I think one of your many skills is the fact that you are so great at both breaking down and demystifying the world of watch buying. What factors do you encourage folks and women to take into consideration when they are embarking on a luxury watch purchase of their own?
First, you have to go into it kind of understanding the landscape, and the world of watches is in total flux right now. It is so crazy.
Why?
In 2020, the value and the demand for watches went through the roof. I think what happened is the pandemic hit. People started panicking, particularly wealthy people noticed how unstable the market is, stocks, what have you. The demand for tangible items that hold their value really went up.
You saw prices in art skyrocketing. Watches were included in that sector of luxury, which is so crazy because people were struggling, and it was such a hard time financially for so many people.
The wealthy people were just trying to be smart with their money, and the value over the past few years of watches has been insane. This has trickled down into the consumer experience. Walk into any Rolex store in the world, and the shelves are empty. I'm not even exaggerating.
I think the reason why that is is because Rolex has a number of high-profile VIP returning customers. Before the watches even have a chance to hit the stores, they get scooped up by people on the wait list or returning customers.
If you are embarking on your watch journey and you're like, "Okay, I saved up $15,000. I want to buy a Rolex Submariner," you can't buy that new, which is crazy.