At Chrono24, Rolex’s Falling Market Share Tells a Bigger Story

(Data: Chrono24)

Karlsruhe, Germany-based Chrono24 released its latest report last week. Unlike reports from WatchCharts or EveryWatch, which track sales across multiple platforms but generally lack visibility into final negotiated prices, Chrono24 covers only its own marketplace but knows what watches actually sold for. Its report is based on several million transactions from 2018 through the second quarter of 2026, Chrono24 said.

Rolex may remain the most important brand in the global luxury watch market, but its dominance is waning, the report shows. Its share of Chrono24’s total transaction value continues to trend downward as other brands gain ground.

To be sure, a declining share does not necessarily mean Rolex sales are falling. The rest of the market may be growing faster. Cartier has enjoyed a resurgence, while Patek Philippe, Audemars Piguet and Vacheron Constantin have gained ground with collectors, especially in a K-shaped economy, where more money is going toward haute horlogerie. And because Chrono24 measures transaction value rather than the actual number of units sold, a small increase in transactions for Patek, AP or Vacheron watches can disproportionately affect the data.

Still, the trend may tell a broader story than collectors simply diversifying. As Rolex raises prices and continues to produce more than a million watches a year, availability has improved for some models, giving buyers less reason to pay premiums on Chrono24 and more reason to wait for one at retail. Since 2022, Rolex’s Certified Pre-Owned program, which has been chronicled in this magazine, has created another major channel for preowned watches, likely taking Rolex sales away from Chrono24.

A Forgotten Court Ruling and Rolex’s Fight for the Oyster

(Photo credit: Rolex & Fallrecht.ch)

As Rolex marks 100 years of the Oyster, a remarkable part of its history has resurfaced. A Swiss court ruling from 1937 appears to document the earliest known case of Rolex founder Hans Wilsdorf going to court to defend a patent, fighting for the invention that would define Rolex. The case reached Switzerland’s highest court, which brought in experts before siding with Wilsdorf. The ruling shows that at least one key moment in Rolex’s history has played out in a courtroom, with its fate in the hands of judges, perhaps one reason the brand continues to be litigious today.

The nearly 90-year-old case, discovered by watch writer Nick Gould on Monday, tells of Wilsdorf confronting a rival over a key Rolex invention. In 1934, Swiss watch-case maker Schmitz Frères & Cie told Rolex it planned to market its own waterproof screw-down crown, acknowledging “much analogy” with Rolex’s 1926 patent while insisting its construction was different. After Schmitz began selling the crown, Wilsdorf had one examined by an engineer, who concluded it infringed the Oyster system.

Wilsdorf filed a criminal complaint in 1935, and the dispute ultimately went before the Supreme Court after Schmitz challenged the validity of the Rolex patent. The court’s experts found the Oyster crown represented a meaningful technical advance. “L'idée n'est pas ‘géniale,’ mais c'est une bonne idée” (the idea was “not brilliant” but “a good idea”), the court said, meaning it needed not be brilliant to qualify for protection, especially in watchmaking, where innovation lies in small details. It upheld Wilsdorf’s patent and awarded him 10,000 francs in damages because Rolex had lost sales of complete watches, not merely crowns.

Inside Rolex's Latest Invention for a More Durable Dial

(Photo credit: Rolex)

A newly published patent offers an unusual glimpse into what Rolex considers a weak point in watch dial production. Nearly every dial receives a transparent finishing lacquer, often made from a material known as zapon, that protects decorative finishes from moisture and oxidation. Rolex says zapon also gives the dial "a depth effect" and highlights its surface finish.

The problem, according to Rolex, is that the lacquer does not always adhere well enough over time. As the coating ages and is exposed to humidity, its bond can weaken, causing the protective layer to separate from the dial, a process called "décollement" in the patent. For Rolex, stronger adhesion is "essential for the reliability and robustness" of the dial to "guarantee its longevity over many years."

