Rolex Daytona EXPLAINED

So [...0.9s] for [...0.6s] very rare [...0.8s] Daytona model specifically, oftentimes they'll never be offered publicly. Um, and the reason for that is the term is burning the watch. Um you know, if it doesn't sell quickly, that watch may then be tainted with, um, the thought that it's not as desirable as someone thought it should be, uh, specifically the seller, of course. So, um, a lot of deals are done behind closed doors.Today we're gonna talk about one of the most iconic brands in watch collecting, the Rolex Daytona. We're gonna go through everything how to start collecting, how to understand values, how to be in the market without getting burned.And joining me is none other than Ryan Chong, Chief Marketplace Officer Bezel, Bezel is one of the leading marketplaces that authenticates themselves the rarest watches in the world.And before that, Ryan was a watch specialist across southeast and Christie's, including organizing a hundred million dollar Detective Leap exhibition. So let's get into Rolex Daytona. Oh, now what is the origin story of Rolex Daytona?Yeah, so [...0.5s] I think it's worthwhile to note that the Daytona is a chronograph. So you have a time only watch, you have complicated watches that account for leap years or the different lengths of the months, um, you have moon phases, you have all different types of complications.The chronograph complication is, [...0.6s] uh, for timing short intervals of time, um, like a stopwatch. So originally this was intended for different purposes from aviation to, uh, to marry time, um, processes and [...0.7s] a whole host of other issues which it could answer for.But the Daytona specifically was built for racing, um, hence the name Daytona in reference to the Daytona Speedway. Um, [...0.5s] Rolex produced chronographs before the Daytona and actually going back now, there is a reference to 6, 2, 3, 8 noted as the pre Daytona.Um, [...0.6s] and it wasn't until 1963, with the introduction of the reference 6, 2, 3, 9 that the Daytona was born. And so the very early versions of the 6, 2, 3, 9 didn't even have Daytona on the dial. So it was actually something that evolved over time [...1.3s] fast forwarding.You also have the popularization of the model through different celebrities and, kind of iconic people wearing this watch over time, most notably Paul Newman. Um, and Paul Newman Daytonas are actually in reference to the specific dials within the watch.So [...1.0s] long story short is that this model is historically important for many different reasons. And today is, is very much cemented as probably the most iconic watch that Rolex produces. [...1.1s]So, um, just so I, I wanna make sure I understand it. It was a racing watch with, um, chronograph being sort of stock watch capability specifically for the functionality of racing. Um, then in addition to that, [...0.5s] it's reference, meaning it's, um, [...0.9s] model number.Its model number issued by Rolex was increasing, was incredibly scarce, um, [...0.9s] for, is that right? Or so actually over time, um, the watch has become less scarcend production because current production from Rolex is much greater than it used to be in the 60s when this watch was born.Um, [...0.7s] from 1963 to, [...0.6s] sorry to interrupt you, does it keep the same reference number throughout?No, it doesn't. So from 1963 until 1988 is when we have the four digit reference numbers. So there are handful of those and they [...0.6s] evolved over time until 1988 when Rolex then put the automatic movement into the Daytona. And that's when the reference number changed to 1. 6, 5, 2, 0.So that's the five digit reference number of the Daytona. And what's notable about the 1. 6, 5, 2, 0 is it utilizes the Zenith caliber which is modified by Rolex, um, within the watch, which is often referred to as one of the great calibers for chronographs ever produced.And then like we were mentioned earlier in 2000, this model that I have here, the 1, 1, 5, 6, 2, 0 came into play. So that's now the six digit reference numbers. And this is when Rolex began producing the calibers in house, [...0.6s] which they still do all the way to this day. [...2.4s]So, uh, I think it's easy to think of it in kind of three different tranches. You have the four digit reference numbers from 63 until 88, and then from 88 until 2000 you have the five digit reference number and that's the outsourced caliber, um, modified in house. And then from 2000 to present day you have the in house calibers. Um.We're only touching on the actual internal components of the watch. What is really most satisfying, I think, as a collector and what is [...0.6s] the most scarce [...0.7s] for the Daytona model in general are the different aesthetics that have changed over time externally.So bezels, dials, um, bracelet types, all of that is taken into account when considering the scarcity because at the very surface level you have Daytona as a whole.But as collectors do in any category, it's about really digging into the details. And so the Daytona is one of those models where the details make all the difference. [...1.8s] And then in terms of the scarcity of it, is it [...0.9s] is how many are produced?Is it variation against how many are produced against the reference number? Or is the scarcity driven by, to your point, all these other aspects and then the rarity of all these aspects and aggregate, [...1.5s] it's a little bit of both.In, um, in the four digit range, you have about roughly 50,000 total ever produced. Or for the five digit range [...0.8s] which is that 12 year span from 88 to 2 thousand, you have more than double that.And then current production in the modern era is about 20 to 30 thousand Daytonas a year. So you can see how it's increased quite notably over time. And the four digit reference numbers clearly are the most rare over that longer span [...0.7s] of time.But what also makes these watches hyper collectible is as you go back in time, the condition of the watch today is far less likely to be in pristine or, um kind of original condition.And so that factored into the scarcity of the four digit reference numbers [...0.5s] makes this, makes those references very, very collectible and in some cases very pricey.Well, the 50,000, it was intended for race car drivers. So it makes sense that it wasn't that large of reproduction, is that right, do they?No, [...0.5s] it was. Rolex is [...0.7s] known for its different marketing campaigns. The Explorer different model, um, [...0.5s] was positioned as a very rugged outdoors you watch. And, um, the whole campaign behind that was that it went to the top of Everest. Uh.They also started with, um, a time only watch that their oyster or waterproof watch, uh, was able to cross the English Channel. So, um, [...1.0s] all of these campaigns, including the Daytona's racing campaign, were for actually selling these watches to the public. So they weren't just intended for, for racing or race car drivers.Of course it served that purpose. And then over time, the associations with, uh, Daytona and [...0.5s] being given as prizes for winning, um, the Daytona races, um, just increase that kind of association.But these were sold to the general public. And so when these watches came out, they weren't initially a smashing success. Today, if you were to go into a Rolex store to purchase a Daytona brand new would be [...0.6s] almost impossible task. Um.And we could jump into that more, but back then these watches were readily available and, uh, they were in some cases only a couple hundred dollars. Uh.When I was at the auction houses, we had instances where a consigner would bring a Daytona from the early 70s in, um, and say, I bought this for$175 in vacation [...0.7s] in 1972. And today that value in some cases depending on the configuration, um, could be as high as [...0.5s]$1 million plus. [...1.1s] What is the value range for?I realize this is like it scans of cars, you want to do it in insert three Torontos that, um, what are the value ranges for these kinds of watches.So for four digit Daytonas, the value range could be, it's very depending on condition but roughly$30,000 all the way to million dollars plus depending on [...0.9s] the configuration and the condition.For [...0.5s] current day Daytonas, [...0.7s] it [...0.6s] flips a little bit where you have the most modern Daytona, the current production actually commanding the highest premium from most of the Daytona is produced between 1988 to today. Um.There are exceptions in the Zenith Daytona Range. It's called that 1988, 2005 digit reference number. There are watches that have slight variations and again that makes all the difference. So those values can be quite high as well, into the hundreds of thousands of dollars. Um.So [...0.7s] yes, [...0.8s] the range is quite large and it is hard to pin down unless you have the Daytona in your hand, can inspect the condition, you know all the facts about it. So that's kind of what we do on a regular basis here.So let's transition then. Exactly I think it's a good Segway into the trust segment of this. Um. So let's maybe start with market trust and then move into physical trust with, [...0.6s] like, bezel is [...0.7s] very accomplished that. But, um, let's start with market trust as, um, [...0.5s] are there price?If I'm looking, do you understand these prices and cross reference? What, [...0.5s] what are my options of how to learn that? Am I looking at price guides? Am I looking at historic sale records? If I'm if I'm trying to understand this for myself, cause I have one, or I wanna get one, or I inherited one. Where do I start?Yeah, so I think it's good to start. We'll start with the vintage Daytona is the four digit references and work our way forward [...0.5s] for a four digit reference. The approach would be unique in that again, the value would be very dependent on the condition of the watch.And [...0.5s] there is less scholarship, of course, as you go back in time [...0.5s] compared to present day. So [...0.5s] because there's less scholarship, you usually are relying on the expertise of someone who has seen many of these, has dealt with them in the past, and who understands what they're looking at. Um.There are also many modifications that could have taken place over the longer period where that watch has been alive, let's call it. It could have been to service. It could have parts replaced.So understanding the full picture, um, is where you need to get to. And to get to there, it's usually important and necessary to consult with someone who is a professional in industry.Whether that's auction house expert, whether that is a secondary market dealer who is sold Daytonas many times over, or a marketplace like us who specializes in authentication.So those would be the options for vintage Daytonas. Um. That inspection usually has to happen in hand, [...0.7s] moving you the five digit references. [...1.2s]The lifespan of that watch is a little bit shorter. It's usually a little bit less likely that something catastrophic has happened to the condition over time. However not impossible at all. Um. At this time, also, you're much more likely to see what we would call a full set.So that would be a watch with its box and papers, the papers being far more important than the box in that scenario because the papers are actually unique to the watch based on the serial number that each watch has, which are all different.Um, [...0.5s] so [...0.7s] utilizing papers, utilizing the watch in hand, you can get the full picture. Again, [...0.7s] there are many more guides, I would say online to help someone understand the reference 1.6, 5, 2. 0, [...1.0s] and just scholarship in general. So [...0.6s] I think at that point you could probably do a little bit better research on your own [...0.7s] then you could with four digit Rolex Daytonas, but always consulting with someone who is, again, in this as a profession I think is best [...0.7s] for modern Daytona's.The six digit Daytona references, [...1.0s] they are much more looked at as [...0.5s] commodities. Um, there's not a ton of differences from Daytona to Daytona from 2000 to present day. There may be slight differences, but there's certainly not as many variations as you go back in time.So [...0.5s] when it comes to modern Daytonas, understanding the condition, you're looking at it aesthetically. And of course, also functionally, but most of the time the functionality part can be remedied if needed.And then [...2.0s] like we were saying earlier, the, the more modern you get. So a 2025 Daytona, um, and that year is based on the date of the warranty card versus one from 2016 is going to carry a higher premium because it is newer. It's under the Rolex factory warranty which is five years long.Um, so assessing modern Daytonas is far easier, so it gets easier the, the more current you get, [...0.9s] um, just to go on modern Daytona. Um, [...1.8s] our people, and I think we're gonna get to we'll get to more of this, but, um, just so curious about it.Is it you said you mentioned earlier you go try to get a Daytona. Getting a Daytona from Rolex is incredibly hard. Um, [...0.8s] those who have access and are able to get them are they ever flipping them onto the market and making more money to that point where [...0.6s] it, kind of is an asset, but not in the same way that the vintage ones are. