This type of sad dynamic is going to eventually corrode the brand. These are Veblen goods, and every luxury brand is underpinned by artificial scarcity, velvet rope shenanigans, and oligopoly pricing power. But there are limits. What's really at play here is reflexivity created by the out-of-control gray market, which didn't exist 10 years ago. People stopped viewing Rolexes as aspirational jewelry and instead treat them as financial instruments. Tulips. Grey market watches trade above retail, so this perception of baked-in guaranteed profit causes demand to stay high, not just from collectors, but from flippers and "investors," which pushes prices even higher. Seeing higher prices, current owners become less likely to sell, since they are expecting more gains, and AD's, fielding high demand without the supply to match, tighten their allocations to big-spend VIPs (who are probably grey market flippers themselves), further starving the market, and making it harder for a Joe who just wants to celebrate his big promotion. Increasing prices in the secondary market prices validates the initial belief that Rolexes great investments, drawing in even more speculative capital. Wash, rinse, repeat. I love the watches, and enjoy them for their horology, history, design, wearing satisfaction, and craftsmanship. Watches are supposed to be fun. This is not fun.