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Lol-x · 17 October 2008, 10:38 AM

Rolex fly off the shelves as Icelanders seek safe investments

Quote:

AFP: From correspondents in Reykjavik
October 17, 2008 07:37am

AS Icelanders suddenly find themselves in the eye of the global financial storm many are seeking stability and solace in luxury goods like Rolex watches, which unlike their plunging currency are unlikely to devalue.
As Iceland in recent weeks has teetered on the brink of bankruptcy, Frank Michelsen, the Nordic country's only Rolex vendor, says he has seen a "significant increase" in sales.

He refuses however to reveal his figures for fear of being accused of taking advantage of the crisis.

"Customers want something they can hold in their hands," Mr Michelsen told AFP.

"They don't trust figures on computers because they've already seen these figures vanish just like smoke," he said.

In the past year, the Icelandic krona has lost more than 40 per cent of its value compared to the euro and the dollar, paving the way for the dire lack of liquidity that in recent weeks has caused the island's entire financial sector to collapse.

Most of Mr Michelsen's customers are Icelanders who snap up a number of the luxury watches, which cost several thousand euros a piece.

Since the devaluation of the krona has yet to be fully reflected in shop prices, Icelanders who do not decide to hold onto their luxury purchases for future generations stand to make a pretty penny by re-selling the watches abroad.

A pedestrian walks past a Rolex sign:

I don't know if this is true or just a beat-up, but one thing I do know I'm hanging onto my Rolex

Bisquitlips · 17 October 2008, 10:44 AM

Amazing story! Scary!

Tools · 17 October 2008, 10:48 AM

Wow.... that's Icelandish... (Oh never mind...that probably went over everybody's head)

I've noticed that even with the world economy losing multi-trillions in paper money, the cost of buying a Rolex hasn't really gone anywhere...

Oh sure, some of the premiums have stabilized...and a few Dealers will give a discount more readily...but that isn't really the Rolex; it's everything else they're trying to sell that are not producing the same profit margin..

CKay · 17 October 2008, 10:58 AM

I am hanging on to mine too as good measure. So far the price of a Rolex defies gravity.

Greenring · 17 October 2008, 11:05 AM

Hey, honey, don't ya think we ought to pick up some hedges for our portfolio, like hmmm, a few Rolexes
to add to the collection, umm, portfolio for hedge purposes, you understand.....

Z-Sub · 17 October 2008, 11:05 AM

Iceland people read Chinese??

JJ Irani · 17 October 2008, 11:11 AM

Quote:

Originally Posted by Z-Sub

Iceland people read Chinese??

Yes, I was wondering why they would have an ad in Iceland with Chinese inscription on it!!

marshallr47 · 17 October 2008, 11:12 AM

The price for Rollies will remain solid.

sea-dweller · 17 October 2008, 11:14 AM

Interesting article !

Lol-x · 17 October 2008, 11:14 AM

Quote:

Originally Posted by Z-Sub

Iceland people read Chinese??

Ooops, the photo came with the story and I (incorrectly) assumed it was an Icelander. It is just a pedestrian, and as you say it does appear to be from China. I think the news service must have just used one of their stock photos to go with the story

Letsgodiving · 17 October 2008, 11:23 AM

During times of financial and economic turmoil there will always be a flight to quality.

Maybe there is a Chinatown in Reykjavik.

eric23 · 17 October 2008, 11:32 AM

Great story!

Thats is what I am trying to tell my wife invest in Rolex!

mpkRolex · 17 October 2008, 12:09 PM

Nice article but I still don't buy that Rolex is an investment. It is a good asset to have that retains value better than most other things but it cannot be an investment to grow. IMO if you sell your Rolex for a price higher than you bought it, you are just lucky. Unless ofcourse you buy and sell Rolex for living.

