Is Rolex Still The Undisputed King Of Watches In 2024?

It’s funny; when I think of memorable Rolex releases of 2024, I remember watches from 2023. In 2023, Rolex released a dazzling amount of “wild” watches. The brand dared to bring out a “lefty” GMT-Master II, three jigsaw-dialed Day-Date models including 12 inspirational words and 31 emojis, an Oyster Perpetual with colorful balloons on the dial, and a tool-like titanium version of the Yacht-Master 42. Rolex surprised us with daring designs and functional innovations in 2023. The 2024 novelties were way more conservative, making them not nearly as memorable. This begs the question: is Rolex still the undisputed king of watches in 2024?

Despite this year’s Rolex novelties not having been as exuberant and surprising, you could say 2024 has been a “memorable” year for the brand itself. One reason was the loss of its Formula 1 sponsorship role. The Crown had sponsored the biggest motorsport circus on Earth since 2011 but was brutally overtaken by LVMH. Rolex initially paid US$10 million annually to the Formula 1 organization, which rose to US$50 million per F1 season. When LVMH offered a rumored US$150 million per year to “race,” Rolex left the track.

You can see it as a win for LVMH and its luxury brands, including TAG Heuer, a watchmaking house with a strong and long-standing link to the motorsport world. On the other hand, it’s not necessarily a loss for Rolex. As I wrote earlier this year regarding Rolex losing its Formula 1 sponsorship role, after 14 years, the brand can leave the world of energy drinks behind with its head held high. After cleansing its palate, Rolex can fully focus and enjoy the more wholesome flavors in other motorsport classes, such as endurance racing, classic car racing, and other high-class events like the Pebble Beach Concours d’Elegance.

Is Rolex still the undisputed king of watches in 2024?

The short answer to this article’s big question is “yes,” but allow me to elaborate and show you why Rolex is still the king of watches. First of all, sales-wise, the brand is by far the most successful Swiss luxury watchmaker. When we talk about Rolex, we talk about huge numbers. According to Bloomberg, last year, Rolex produced 1.24 million timepieces, totaling a retail value of CHF 15.15 billion (CHF 10.1 billion Ex Works). The sales figures for 2024 likely won’t be very different — volumes might be slightly lower, but the average price has gone up, compensating for that.

Also, Rolex will likely reclaim the title of the world’s best-selling watch, which it lost to the Apple Watch in 2017. I know, apples and oranges, but still. In 2015, when the Apple Watch debuted, it conquered the world at a blistering pace. Many Swiss luxury brands held their breath and created smartwatches as a reaction. However, by 2017, the Apple Watch overtook all traditional Swiss watch brands, including Rolex. Apple sold 33 million smartwatches, and the combined Swiss sold 24.3 million timepieces. This year, Rolex will beat Apple regarding watch sales by value.

Secondary market prices

While we might be suffering from a bad case of luxury fatigue, and watch sales are in a slump, Rolex is still doing great. Yes, on the parallel market, you can also see that the numbers for Rolex watches are going down — +19.6% above retail in July compared to +21.4% in April of this year — but those Morgan Stanley-provided figures are very impressive. Only Patek Philippe does better, and Rolex is above Audemars Piguet. There is a correlation between a price drop on the parallel market and the availability of watches at the official dealers. According to Forbes, wait times for popular models are decreasing. This year, the wait for a Submariner was around 68 days compared to 105 days in 2023. That’s good news for 2025 because this trend will likely continue.

A firm grip on things

If a new “Sub” is less desirable to you than a vintage one but you have trust issues, there’s the Rolex Certified Pre-Owned program. It launched in late 2022 and continued to expand to over 5,000 active listings from over 60 authorized retailers worldwide as of July 2024. Morgan Stanley estimates the overall secondary market is worth around US$25 billion.

Rolex has a 44% market share, which translates to US$11 billion of the secondary market’s value. Morgan Stanley also estimates the total value of Rolex CPO is around US$125 million, accounting for around 1% of the total secondary market. It’s clear that Rolex is trying to control every aspect of the watch market, and the brand is succeeding.

How did you experience Rolex’s “Harmony of Contrasts” theme of the past year?

Rolex’s theme for 2024 was “Harmony of Contrasts.” The biggest contrast was undoubtedly the Deepsea in yellow gold. Some can’t call it harmonious, but the 44 × 17.7mm watch in full yellow gold with a blue dial and bezel certainly made a splash. The massive Deepsea (136668LB) is bold, yes, but not in the way the 2023 jigsaw Day-Date was. Rather, the Deepsea is a “shock and awe” watch dressed to impress. The brand does have a reputation for making tool-watch-like creations in precious metals, so in that sense, the full-gold Deepsea is not even that shockingly new. In any case, it’s not as creative or groundbreaking as a Rolex with a puzzle or balloons on the dial.

Speaking of precious-metal Rolexes, 2024 was also the year in which the 1908 dressed in platinum debuted. Rolex launched the 1908 last year as a replacement for the Cellini dress watch. The ice-blue dial is a platinum-only signature, and in the case of the 1908, that dial shows engine-turned decoration. Releasing a 1908 in platinum to complement the gold versions is a logical step, and outfitting it with a light blue dial is too, so the watch hardly came as a surprise.

Bruce Wayne sneaks in

Every new Rolex sports model needs a nickname, and the 2024 GMT-Master II in steel with a black and gray 24-hour bezel and either a Jubilee or an Oyster bracelet is no exception. Since the bold black and blue version goes by “Batman,” the more subdued GMT-Master II (126710GRNR) quickly got the nickname “Bruce Wayne.” Is it the right nickname, though? The looks of the 40mm watch with a bezel showing a Cerachrom insert split into black and gray can hardly be described as billionaire-boy flamboyant. And the green GMT hand doesn’t change that.

Steady but unsurprising

What else was new? A couple of new Day-Date references, new glamorous Daytona chronographs, and a Sky-Dweller in pink gold with a gray dial come to mind. These are not watches that break the mold like the creative novelties of 2023, nor are they as logically innovative as the titanium Yacht-Master 42 (you can expect a hands-on with that lightweight sailing watch next Monday, by the way).

I believe 2024 won’t go into the history books as a remarkable year for new Rolex watches. Maybe 2023 was so surprising that it made the watch community, including me, expect too much. Having said that, with 2024 being rather forgettable, 2025 will likely be better. Maybe we can expect something niche again, like a Milgauss in titanium?

How did you experience Rolex in 2024, and what do you expect and want for 2025 from the brand that is still and probably will forever be the king of watches?