This, coupled with the devaluation of the pound against the Swiss franc, has driven up import prices; the devaluation against the dollar has created a price differential between major markets, making it cheaper to buy in that country compared to the US or any other country whose currency is pegged to or tracks the dollar, including oil-rich Middle Eastern countries. 
If the UK government reinstates the instant VAT rebates that non-EU shoppers used to get, we could have a flood of high-spending tourists snapping up bargains in the summer because of the weakening pound.
Conversely, I’ve been crunching some numbers on the narrowing gap between replica Rolex prices at authorized dealers and on the secondary market.
I’ve reported extensively on the sharp drop in prices on the secondary market for Rolex’s most popular steel cool replica watches as well as AP and Patek Philippe watches since the first quarter.
That trend continues, with data from used watch specialist Subdial showing that Rolex prices have dropped 2.8% in the last 30 days, meaning the difference between retail and market prices has been shrinking.
According to Subdial, secondary market prices are down to £10,743 today, compared to £8,450 at authorized dealers, a difference of just £2,293. This gap could disappear if Subdial’s prices are on the high side.
The same is true for Patek Philippe prices, whose spokesperson confirmed to us today that retail prices in the UK and EU were raised by about 5% on September 1.
These price drops are a sign that sanity is returning to the secondary market and that many speculators who have been bullying authorized dealer salespeople might as well find something better to do.
It’s great for watch enthusiasts if their clone Rolex or Patek Philippe purchases retain their value or rise slowly over time. Still, the recent shortage and speculation have created a more unpleasant atmosphere around these brands and their retailers.
A re-balancing is long overdue, and I hope the market can find a happy balance that rewards watch lovers, not speculators.
