The Everose gold Rolex Rainbow Daytona set precedence by using so much color that it inspired other horologists to follow suit by becoming more creative with precious stones. The watch retails at $97,000, making it a product that only a few can afford; you might have spotted it on the wrists of celebrities like Kevin Hart or singer Post Malone. That is a lot of money to spend on a watch which makes you wonder what makes the Rolex Rainbow Daytona so expensive. We have researched a few reasons to explain the hefty price tag, and you can read more about them below.
The Limited Production
According to Watches by SJX, the Rolex Rainbow Daytona was introduced in 2012 in white or yellow gold. Unfortunately, the watches were discontinued after a while, leaving the desirable watch’s price to soar. Even after reviving the model in Everose gold, only a handful is made each year. The limited production is due to the challenges in finding the 36 perfectly-matched colored sapphires that give the timepiece its unique beauty. As a result, the Rolex Rainbow Daytona’s supply is low, making it one of the watches that play hard to get; thus, pushing the price up significantly. The funny thing is that the Rolex’s Daytona was not always a desirable watch. People mocked it for its bold dial comprising three sun-dials. However, the perception of the watch changed when Paul Newman endorsed it, changing the timepiece into one of the coveted worldwide. However, the unpopularity led to Rolex maintaining the production to low numbers and has retained this even with the Rolex Rainbow Daytona models. The watch manufacturer never releases the exact number it produces, but it is known that steel Daytona references were produced in much higher numbers than the precious metals references.
It is for The Chosen Few
The limited number makes the watch available to a few customers, yet the demand for the timepieces is quite high. According to Barrons, when the Rolex Rainbow Daytona was released, it was an unexpected yet playful move by Rolex, and soon the watches became hard to find. One person even said that getting one would entail an interview by a Rolex executive to determine if you are worthy of the honor of calling it your own. As the article further explains, not every authorized dealer gets to have the watch; the prestige is reserved for the most loyal and successful Rolex authorized dealers. Once in stock, the dealers are very selective about who can take the watches home. They prioritize their VIP customers with thick wallets. Due to the high demand and low supply, most Rolex watches have a waitlist, and the Rainbow Daytona is no exception. However, some dealers believe it is unfair because most customers interested in the timepiece want to resell it. Therefore, dealers assess the seriousness of a prospective buyer by ensuring that the person will appreciate the watch. The bottom line is, no matter how much you want the watch, the likelihood of taking it home is low unless the dealer considers you a VIP customer. Otherwise, they do not mind showing you alternatives that can interest you. Besides, even the dealers do not necessarily have the timepieces in stock. Customers who do not understand the rarity of the watches are enlightened on what it takes to get a hold of the Rainbow Daytona. Still, if you manage to be on the waitlist, the better for your bank account. Even if it takes years before you get your prized possession, the price will be significantly lower than if you buy it in the open market. For instance, the rose gold model priced at $97,000 sold for $310,000 during a Sotheby auction a year later. This trend is not exclusive to the Rainbow Daytona; even a Cerachrom Rolex Daytona that cost $13,150 in retail goes for double the price in the secondary market.
Its Value Increases with Time
If you are torn between investing in real estate and watches, perhaps you should settle for the latter. According to South China Morning Post, a US Air Force veteran bought a 1971 Rolex Cosmograph Daytona Oyster for about $350 and 50 years later, the watch was appraised at 2,000 times the price; it is now worth $700,000. Due to the peak in popularity of luxury watch investments, the timepieces have continued to be priced at astronomical figures. A professional watch expert, therefore, advised luxury watch investors to invest in watches whose prices set them apart from the rest. Of course, the Rolex Rainbow Daytona at $97,000 qualifies for this type of investment. Usually, for the Rolex Daytona, the collectors are willing to pay a premium price to get their hands on one without waiting for years on the waitlist. Luxury Activist advises that the hefty price should not be a turn-off for anyone willing to wait for the watch to appreciate. A well-maintained pre-owned watch can fetch high prices in the future because it holds and increases its value.
It’s a Status Symbol
All Rolex Daytona watches are regarded as status symbols if we go by what Bob’s Watches tells us. According to the article, the moment Rolex decided to start fitting the watches with precious stones, the timepieces became a status symbol. The Rolex Rainbow Daytona is arguably the most in-demand precious metal Daytona currently. The Everose gold case has 56 brilliant-cut diamonds in the crown guard and lugs, while the dial has 11 baguette-cut sapphires hour markers, each matching the color of the corresponding point on the bezel. The bezel has 36 multi-colored baguette-cut sapphires; the watch derives its name from these rainbow-colored gemstones. The middle case is made from 18 carats solid block of Everose gold and the crystals crafted from virtually scratchproof sapphire.