When I was a child, I was exposed to rap music through my older brothers. They played Eric B. and Rakim records day-and-night. My favorite song from this duo is, “Microphone Fiend.”
Microphone fiend is a rapper who can’t live without manifesting its prowess as a lyricist – fiending for a microphone kind of like a drug addict fiend.
What does this have to do with learning about the best Rolex model for investment? Most rappers of the 1980s and 1990s displayed their status through the size of their gold chains. I never owned a gold chain. I didn’t understand how a status symbol can be an investment. Then I learned about luxury Rolexes.
They are luxury watches that were developed at the dawn of the 20th century for durable use by scientists and explorers working in dangerous situations.
Rolexes are the most aesthetically copied watch design in the world. It’s aesthetic appeal and legendary durability was co-opted by a status-obsessed demographic. And not just rappers.
Owning a luxury watch is the gold-chain standard for high powered business people and professionals. Still, this truth aside, Rolexes are renowned for accruing in value the longer you own one.
I guess this is my inelegant way of saying a status-symbol object is not an investment unless it is a Rolex.
Rolexes are great investment vehicles if you know them, the market, and when to sell one. A well-maintained Rolex constructed in the 1920s, 1950s. 1970s, or 1980s will command high prices on the collector market.
A 1981 Rolex GMT Master with a lava-themed dial face is currently selling for $40,000. This luxury watch is a great investment.
Still, bargain-basement prices for entry-level Rolexes ranges between $4,000 and $7,000. Here are a few you should consider.
Rolex Oyster Perpetual
The Rolex Oyster Perpetual was designed in 1931 as an aesthetic update of the 1926 Rolex Oyster. In 1926, the Rolex Oyster was the first wristwatch with a waterproof case.
The 1931 Oyster Perpetual was the first wristwatch with a module protecting the automatic winding components.
This was the first watch which obsoleted the necessity to unscrew the watch crown for manual winding. The problem with buying an Oyster Perpetual is that they are popular and rare to find at prices below $4,000
You can get a certified preowned Oyster Perpetual for about $3,700. Or you can get a new one on Amazon for about $4,600.
Rolex Explorer
The Rolex Explorer was created in the aftermath of Sir Edmund Hillary and Tenzing Norgay summitting Mt. Everest in 1953.
Even though Hillary was the first Westerner to summit Mt. Everest, Rolex had sent prototype watches for Sherpas to wear on local expeditions for at least two decades before Hillary’s summit.
According to legend, Hillary reportedly wore a Rolex Oyster Perpetual on his historic climb. Rolex then released the Oyster Perpetual Explorer that same year.
A preowned Explorer will cost around $4,800. You can get one on Amazon for about $5,500.
The Certified Preowned Rolex Market May be the Best Route
You could go to Rolex’s official website or visit their brick-and-mortar stores, but you’ll pay top dollar for one. The pawnshop is another option, but you need to get it appraised.
Also, pawnshop Rolexes will have noticeable imperfections and may not be optimal investment purchases.
Certified preowned Rolexes may be your best bet. Here is a resource for you to help you spot fake Rolexes. Also, remember that it take time for an investment to return a profit.
It may take years or a decade or two for you to get an appreciable return on a Rolex bought as an investment.
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Allen Francis was an academic advisor, librarian, and college adjunct for many years with no money, no financial literacy, and no responsibility when he had money. To him, the phrase “personal finance,” contains the power that anyone has to grow their own wealth. Allen is an advocate of best personal financial practices including focusing on your needs instead of your wants, asking for help when you need it, saving and investing in your own small business.