Instead of changing the protective lacquer itself, Rolex engineers found through experiments that inserting an ultrathin layer of metal, like chromium or titanium, between the dial surface and the lacquer improved adhesion "très significativement,” the patent said. Rolex never explained how its engineers came up with the idea of adding a metal layer just a few nanometers thick. But in accelerated aging tests in Rolex’s labs, dials were exposed for three days to 30°C (86°F) and 95% relative humidity before adhesive tape was applied and peeled away. Dials without the metallic layer showed the so-called "décollement," or delamination, while those with it showed none.

The invention is the latest example of Rolex’s R&D spending to improve its watches in ways customers won’t notice when they buy them. The metallic layer is invisible to the naked eye, and the benefit won’t become apparent for decades.

Rolex Bought Bucherer. Bucherer May Have Won.

Bucherer boutique in West London. (Photo credit: WatchPro)

When the news broke three years ago this month that Rolex would acquire the world's largest luxury watch retailer, speculation ran high — from Bucherer turning its entire network into Rolex boutiques to Rolex acquiring more retailers and building its own network. Either way, the deal was seen as a masterstroke for Rolex, which was expected to benefit the most. Three years later, the evidence suggests the biggest winner may instead be Bucherer.

Even before the acquisition, Rolex was selling almost every watch it made and exercised tight control over its retailers, with contracts governing much of the retail experience. It's unclear whether the estimated four billion francs Rolex spent to acquire Bucherer has done much to improve that experience or boost demand, which was already strong. Bucherer has neither abandoned competing brands nor shared their commercially sensitive information with Rolex. Under a so-called "Chinese wall," Bucherer says only highly aggregated data is sent to Rolex headquarters in Geneva.

Backed by the world's most powerful luxury watch brand, Bucherer is now in an enviable position. "We have big ambitions and have never had so many projects as we do now," CEO Guido Zumbühl told a Swiss business magazine last week. Around 40 boutique renovations and openings are in the pipeline. In June, the retailer opened the world's highest watch boutique atop a mountain in the Alps, an idea entirely Mr. Zumbühl's. Luxury retail experiences require money, and Bucherer now has plenty of it. "Having Rolex behind us was the best possible succession plan for Bucherer," he said.

For Rolex, whose image remains its most valuable asset, owning Bucherer also brings risk. If the retailer or its public-facing employees fall short, they become a liability to the brand's image. Rolex CEO Jean-Frédéric Dufour said at Dubai Watch Week that he has no interest in buying another retailer, describing the acquisition as a learning curve. "We have no intention of growing further than that," he said. "It was an opportunity, and we had to do it. Now we are maybe understanding the retail business a little better, and that is a good thing."

In Bavaria, Rolex Awards a Brewer Apprentice a Datejust

Joshua Sobotta, right. (Credit: TV Oberfranken)

One of the more unusual and lesser-known traditions associated with Rolex is its annual prize for an apprentice in Kulmbach, Germany, the Bavarian town where Hans Wilsdorf was born. On Friday, this year's recipient, Joshua Sobotta, was not a watchmaker but a brewer and maltster.

The Hans-Wilsdorf Schule, a public trade school located a short walk from the house where the Rolex founder was born, enrolls about 1,600 students in fields including metalworking and automotive technology. But its brewing and malting program remains one of its best known, with apprentices dividing their time between classroom instruction and brewery training in one of Germany's oldest brewing regions.

The annual ceremony, which dates to 1985, when brewer Maria Schmitt became the first recipient, has grown into a regional event attended by Rolex Germany representatives and senior public officials, with Bavaria's Minister of Economic Affairs, Hubert Aiwanger, among this year's guests.

Mr. Sobotta, who received an engraved Rolex Datejust, completed his apprenticeship at the Maisel brewery, founded in 1887 in Kulmbach by Hans Wilsdorf's uncles, Hans and Eberhard Maisel. Hans Wilsdorf's mother, Anna Wilsdorf, née Maisel, came from the prominent brewing family, making this year's winner not only a graduate of the school bearing the founder's name but also an apprentice trained at his family's brewery.

At Rolex, a Growing Focus on Chemical Safety

Rolex’s Chêne-Bourg site. (Photo credit: Rolex)

From refining precious metals and producing dial finishes to fabricating Cerachrom bezels, cleaning components and applying protective coatings, the role of chemicals in Rolex's manufacturing is growing bigger than ever.

Rolex said it will start chemical spill exercises this year, a sign that the brand’s manufacturing processes are becoming more complex and chemically intensive.

Chemicals are also used in the fluids for a fleet of roughly 400 manufacturing machines across the Plan-les-Ouates and Chêne-Bourg production sites, according to Rolex, as well as in electroplating, lubrication, laboratory testing and materials research. In 2024, Rolex’s manufacture in Chêne-Bourg, a site responsible for the production of dials and Cerachrom bezels, was evacuated after a runaway chemical reaction following the mixing of certain products released toxic fumes.

From employee training on how to handle chemicals to spacing out drainage frequency, installing fluid recovery devices and limiting contamination, chemical management has become a focus point, as the brand is expanding the range of materials and finishes used in its roughly one million watches a year.

Now, with more than 2,000 chemical deliveries a year to its production sites, Rolex said it has identified spills during loading operations as another risk. The company said it has mapped drainage systems that could be affected by a spill and reviewed the safeguards already in place. It now plans to begin spill-response drills to train employees in the use of absorbent spill kits and drainage shutoff valves that can be activated in the event of an incident.

Three Years In, Rolex's Pre-Owned Program Remains a Limited Club

(Photo credit: The 1916 Company)

Three and a half years after Rolex allowed its retailers to sell pre-owned Rolex watches, the Certified Pre-Owned Program is available at fewer than a quarter of Rolex locations, a sign that many retailers remain unconvinced the benefits outweigh the program's operational demands. The program's expansion has tapered, according to a WatchCharts report out last week, with just 13 retailers joining in 2026, including only three in the second quarter. Today, just three retail companies account for nearly half of all CPO inventory.

Still, sales are at record levels, the same report shows. Halfway through 2026, CPO sales totaled $330 million. That’s already two-thirds of last year's total. But little is known about retailers' profits. Although Rolex lets retailers set their own CPO prices, they also bear the cost of servicing every watch, a requirement before it can be sold.

"It's taken an enormous commitment on our part," The 1916 Company CEO John Shmerler said on the Luxury Society Podcast this week, adding that the investment had been greater than expected. Together, The 1916 Company, Bucherer and Watches of Switzerland account for 48% of all CPO inventory, data show. The 1916 Company decided to open its own Rolex-accredited service center to help meet the CPO requirement. "We committed ourselves to the servicing end of the business in a much greater way than we would have anticipated," Mr. Shmerler said.

A Flagship Race Is Unfolding Among Rolex Retailers

Rolex’s boutique in Beverly Hills. (Photo credit: Gearys)

As Rolex continues to concentrate its presence into bigger but fewer locations, well-funded retailers are now competing to secure the right to operate the very lucrative Rolex flagships. In its investor report last week, the UK's largest Rolex retailer, Watches of Switzerland, said showroom investment is "central to our approach," shifting its strategy toward "fewer, higher-impact locations" which "can deliver the strongest returns." One example is its flagship Rolex boutique on Old Bond Street that opened in March of 2025 which has performed "exceptionally well."

In the US, now Watches of Switzerland's largest market by revenue and profit, the group is also helping consolidate the fragmented Rolex network. "Acquisitions remain an important component of our growth strategy," the report said.

Still, as the group pursues expansion in the US, it will have to contend with Tourneau, the American retailer Rolex acquired through its 2023 purchase of Bucherer. Rolex, through Bucherer, already operates four boutiques in Manhattan. As it completes its new New York headquarters, the brand has ended its 45-year partnership with Wempe at 700 Fifth Avenue and plans to open a Brooklyn boutique, its fifth wholly owned store in New York.

