Rolex watches are aspirational, artisanal, and expensive. As 2024 begins, the timepieces from the Geneva-based watchmaker are set to become even more costly. The makers of the famous Submariners and Daytonas have increased prices at UK dealers by an average of about 4% to start the year, according to a report by analysts at Barclays. Prices in the United States remain unchanged for now. While US citizens rejoice in this fleeting fact, fans of the luxury brand might revel in the knowledge that, following a significant increase in 2023, Rolex has implemented a standard price increase for 2024.
In 2023, Rolex began the year with a price rise of about 7 to 8%. In comparison, the 4% increase for 2024 seems more reasonable. The Rolesor and YG Yacht-Master II are among the watches with the strongest price increase this year. The price of a Rolex Yacht Master II Yellow Gold model in the UK is nearly £41,000, and a 4% hike adds another £3,000, bringing the final price to approximately £44,000, per Monochrome. This hike is noteworthy when put into perspective.
For instance, with the approximate $3750 increase, one could fly business class from London to NYC, stay at the luxurious Plaza Hotel, and still save money. A 475 sq. ft. room with high ceilings, a comfortable sitting area, and stunning city views at New York’s iconic luxury hotel, The Plaza, on Central Park South will cost $700. A round trip with British Airways from London to NYC in business class would cost nearly $2,500, leaving some to spare.
Having said that, the best time to buy a Rolex watch is always right now, and it is certainly worth forgoing a round trip to anywhere in the world. Per Bloomberg, Geneva-based Rolex sells more than $10.5 billion worth of watches per year, according to Morgan Stanley estimates, and still has people waiting with bated breath.