East Bay Rider · 17 October 2008, 12:18 PM

http://www.news.com.au/business/stor...rom=public_rss

Ivy League · 17 October 2008, 12:56 PM

Nice GMTIIc !

cody p · 17 October 2008, 01:19 PM

precious metals (gold) before wristwatches, i'd think.

mickeydainish · 17 October 2008, 01:29 PM

very interesting... and sad!! :-)

llamaofdoom · 17 October 2008, 02:01 PM

Quote:

Originally Posted by cody p

precious metals (gold) before wristwatches, i'd think.

Rolexes are nearly as liquid internationally...and not quite as volatile.

Nigel Tufnel · 17 October 2008, 02:35 PM

Quote:

Originally Posted by Tools

Wow.... that's Icelandish...

Touche!!

bodybump · 17 October 2008, 04:21 PM

i wonder if that chinese ad has melamine on it??

Porsche · 17 October 2008, 04:35 PM

With the way our $AU has see-sawed last few days, I have been thinking of starting a "ROLEX-INDEX"... ie. using the MSR of a group of iconic Rolex's (Sub, GMT, Daytona) as a meaure of the relative worth and exchange rate values of various currencies.

I bet it would be more stable than the current system!!!

jdc · 17 October 2008, 04:53 PM

no wonder there banks have collapsed if that is there best idea of an investment

17 October 2008, 10:44 AM	#2
Bisquitlips 2024 Pledge Member Join Date: Sep 2008 Real Name: Richard Location: USA Watch: YM Deep Space Posts: 12,521	Amazing story! Scary! __________________ Rolex Yacht-Master 40mm (SS-YG / Deep Space MOP) 16623 Breitling Aerospace Titanium / 18K with UTC. Omega Speedmaster 3510.50 Oris TT1 Pro Diver Regulator 43MM

17 October 2008, 10:48 AM	#3
Tools TRF Moderator & 2024 SubLV41 Patron Join Date: May 2007 Real Name: Larry Location: Mojave Desert Watch: GMT's Posts: 43,494	Wow.... that's Icelandish... (Oh never mind...that probably went over everybody's head) I've noticed that even with the world economy losing multi-trillions in paper money, the cost of buying a Rolex hasn't really gone anywhere... Oh sure, some of the premiums have stabilized...and a few Dealers will give a discount more readily...but that isn't really the Rolex; it's everything else they're trying to sell that are not producing the same profit margin.. __________________ (Chill ... It's just a watch Forum.....) NAWCC Member

17 October 2008, 10:58 AM	#4
CKay "TRF" Member Join Date: Jul 2008 Location: Singapore Posts: 467	I am hanging on to mine too as good measure. So far the price of a Rolex defies gravity. __________________ BLACK IS THICKER THAN BLOOD

17 October 2008, 11:05 AM	#6
Z-Sub 2024 Pledge Member Join Date: Jun 2008 Location: So Cal, USA Watch: Not a ONEWatch Man Posts: 7,383	Iceland people read Chinese?? __________________ SS Submariner Date "Z" SS SeaDweller "D" SS Submariner "Random" TT Blue Submariner "P" SS GMT-Master ll "M", Pepsi Pam 311, 524, 297

17 October 2008, 11:12 AM	#8
marshallr47 "TRF" Member Join Date: Oct 2006 Real Name: Ron Location: Alabama Watch: Daytona,TT Sub,GMT Posts: 4,673	The price for Rollies will remain solid. __________________ Ron

17 October 2008, 11:05 AM	#5
Greenring "TRF" Member Join Date: Aug 2008 Real Name: Stan Location: Brunswick, Ohio Watch: All of them Posts: 967	Hey, honey, don't ya think we ought to pick up some hedges for our portfolio, like hmmm, a few Rolexes to add to the collection, umm, portfolio for hedge purposes, you understand.....