The 1916 Company, another large U.S. retail partner of Rolex, has also signaled it wants to be part of the flagship race, as more retailers like Gearys in Beverly Hills vie for the right to operate multi-story Rolex-exclusive boutiques. In an interview with the Luxury Society Podcast released Monday, John Shmerler, CEO of The 1916 Company, said the company has the financial wherewithal to help grow or consolidate Rolex's network.

"We've expressed an interest to Rolex that we'd like to grow in the United States," Mr. Shmerler said. "Whether or not that's opening new doors, potentially finding acquisitions, if that's the case. We've built the foundation at this point to be able to grow."

A Rolex Clock Could Help Us See Deeper Into Space

(Photo courtesy of Rolex)

As astronomers try to see farther into the universe, building bigger telescopes is no longer enough. Instead, they link telescopes into synchronized networks that function as a single, much larger instrument. That approach depends on extraordinary time precision, which is why scientists at the University of Geneva, NASA and the European Space Agency are interested in the accuracy of Rolex's optical atomic clocks.

More than a year after Rolex Quantum's creation, we still know very little about the Neuchâtel-based subsidiary, except that it is emerging as the other face of a luxury brand famous for its iconic mechanical watches. Rolex Quantum, meanwhile, is quietly pursuing the most precise clocks ever built in the history of humanity for the world's most advanced scientific applications. Coronet reported last year on Rolex's two-photon rubidium optical atomic clock, with accuracy up to 60 times greater than other atomic clocks.

Rolex said the idea to develop an optical atomic clock came from the need for a quality-control tool for its own precision-testing equipment after the launch of the new Superlative Chronometer certification in 2015.

Now, the same clock is undergoing a 27-month evaluation by the European Space Agency that could determine whether a clock developed by Rolex will one day help astronomers see deeper into space. Under the GOACE (Ground Optical Atomic Clock for Evaluation) project, engineers at ESA's technology center, ESTEC, in the Netherlands, are assessing its suitability for future space applications. The evaluation is expected to conclude in May 2028.

At the Foundation Behind Rolex, Geneva's Elite Still Prevails

Antoine Turrettini, left, and his uncle, Henri Turrettini. (Credit: Quaero Capital and de Pury Pictet Turrettini)

The Hans Wilsdorf Foundation is continuing its tradition of appointing directors from Geneva's business, legal and civic elite. It named Antoine Turrettini to its board, making him one of the board's seven current members overseeing the private foundation that owns 100% of Rolex while supporting public projects across Geneva, according to a filing in the Geneva commercial register published this month.

Mr. Turrettini is the nephew of Henri Turrettini, who co-founded the Geneva wealth management firm de Pury Pictet Turrettini in 1996 and served on the boards of both Rolex and the Hans Wilsdorf Foundation from 2006 to 2020. Originally from Lucca, Italy, the Turrettini family settled in Geneva during the Protestant Reformation and has produced generations of bankers, lawyers and public officials. When Henri Turrettini’s father, a former member of Geneva's legislature, died at 90 in 2012, both Rolex and the foundation published memorial notices.

Now, representing a younger generation of one of Geneva's oldest families, Antoine Turrettini, the foundation's newest appointee, is already well established in Geneva's financial circles. A partner overseeing infrastructure investments at Quaero Capital, he joined the firm in 2014 after working in infrastructure finance at Edmond de Rothschild.

Auction Houses Are Struggling to Price Vintage Rolexes

Muriel Sivazlian. (Photo courtesy of Artcurial)

Artcurial's sale of the Rolex COMEX Sea-Dweller reference 16600 issued to pioneering French commercial diver Muriel Sivazlian is the latest sign of an increasing gap between auction estimates and the market for vintage Rolexes. The watch sold last week in Monaco for €244,940, more than double the high end of its pre-sale estimate of €80,000 to €120,000. Coronet wrote about Ms. Sivazlian's watch in early July.

