Distinguishing a genuine Rolex (photo) from a fake is becoming increasingly difficult. Rolex
According to Watchfinder CEO, half of fake watches are Rolex replicas.
The CEO told Bloomberg that the brand is seeing the highest demand in the replica markets.
Meanwhile, luxury watch prices on the secondary markets have fallen to a two-year low.
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The market for replica watches is becoming increasingly sophisticated, and about half of the market is made up of fake Rolexes, according to Watchfinder & Co.
In an interview with Bloomberg on Tuesday, CEO Arjen van de Vall said up to 10 percent of watches received from sellers over the past year have been exposed as fakes. Rolex imitations were the most common. The company has been buying and selling used watches since 2002.
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“Rolex is the most desirable luxury watch brand and the most sought-after, so it’s also the most imitated,” says van de Vall.
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Replicas just keep getting better
Watchfinder, owned by Swiss luxury conglomerate Richemont, used to be able to spot about 80 percent of counterfeits by sight alone, van de Vall told Bloomberg. However, that proportion has now dropped to just 20 percent as replicas become more convincing.
But not only Rolex appears on the market of imitations.
“You see replicas or clones – very, very high quality watches – from practically all major luxury brands,” van de Vall told Bloomberg, “the whole range”.
Market for luxury watches collapsed
The overall luxury watch market has slumped over the past year as the global economy slows and wealthy shoppers tighten their belts. Bloomberg’s Subdial Watch Index, which tracks the 50 most traded pre-owned watches, is down nearly 20 percent since June of last year.
For example, the price of a used Audemars Piguet Royal Oak Jumbo Ultra Thin has fallen more than 35 percent over the past year and now averages $71,692.
President Joe Biden has repeatedly said he doesn’t expect a recession, but Wall Street forecasters aren’t so sure. JPMorgan strategists see a 23% chance the US will avoid a downturn, while Bank of America’s top economist Michael Gapen expects a recession by year-end.
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