that are closer to their original state, even with some dirt or scratches, are traded at higher prices than those that look cleaner but have had parts replaced. In some cases, the price difference can be more than double.

Rolex dials and hands manufactured from around 1963 to the late 1990s used a luminous paint called "tritium." If these are replaced during an overhaul, they will be replaced with parts using newer luminous paints like Super-LumiNova.

However, tritium has the characteristic of discoloring over time, and this aged change is one of the great appeals of vintage watches. Although there are individual differences, when tritium discolors to an amber hue, a state commonly referred to as "burnt," many enthusiasts and collectors prefer this "burnt" state, finding it to have a more profound atmosphere and presence than a new watch. This popularity, or high demand, creates a price difference.

However, there is also another demand for vintage Rolexes that have had their dials and cases replaced and thoroughly overhauled by the manufacturer, for safe daily use. At our store, we clearly state any replaced parts and sell them at appropriate prices that account for this, so you can rest assured.

2. Special aging effects

Generally, items that have deteriorated over time tend to decrease in value. However, in the case of vintage Rolexes, unique external changes due to aging can sometimes lead to an increase in price.

In particular, items with distinctive changes in the dial tend to fetch high prices. Here are three examples of vintage Rolexes that are likely to command high prices.

・Tropical Dial

A tropical dial refers to a dial that was originally black but has discolored to brown over time. It boasts high popularity and demand, thus it is considered to have very high asset value.

Tropical dials possess a unique charm specific to each piece, making them truly cool!

・Brown Change (Patrizzi)

The "Daytona El Primero Ref.16520," commonly known as the "El Primero Daytona," features a unique characteristic in some black dial models where the subdials have discolored to brown. This phenomenon was discovered and popularized by Osvaldo Patrizzi, the founder of the specialized watch auction house "Antiquorum," hence it's also known as "Patrizzi" among enthusiasts.

The darker and more uniformly discolored the subdials are, the higher their valuation. Pieces where the subdials have discolored to almost black, known as "Darth Vader" dials, are not uncommonly traded for upwards of 10 million yen.

At Commit Ginza, these are highly popular models that often sell out on the same day they arrive.

3. Double Name

Rolex has numerous collaboration models with famous brands, which are referred to as "double name models." Double name models have extremely limited circulation, and their high rarity drives up prices, often selling for many times the price of regular models.

Double name models were created to enhance Rolex's brand recognition and expand its sales channels. Their dials bear not only the Rolex name but also the collaborating brand's name.

When it comes to famous Rolex double-name models, Tiffany's name often comes to mind first. Double-name models with brands like Cartier and COMEX have also been produced.

When purchasing a double-name model, please be cautious about "authenticity." Due to their high rarity and value, there are many "fakes" of double-name models where the dial has been tampered with after production. In some cases, even the certificates are forged, so choosing the right store is extremely important when considering a purchase.

For authenticating double-name models, a watch specialty store with experienced appraisers and a large inventory of vintage Rolexes is more reliable and trustworthy. When purchasing a double-name model, please do not hesitate to consult Commit Ginza, which meets all these criteria.

Summary

How was it? 

Vintage Rolexes, even within the same model, have a wide range of prices. I understand that for many, it might feel like a high barrier to entry, making it difficult to commit to a purchase. If you have any concerns, please feel free to ask the staff at Commit Ginza.

We will thoroughly explain the characteristics of each piece, recommended points, price differences, asset value, and more, until you are completely satisfied.

I hope this article has provided useful information for everyone and sparked even a slight interest in luxury watches! Also, if you have any questions, please do not hesitate to ask us directly. We look forward to your visit and inquiries.

Stay tuned for the next installment! See you then!