It's not exactly news that vintage Rolexes trade in a market of their own, detached from modern prices. While Rolex has continued to raise retail prices, in some cases twice a year, secondary-market values have cooled from their post-pandemic fever and preowned supply has increased. Today, half of Rolex's modern collection trades below retail, according to a Morgan Stanley and WatchCharts report just published today.

Rolex value retention by collection. (Data: Morgan Stanley/WatchCharts)

The more interesting story may be that, for vintage Rolexes like Ms. Sivazlian's, auction estimates are becoming almost irrelevant, serving little more than as opening bids. To be sure, estimates are often conservative to encourage bidding and create momentum, not to forecast the final price.

But when vintage Rolex pieces blow past their estimates by that much, it becomes harder to dismiss the result as auction strategy. Either auction houses are struggling to value vintage pieces and the market's appetite for provenance — or bidding wars for rare vintage Rolexes have reached a new level, becoming more intense than at any point in recent memory.

Rolex Deutschland Puts Its Downtown Headquarters Up for Sale

Rolex Germany headquarters in Cologne, in an undated photo. “ROLEX” lettering has been removed. (Photo credit: Raimond Spekking)

Rolex's presence in Cologne's city center is coming to an end. After more than 40 years in the same headquarters, the brand is selling the landmark property for about €30 million following its move to new premises in the Deutz district, a business district across the Rhine River.

As previously reported by Coronet, Rolex Deutschland GmbH, the wholly owned subsidiary responsible for distributing Rolex products across Germany, had planned to demolish and rebuild its headquarters in Cologne. The downtown property, located between a 17th-century church and the main train station, required approval from the city's design advisory board, which repeatedly demanded revisions, including reducing the building's size to better fit its historic surroundings.

That Rolex Deutschland was unable to compromise on a smaller development and chose to give up its longtime downtown headquarters in Cologne, one of Germany's oldest cities, is the latest sign of the brand's growth in recent years, not just financially but also physically. Rolex has been based in the city since 1956 and in that building since 1983.

JLL, a global real estate services firm, has been appointed to market the property, which is expected to be redeveloped into a mix of hotel and office space.

A Rare Rolex Sighting on Matt Damon at ‘The Odyssey’ Première

A good place to dwell. (Photo credit: Dateline via X)

If Odysseus wore a Rolex, the obvious choice might seem to be the Yacht-Master. After all, much of The Odyssey takes place at sea. Yet the Greek hero spends years wandering on land as well. Odysseus actor Matt Damon arrived at Wednesday's New York première of The Odyssey wearing a Land-Dweller.

When Rolex introduced the Land-Dweller last year, the brand said the watch honored those "who live in the real world." It seems like the model also became a favorite of those who live in the spotlight, including Leonardo DiCaprio, Tom Cruise and Mark Wahlberg, to name a few. Watch writer Nick Gould was first to identify the model worn by Damon.

Coronet rarely chronicles the watch choices of celebrities unless there’s a newsworthy angle. Damon has seldom been seen wearing a watch, let alone a Rolex. The Academy Award-winning actor wore the same model to the Paris première on July 8, this time paired with a burgundy suit.

The last Rolex seen on Damon’s wrist was his own vintage Explorer ref. 1016. For a man playing Odysseus, that may actually have been a better choice for the press tour.

Inside Its Factories, Rolex Rethinks Dial Packaging

(Photo credit: Rolex)

After launching its eco-friendly presentation boxes last year, Rolex is launching a new green packaging initiative, this time inside its manufactures. Rolex's latest plan is not customer-facing but focuses on the polypropylene packaging used to transport watch dials between Rolex's production sites, a process invisible to customers. Rolex said it used about 20.2 tonnes of polypropylene, a fossil-based plastic, each year.

At a time when much of the luxury industry promotes its green efforts, Rolex is spending money in production changes customers will never learn about. Coronet has previously reported on the company's painstaking efforts to recycle gold scrap, reducing both mining and cost. Rolex is also investing in new manufacturing equipment that consumes less electricity and is currently testing alternatives to fossil-based materials. At its new manufacture in Bulle, scheduled to open in 2029, 98% of heating will come from renewable energy recovered through industrial heat-recovery systems.

At a more micro level, Rolex is targeting dial packaging. The brand plans to reuse some containers up to four times where production flows allow, it says, replacing the current single-use system for transporting dials between sites. Over a full year, Rolex estimates the initiative will cut annual packaging consumption to about one-third of current levels. The brand is also studying the use of recycled polypropylene, sourced inside Rolex or from suppliers, for future dial packaging.

Even BILD Is Explaining How to Buy a Rolex

(Photo credit: BILD and Rolex)

In the latest sign that navigating Rolex allocations has become mainstream consumer knowledge, German newspaper BILD, Europe's largest by circulation and one of the continent's most influential voices, recently published a feature explaining how readers can improve their chances of buying a Rolex from an authorized dealer.

In an unusual article for a mass-market newspaper, the roughly 1,500-word guide, published Wednesday, explains which Rolex models are attainable, how to approach an authorized dealer, what to say to a salesperson, the reality of waiting lists and whether buying jewelry might improve one's chances. The advice comes from BILD watch expert Andreas Filbig.

The fact that the article appeared in BILD is newsworthy in itself, a sign that Rolex has become, more than ever, a consumer story rather than just a watch story.

That a mass-market newspaper with a daily circulation of about 919,000 and roughly 640 million monthly visits online choose to publish a guide to navigating Rolex allocations shows the issue has certainly moved beyond watch collectors. The tips once shared on Rolex Forums and Reddit are now newsworthy for a mainstream audience in the European Union's most populous country.

“Here's how you can get a real Rolex faster.” (Screenshot: BILD.de)

The New Yacht-Master II Gets Its First Celebrity Sighting

Micah Richards. (Credit: BBC Football via YouTube)

The new Rolex Yacht-Master II has made its television debut, appearing recently on the wrist of former England defender and television pundit Micah Richards during the BBC's post-match analysis of England's 0-0 World Cup draw with Ghana. The sighting was first reported by watch writer Nick Gould on Thursday.

It is the first celebrity sighting of the updated model since its introduction in April. The new version features a redesigned case and a completely reengineered countdown movement, which Rolex has described as the most complex calibre in its collection today. Coronet first reported on the patent in 2023.

The Yacht-Master II was a good pick on camera, with its prominent white dial and blue bezel echoing the England team's colors. Mr. Richards, a former Premier League player, made 13 appearances for the England national team before beginning a career in football broadcasting. Beyond television, it will be interesting to see whether the redesigned model can command a premium on the secondary market despite its large size and high retail price.

In a First, Rolex Adds a Russian Trademark in Switzerland

(From: Swiss Federal Institute of Intellectual Property)

For the first time, Rolex has registered the Cyrillic spelling of its name, РОЛЕКС, as a trademark in Switzerland, 30 years after obtaining protection for the mark in Russia, where it has been registered since at least 1996.

Approved just last week, six days after it was filed, the application appears to have encountered no objections. It covers only Class 14, the trademark category for watches, jewelry and precious metals rather than retail or other services, suggesting the Swiss filing is unlikely to signal a return to Russia. Rolex has had no official exports or sales operations in Russia since suspending business there after the country's invasion of Ukraine in 2022, though its website continues to list more than a dozen Russian authorized retailers operated by Mercury.

Still, it is unclear what prompted Rolex to register the Russian-language version of its name in Switzerland now. The Swiss application was a new filing, unrelated to Rolex's Russian registration. In Russia, the Cyrillic Rolex trademark remains valid until November 2026, according to the Federal Service for Intellectual Property. The brand in Russia has generally presented itself using its familiar Latin-script name, ROLEX.