You may be wondering what all the fuss concerning the Cosmograph Daytona is about. Yes, a Rolex is a luxury watch brand, and everyone knows Rolexes are very expensive. But if you want to treat yourself, then this is the model that you should check out. So what else is there to know? There are other features of the Rolex Cosmograph Daytona that you should be aware of before you even think about buying one for yourself. Read more about it below!
Why Is There So Much Noise About the Cosmograph Daytona?
The Cosmograph Daytona was first introduced to the public in 1963. Back then, it was inspired by professional race car drivers, especially those in Daytona within Florida in the US. That’s why the watch is called the Cosmograph Daytona since the area was a hotbed for racing aficionados.
This Cosmograph Daytona is one of the most expensive Rolex watches ever to become a collector’s item. One reason for this is that some famous people were once the proud owners of a Cosmograph Daytona. A good example is professional race car driver Paul Newman. Newman used the first Daytona that his wife ever gave him during his races. Eventually, this same Daytona watch (better known as the Oyster Chronograph) was successfully auctioned off for $17,752,500, making it the most expensive timepiece to be put up for auction.
The success of the watch auction inspired Rolex to come out with a Paul Newman Cosmograph Daytona wristwatch that looks almost exactly like the original Daytona auctioned off. Since there aren’t that many of this kind of wristwatch around, it isn’t surprising that collectors are always on the lookout for those still around.
Why You Should Gift Yourself with a Cosmograph Daytona
Admittedly, the Cosmograph Daytona doesn’t have multiple features and functions that would beat other Rolex watches. Its main claim to fame is that Paul Newman owned one of these before. Still, the watch series has its followers who point out the other desired features that make it a collector’s item. For example, the bezel is fitted with a tachymetric scale that professional racers rely on to determine their elapsed time and the average speed they attained. The self-winding mechanical chronograph dubbed caliber 4130 is another feature that racers look out for in the Cosmograph Daytona.
One recognized feature of the Cosmograph Daytona is that it is made of various metals that seem to be sought after by watchmakers. That’s why the watch contains platinum, Oystersteel, white gold, yellow gold, and pink gold (aside from regular gold and stainless steel). These precious metals are costly to acquire, so that really drives up the price of each Cosmograph Daytona out there.
If you intend to buy yourself a Cosmograph Daytona, be prepared to shoulder a hefty price tag. Some versions of the Cosmograph Daytona can cost between $24,000 to $170,000 per watch. The good news is that these luxury watches increase monetary value over time, especially if the owners take good care of their Rolexes. So you can think of your purchase as an investment that will grow in importance. Eventually, you might even have your collection auctioned off at a significant profit.
Why Acquire a Limited Edition Cosmograph Daytona
One factor that makes these special Rolexes so in-demand is that the brand launches its watches into the market via limited edition batches. That means each batch has a finite number of watches to be offered to the public. Once all the watches have been sold, the company will not produce any more to sell to the public. So, this makes it a bit more difficult for Rolex addicts to get their fix of collector’s item watches.
There is indeed competition between collectors. This is a positive in favor of collectors since they can quickly invest in the limited edition watches and then bide their time before selling these to other collectors who have an appetite for a good deal. On the other hand, if a collector is looking for a particular collection to acquire, they may have to be good at haggling to get a favorable price for their collector’s item watch.
You might be thinking that the brand is making it too difficult to acquire limited edition watches. It’s a survival strategy for the company. Rather than risk its survival as a business on mass production of luxury watches, Rolex is playing it safe and ensuring that all the watches from a particular model series are consumed by the public first before coming up with a new limited edition batch.
This saves the Rolex company from losses if demand for the watches fades and disappears. As long as the public is hungry to acquire a particular batch of watches, the company need not worry about any losses. And if the company perceives that the public is agitating for a particularly limited edition series that was sold out, it is easy for Rolex to churn out more of those watches in the future. It’s just good business sense to do it this way.
The Future of Cosmograph Daytona
It could be tempting to assume that all Cosmograph Daytona timepieces will eventually become really in demand automatically over time. The truth is, some other factors can influence the popularity of a particular Cosmograph Daytona.
For one thing, collectors may find some other luxury watch brand to be more lucrative to invest in. This could be because they will find the Rolex Cosmograph Daytona to be less desirable to collect somehow. The public can also affect demand by not having enough funds to invest in a luxury watch collection. The company could go bankrupt, which is highly possible if no one buys luxury watches anymore. The watch collections of certain watch connoisseurs could be stolen and never retrieved. Other companies may churn out cheaper yet highly functional luxury watches. And maybe the public will stop following the release and distribution of luxury watches anymore.
All these may affect the laws of supply and demand. Fortunately, these scenarios haven’t happened yet. It’s anybody’s ballgame now. So think carefully before you acquire a Rolex or any other luxury watch brand in the near foreseeable future.