Watchfinder offers Rolex Submariner for just $6,500

It is not often that Richemont-owned Watchfinder wins on price, but a one-day-only special offer of a fully serviced and refinished 1994 Rolex Submariner for just $6,500 (£5,100) shows it is determined to be competitive, at the very least on marketing and promotions.

The watch on offer was bought within minutes, leaving customers browsing alternative second hand Subs in the more usual price range of around $10,000.

The current retail price for the modern 41mm version of the steel on steel Submariner with date is $10,250.

The promotional offer is newsworthy because Watchfinder is regarded as one of the most professional pre-owned specialists, and expects to charge a premium over traders that do not provide the same level of authentication, servicing and refurbishment services.

All Watchfinder watches are sold with a two year guarantee.

So, if Watchfinder feels it necessary to sell a Rolex Submariner — albeit a 30-year-old model — for almost 40% below the retail price at an authorized dealer, what does this say about continuing weakness in the broader secondary market?

The Bloomberg Subdial Watch Index registered yet another month of falling prices in December.

The index is a weighted average price for 50 most-traded models on the secondary market.

From a peak of $60,000 in March 2022, the index almost halved to under $34,000 at the end of 2023.

The Index price for a Rolex Submariner 126610LN, the modern reference in steel, is $13,387.

The second hand market for Rolex watches is going through profound changes with the roll-out of its Certified Pre-Owned program in conjunction with its authorized dealer network.

Early participants in the program, including Bucherer and The 1916 Company, are charging a premium over wider market prices because of the investment required to put watches through the Rolex-backed process that ends with new tags, packaging and a two-year international warranty.

But that premium is narrowing. Today, you can buy a Rolex CPO-certified 2011 Submariner, ref. 116610LN-0001 from The 1916 Company for $13,450.

Bucherer has a 2002 version of the same watch, sold with the official Rolex CPO tags, for $11,500.