The Rolex Effect: How Luxury Watches Became Britain's Most Popular Alternative Asset
From investment grade to everyday accessory, the British love affair with expensive timepieces shows no signs of cooling
In 2019, if you walked into an authorised Rolex dealer in London and asked for a Submariner, you would walk out wearing one the same day, at retail price. In 2024, the same watch commands a premium of 40-60% on the secondary market, with waiting lists of two to three years at official dealers. The intervening period transformed luxury watches from expensive accessories into serious investment assets in the minds of a significant portion of the British public.
The Market Data
The secondary watch market in the UK has grown to an estimated £1.8 billion annually, with platforms including Chrono24, Watchfinder, and Bobswatches handling ever-increasing transaction volumes. The market is dominated by steel sports watches from Rolex — particularly the Submariner, GMT-Master II, and Daytona — but has expanded to include sought-after pieces from Patek Philippe, Audemars Piguet, and AP Concept.
Who Is Buying
The buyer profile has broadened dramatically. A decade ago, luxury watches above £10,000 were the preserve of City professionals, established entrepreneurs, and collectors with decades of horological knowledge. Today, the buyer base includes young professionals who see watches as a combination of personal luxury and investment; e-commerce entrepreneurs who have generated significant disposable income online; and footballers and entertainers for whom luxury watches have become the defining status symbol of their wealth tier.
The Investment Debate
Whether luxury watches represent sound investment remains contested. The period of extraordinary appreciation — during which certain Rolex models doubled or tripled in value over three to four years — has moderated significantly. Secondary market prices have declined 15-25% from their 2022 peaks, leaving those who bought at the top nursing paper losses. Long-term holders who acquired at pre-2019 prices remain substantially in profit.
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Wealth & Billionaires Writer
Victoria Ashworth specialises in profiling Britain's wealthiest individuals and the businesses and investments behind their fortunes. A former Bloomberg Markets correspondent, she has interviewed some of the most powerful figures in British business and holds a particular expertise in private equity, family offices, and the intersection of wealth and culture. Victoria studied Economics and French at the University of Edinburgh.
