Following the path taken by several maisons, including, to name a few, Richard Mille, MB&F and Urwerk, Rolex has just launched its new Rolex Certified Pre-Owned program.
This is an initiative that will allow people to buy used watches from the crowned house at official dealers.
Initially reserved for a few select dealerships, this program will gradually be implemented to the entire official network of the Geneva-based Maison.
Let us now go on to find out in detail what it is all about.
Guaranteed Pre-owned
When we talk about watches, we are dealing with objects that could be called almost eternal in that they are designed and made in such a way that they can cope with different situations.
For goodness sake, not really with any kind of watch, maybe vintage, I could go swimming in the sea or enduro with the motorcycle. But if we take for example, a Rolex Submariner 5508 always serviced to ensure its good functioning and excellent water resistance, we are faced with a watch that I would call eternal and ready to face any kind of situation without fearing anything.
When we are faced with such watches, albeit with many years on their shoulders, we are in the presence of objects that have always been constructed through the use of the most innovative technologies and materials.
Nowadays, however, compared to times past, we can have even more guarantees about the life and durability of a watch over time, thanks to the use of state-of-the-art materials. Factors that are certainly not insignificant, especially if we are intent on buying a second-wrist watch that we rightly want to be as reliable and durable as a new watch.
In addition to constructive reliability per se, however, there are other “problems” to be faced when entering the world of second-hand watches. One of the dilemmas that increasingly grips an enthusiast, in fact, is to be sure that the watch is, first and foremost, original in all its parts and, no less insignificant, that its beating heart is able to offer the same performance as when it was sold new.
Logically, these are characteristics that are met on the basis of the trust that can be placed in the dealer with whom we deal. Of course, when we buy a used watch we still have a guarantee on its proper functioning that is provided by the seller. But if we wanted something extra that could make us “sleep soundly” we should have a warranty on the used watch from the parent company. After all, Rolex has more to lose from a simple fraud than an unknown private dealer.
And it is in the wake of this theme that Richard Mille in 2015 introduced its “guaranteed and certified pre-owned” program, which provides the opportunity to purchase a second-hand watch accompanied by a certificate of authenticity and a 24-month international warranty.
This is a project that involves meticulous maintenance of the watch, before it is sold, in terms of aesthetics and mechanics. Like Richard Mille, many Maisons have begun to follow this path including the latest one that just announced the innovation today: Rolex.
Appreciated by many and criticized by some, this program is already making waves.
Rolex Certified Pre-Owned
With this new program, similar to that offered by other watchmakers, Rolex wants to offer the opportunity to purchase guaranteed second-wrist watches from its official dealers.
Aware of the fact that they make watches to last – and indeed they do- Rolex wanted to kick off this project in order to be able to guarantee a second life for their timepieces thanks to what have always been the crowned house’s quality standards.
The Rolex Certified Pre-Owned program will allow people to certify that the used watch is coeval, authentic in all its parts, and meets the same quality standards as their new watches, in short… that the watch is as Mama Rolex created it.
But how does this program work in practice?
First of all, if you are interested in selling your Rolex, all you have to do is go to a dealer in the official network that will have joined the program. The only requirement that must be met will be that the watch in your possession must be at least 3 years old since, for newer watches, the program cannot be applied.
This will be followed by dealer authentication of the timepiece following verification of originality of the watch in all its parts, aesthetic restoration and mechanical overhaul. Subsequently, following authentication by the specialized watchmakers, the watch will be given a “Rolex Certified Pre-Owned” seal as evidence that it is a second wrist.
Once it goes on sale, those who buy it will now have the option of going to the dealer, as in the case of a new watch, and having that “extra guarantee” that only an authorized retailer can provide.
The watch purchased will be marked with a “Rolex Certified Pre-Owned” plaque in addition to being accompanied by a two-year international warranty and a warranty card assuring its authenticity and proper functioning. The card bearing the words “Certified Pre-Owned” will serve as the actual official certificate of authenticity. The intent of this program is to be able to offer the opportunity to purchase a used-new watch directly from Rolex itself.
Introduced with immediate effect, this program will temporarily be exclusive to Bucherer retailers in Switzerland, Austria, Germany, France, Denmark and the United Kingdom. This will be followed later by the extension of this initiative to other authorized dealers who will be able to join from next spring 2023.
What does this program mean in the watchmaking world?
At this point, several questions arise. Therefore, we will make a brief recap of the most interesting questions that came to our minds or that you yourself have asked.
First of all, what many of you are asking is:
1. What will be the price of these certified pre-owned watches?
Although there is no official answer yet, pending whether Rolex will adopt specific guidelines in this regard, I believe that surely the market will continue to dictate the price.
At this point you may ask:
2. Rolex Certified Pre-Owned could have a premium on the market?
There is no doubt that such a watch presents superior guarantees than an equivalent bought any other way. It just remains to be seen whether or not this will be recognized by the market. Probably, we will not see a premium on this type of watch as much as a downward slide from previous methods considered to be of greater safety and reliability.
3. But then, what advantage do I have in buying a used Rolex from a dealership at the same price it is sold for from a reseller?
A first advantage I immediately thought of may be the following. If I have to buy a watch that is not exactly new and is already starting to have a few years on its shoulders, such as a five-figure Rolex may be, for example, I would certainly feel more comfortable buying it from the official network that can offer me the highest level of security on what is the originality and reliability of the watch.
An additional advantage turns out to be related to the provenance of the watch. A huge and absolutely relevant problem for us collectors is that of watch theft. With Rolex’s increased access to information, with the hope that reports of theft will reach the company promptly, stolen watches will be easily identified. For those of us who buy the watch, we will have the assurance, not to be taken for granted, that the watch does not have an unpleasant past.
Likewise, however, I find in this program kind of a “conflict of interest” regarding newer watches. By bringing watches at least 3 years old under this program, we will be faced with many watches still in production being sold as used by an authorized dealer.
Therefore, if the selling price were to be the current market price, in my view it would make no sense to buy a watch above list price, exactly from the company (starting from the fact that I do not conceive of buying a watch still in production above list anywhere).
To summarize
I find the Rolex Certified Pre-Owned Program beneficial for what are discontinued watches, although not all…
In fact, the various 4-figure Rolexes ranging from the late 1980s backward, I would lean more toward absolutely reliable industry experts who have made the study and sale of these watches their life and profession.
This is because, without going into too much detail, in the event that I decide to purchase a Rolex with 50-60 years on its back through this new program, I may run the risk of finding myself with parts of the watch that, according to a Rolex analysis, need to be replaced thus going to invalidate what I believe to be the coevality of the watch.
Speaking of vintage Rolexes, it indeed opens up an immense world of collecting that lives, as it should, on originality and inalterability of the watch over time. And there is no shortage of stories of people who have sent vintage watches in for overhaul and seen them return with key parts altered.
So, without further ado, I definitely find advantages in this new mechanism that were previously lacking in the world of used-modern but, at the same time, some disadvantages.
Surely only after this program takes hold around the world could we draw more reasonable conclusions and understand, all the way through, how it will actually be applied for what is the first point of discussion of all: at what price will these used Rolexes be sold?
Let us know in the comments what you think of this new program and whether, in your opinion, it can actually be an advantage.
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