I don’t make tons of money as a watchmaker. You can read all about it in my post about on Watchmaking Injustice. I probably could afford a Rolex but with a young family I have (what are in my opinion) more important places to put my money at the moment. That’s why I frequent some financial blogs like Frugal Dad. I hope that later in my career I will be able to buy a modest Rolex without having to put too much thought into it; let’s face it Rolexes aren’t exactly cheap. Frugal Dad posted an article this week comparing the financial ramifications of purchasing a Rolex versus a Timex. So why do people wear Rolexes?
Frugal Dad singles out a white gold Day-Date model to compare to his Timex (because it’s what was in the local newspaper ad this week.) He implies that the number one reason for owning a Rolex is “status and show” and many of his readers seem to agree. I’ll try and offer a unique perspective as someone who: doesn’t own a Rolex, is a watchmaker, sells Rolexes, and aspires to Rolex ownership.
- My perspective
- I don’t own a Rolex.
- I do aspire to Rolex ownership.
- I am a watchmaker.
- I work for an official Rolex Jeweler and have been involved in the sale of many Rolexes.
I’ll start with the Rolex Day-Date. This is Rolex’s flagship model, “The new measure of accomplishment” as they put it or “I’ve finally arrived” as Frugal Dad put it. It’s true that most people won’t notice your watch (as one of Frugal Dad’s reader’s points out) but when you can afford a Day-Date A.K.A. “Rolex President” you aren’t looking for the approval of the average Joe, you are looking for the approval of your peers. Maybe they won’t notice your watch on the street but they will in the boardroom. The point of this watch is that it is a durable, high quality, useful, feel good item you can purchase for yourself at the point in your career when you have accomplished something great (like become C.E.O.). It is only available in precious metals (gold and platinum). If you think the white gold president featured on Frugal Dad’s blog doesn’t look like a $27,000 watch then you should take a look at the platinum version (almost indistinguishable in appearance but costs more than twice as much). The fact is, it is an understated watch, it probably wouldn’t impress those who don’t know what it is.
Rolex makes many other watches, many of which cost less than the Day-Date and a few models that cost more. You can get into a Rolex for about $5000 and for under $10,000 you can choose from hundreds of different ones, all of which are beautiful and mechanical masterpieces. Many people enjoy them for this reason alone, but I’ll get into that in a minute.
Probably, the number one reason people wear a Rolex is because they received it as a gift. Many employers give Rolexes as anniversary gifts, and so do many spouses. In case you didn’t get the memo, it can be difficult to buy a gift for a man (especially in a jewelry store.) The Rolex becomes a way for a woman to dress up her man. Electronics aren’t durable, a Rolex is. The thing is the man usually likes it and often will buy several over his lifetime. They also think there wife should have one too and reciprocate later on. To a man a Rolex seems like a better gift than diamond earrings, because it does something. It is way more practical.
Many people purchase Rolexes as an investment. Just like a car most Rolexes lose a little value when you walk out the store but some models increase because they are so desirable. The truth is they may not do as well as the long term average of the stock market, but if you want a Rolex, you won’t lose much money on it. Buy a Rolex today and you’ll be able to sell it for the same price in 10 years. It’s as good as cash in the long term. If you get lucky and your model becomes collectible it could even increase considerably in value.
Many others appreciate the mechanics of a Rolex. A Rolex houses an automatic wound spring driven movement. It probably won’t be as accurate as your Timex, although it might, but in the world of mechanical timepieces they are considerably accurate. There is a kind of connection one draws with their watch when they have to wind it, even if they do it sub-consciously with the every day movement of your arm. In today’s world electronics are a dime a dozen and produced to be disposible. The mechanical watch movement is durable, beautiful, functional and a true work of art. They are engineering feats. As a watchmaker this is what draws me to Rolex; they are extremely well designed movements. The trend in higher end watches is that they are returning to mechanical movements becasue people are attracted to the sometimes incomprehensible craftmanship that goes in to them.
The Rolex professional series are designed to fulfill specific tasks. They are specifically designed for diving, exploring, traveling, flight, yachting, and much more. These watches are certainly capable of many tasks the $29 Timex is not. Of course, most people buy these watches because of the way the work. Nobody is really going to take their Sea Dweller Deep Sea to a depth of 3900 meters underwater, but they could.
So, why do people wear Rolexes? Because they like them. People are attracted to all kinds of different things. Some of us spend more on food or wine than others, some us spend more on cars, some of us spend more on clothes. Certainly you can find a watch that tells time better than a Rolex for less money, but maybe it doesn’t appeal to you. Whatever you do, don’t wear a Rolex if you don’t like it.
Why do you wear a Rolex, or any other nice watch? Please let me know.
8 Comments
I really enjoyed reading your perspective on this, and I feel I have been enlightened a bit. Thanks for sharing my post with your readers, and for being a Frugal Dad reader!
Rolex is “The Name” in upscale watches, they have brand recognition that every company in the world would kill for. Subsequently, if you purchase a Rolex you are paying a considerable premium for just the name alone. That said, Rolex raises their prices every year and they get a buyer for every new watch they make, so good for them.
I found this article after reading frugal dad. I agree with you 100% I purchased my first rolex in 1985 at a dealer in St. Croix for $600. SS submariner no date, 600ft. As a submariner myself,a mechanic I wore it daily. I sold it in 1998 to invest in mutal fund.Rolex dealer gave me $1000 for it and sold it for over double. My wife purchased a Submariner SS 1000ft same model, no date, for $3500 in 1999. I wear it when not at work. I wear a casio with exact same bezel and hands as rolex at work in a utility plant. pls provide me an e mail address and I will send a picture of both side by side. I think casio got sued because they were not on market long. I don’t wear a rolex as a mark of distinction so much as that it is the most durable watch I have ever worn and the luminescence is second to none.
Great post and link to the frugal dad and perspective on Rolex.
I have been a longtime Rolex admirer and took the plunge to purchase one in 1987 after graduating from college. Since then, I have owned seven of them, but no more than two at a time. Both the design and the ruggedness of them have always been appealing. Currently I own a traditional GMT and a newer GMTII (116710) and have a website that lists various Rolex tidbits that I have come across (Google Rolex and Sheldon Smith and you’ll find it).
Although I do look at other brands, I always come back to Rolex.
-Sheldon
I’m a big fan of under-stated. Whether it’s cars, watches, furniture, I tend to go for stuff that only turns the head of the expert.
“Maybe they won’t notice your watch on the street but they will in the boardroom.”
Precisely!
I don’t really go for the classic Rolex, because I don’t like the all-metal thing much, but I still have *a* Rolex, which I tend to wear only on days when I have important meetings. Silly? I don’t think so. Some people, the right people, notice these things.
This is mine, btw:
http://img100.imageshack.us/img100/7558/rolex3ay5.jpg
In a world of advancing technology that continuously obsoletes itself, combined with an attitude of “if it breaks, throw it away and get a new one”, a Rolex stands above the fray as a permanent asset. Built to endure, it will be maintainable for a lifetime (or more). I have one Rolex that is 30 years old and was my Dad’s, and one that is 2 months old (SS GMT II-C), and have no qualms that they could both serve me for decades.
Plus, (I can admit it) I like the way they look. To me, nothing else is the “real thing” or looks as perfect as a Rolex.
That’s why I wear Rolex.
Cheers,
Dave
Of course there are some low cost options for the more frugal lover of mechanical timepieces - I have a collection of gents 12-size pocket watches from the ’20s and ’30s. They don’t have the ruggedness or dependability of a modern Rolex, nor the accuracy - but they have plenty of charm & more than a little class. I get a great deal of pleasure from carrying one as my everyday timepiece - they were obviously build to last (still going strong after approx 80 years) and the art deco style appeals to me very much. You might have to do without modern advances like incabloc protection of the balance staff pivots, and Elinvar hairsprings, but you can pick up a mid-range 15 to 19 jewel American 12 size watch in a nice gold-filled case for less than $200, budget another $100 for your local watchmaker to service it (it WILL need it) & you’ve got unbeatable value. I’ve spent maybe $3500 in the last couple of years on watches and repairs, but every morning I get to choose one from 15 (or so) of my art deco lovelies to take to work for the day - and that gives me a whole lot of pleasure. Not knocking Rolex in any way, I admire the quality of their engineering but their products are beyond my price range at the moment. Just wanted to point out that there are other options beyond the modern quartz watch for those on a budget. (Not knocking the modern quartz watch either - also solid, no-nonsense engineering, and I find it very handy to have an accurate reference timepiece).
Thank you all for commenting.
almost there gives some real world example of how they hold their value (warning: this is much more true for professional models than for a datejust or a president.)
Sheldon points out how rugged they are. That is true! they can take a beating and if you service them regularly they will still last you a lifetime.
Greg spends some time in the boardroom. People do notice your watch. In my case as a watchmaker, once people find out what I do, they always want to know what I wear. (Not a bad idea for a post, look for it coming up.)
Karl points out some great mechanical options that aren’t as expensive. It doesn’t have to be a pocket watch, or even vintage. $1000 will easily get you into a modern automatic from Swiss Army or Hamilton. $500 or less will get you a vintage wrist watch and as he says a couple of hundred will get you a fine pocket watch. I might suggest you set a little bit more aside for the service, especially if you don’t know what you’re buying. There are always surprises in pocket watches.
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