Crypto, houses, sneakers, Rolexes: How FOMO drove the economy
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For a wide range of collectible goods, the last few years were bubblier than a bottle of Dom Perignon, says the writer.
PHOTO: AFP
Farhad Manjoo
(NYTIMES) - The lowest-priced, stainless-steel version of the Cosmograph Daytona, the Rolex model that Paul Newman made famous, carries a suggested retail price of US$14,550 (S$20,160). But you're unlikely to snag one so cheap. Demand for luxury mechanical wristwatches has far outstripped supply in the last few years, and the waiting list for the most popular Rolex models - if you can first convince an authorised dealer that you are worthy of one - is now said to be several years long.
According to WatchCharts, a price database for watch collectors, a current-model Daytona sells for more than US$40,000 on the secondary market; over the last five years, the Daytona's aftermarket price has grown by an average of 20 per cent annually, making it a better investment than the S&P 500 over the same period.