Rolex watches are almost always valuable, virtually irrespective of condition, whether they are in the couple of hundred or tens of thousands of pounds categories.
According to Mr Michael Jordan of O'Reilly's Auction Rooms in Francis Street, Dublin: "If somebody was astute enough to buy old Rolex watches over the last 20 years, their value most probably would have increased by 10 times without a doubt."
There is strong demand for Rolex watches from the 1930s, 1940s and 1950s, with great interest shown by the Japanese and US markets, he says.
The market is wide-ranging given that there are thousands of different Rolex models. "They can still be bought for between £250 [€320] and £500, as against, say, a brand new diamond set for £40,000. However, the resale value on a new £40,000 watch may only be about £10,000 to £15,000 given that the retail price includes VAT at 21 per cent, i.e., £8,400. Normally second-hand goods do not attract VAT. It only includes VAT on the profit margin," he says.
Mr Richard Chadwick, specialist in watches at Christie's in London, says that almost any Rolex will be valuable. "The minimum price that any Rolex would fetch is probably about £200. And a lot of them of course are worth considerably more than that."
Surprisingly, many people have Rolex watches. This is because Rolex has been established for 90 years, he says. "When people think of Rolex they get a mental picture of a large, flashy wristwatch but of course that's only really the modern ones. There are older things which are quite unassuming, but a lot of people own them."
The "golden era" was from the 1920s up to the 1950s. "It is those which are actually collectible. But any Rolex you can safely say is saleable. There's a very strong market for them. The earliest ones from the first World War period weren't always signed. You could actually have just a blank white dial. But it will actually be a Rolex, if you looked into the case," Mr Chadwick says.
But if an unsigned white enamel dial could be promising, "all watch companies made that kind of watch. So you've actually got to open the watch to see who it's by" - which he recommends should only be done a professional.
The enormous variety of Rolex watches makes it difficult for the layperson to estimate values. But, short of taking it to a reputable jeweller or auctioneer, he offers the following guidelines.
"If it's gold, it should be worth at the very least £500 sterling. And anything with complicated features - so if you've got one that's a stopwatch as well - that will add tremendously to the value.
"What collectors go for in a big way is complexity. So if you've got a Rolex that is, say, triple calendar or a stopwatch or a moon phase, then you can be talking about £10,000, £20,000, £30,000," according to Mr Chadwick.
Some complicated items could be worth somewhat less, but they should still fetch in the region of £7,000 sterling. And don't be put off if a Rolex is steel rather then gold because some steel versions are worth more even than gold, he says.
A Christie's auction of Rolex watches on June 21st next includes an early waterproof Rolex Oyster wristwatch worn by Mercedes Gleitze during a celebrated swim across the English Channel in 1927. It is expected to fetch more than £20,000 sterling. A Deep Sea Special - a stainless steel and gilt diver's watch from the 1950s - is expected to fetch between £40,000 and £60,000. One of only seven built, it is the only one remaining in private hands.
jmarms@irish-times.ie