17 October 2008, 11:14 AM	#9
sea-dweller "TRF" Member Join Date: Oct 2007 Real Name: Dennis Location: Bay Area - 925 Posts: 40,018	Interesting article ! __________________ TRF Member #6699 (since September 2007)

17 October 2008, 11:23 AM	#11
Letsgodiving "TRF" Member Join Date: Jul 2007 Real Name: Mike Location: Virginia, US Watch: SD 16600 Posts: 4,319	During times of financial and economic turmoil there will always be a flight to quality. Maybe there is a Chinatown in Reykjavik. __________________ The fool, with all his other faults, has this also - he is always getting ready to live. - Epicurus (341–270 BC)

17 October 2008, 11:32 AM	#12
eric23 "TRF" Member Join Date: Apr 2008 Real Name: Eric Location: Calgary Posts: 9,595	Great story! Thats is what I am trying to tell my wife invest in Rolex!

17 October 2008, 12:09 PM	#13
mpkRolex 2024 SubLV41 Pledge Member Join Date: Sep 2008 Location: USA Watch: Pepsi Posts: 2,111	Nice article but I still don't buy that Rolex is an investment. It is a good asset to have that retains value better than most other things but it cannot be an investment to grow. IMO if you sell your Rolex for a price higher than you bought it, you are just lucky. Unless ofcourse you buy and sell Rolex for living. __________________ Rest in peace JJ! http://www.rolexforums.com/showthrea...light=JJ+irani "Rolex is highly addictive. Please shop responsibly"

17 October 2008, 12:18 PM	#14
East Bay Rider "TRF" Member Join Date: Oct 2007 Real Name: Bill Location: East Bay RI Watch: GMT-II 16710LN Posts: 12,061	http://www.news.com.au/business/stor...rom=public_rss __________________ I bought a cheap watch from the crazy man Floating down canal It doesn't use numbers or moving hands It always just says "now" Now you may be thinking that I was had But this watch is never wrong And if I have trouble the warranty said Breathe In, Breathe Out, Move On J. Buffett Instagram: eastbayrider46

17 October 2008, 12:56 PM	#15
Ivy League Banned Join Date: Oct 2007 Location: Earth Watch: 116710LN Posts: 448	Nice GMTIIc !

17 October 2008, 01:19 PM	#16
cody p "TRF" Member Join Date: Jun 2008 Location: Canada Watch: Air-King 114200 Posts: 2,878	precious metals (gold) before wristwatches, i'd think.

17 October 2008, 01:29 PM	#17
mickeydainish Banned Join Date: Mar 2008 Real Name: Michael Location: LaLa Land Watch: Sub Date 16610 Posts: 1,757	very interesting... and sad!! :-)

17 October 2008, 04:21 PM	#20
bodybump ⭐⭐⭐⭐⭐⭐ 2024 SubLV41 Sponsor & Boutique Seller Join Date: Sep 2008 Real Name: Oscar Location: Florida Watch: Me!!! Posts: 23,233	i wonder if that chinese ad has melamine on it?? __________________

17 October 2008, 04:35 PM	#21
Porsche 2024 SubLV41 Pledge Member Join Date: Jun 2008 Real Name: John Location: ɹǝpun Watch: and learn Posts: 2,986	With the way our $AU has see-sawed last few days, I have been thinking of starting a "ROLEX-INDEX"... ie. using the MSR of a group of iconic Rolex's (Sub, GMT, Daytona) as a meaure of the relative worth and exchange rate values of various currencies. I bet it would be more stable than the current system!!! __________________ Obey Gravity, it's the Law! ROLEX --- SEIKO --- HEUER TRF REHAUT T H E R O L E X F O R U M T H E R O L E X F O R U M T H E R O L E X F O R U M T H E R O L E X F O R U M T H E R O L E X F O R U M T H E R O L E X F O R U M

17 October 2008, 04:53 PM	#22
jdc "TRF" Member Join Date: Jan 2008 Real Name: Martin Location: UK Posts: 7,023	no wonder there banks have collapsed if that is there best idea of an investment

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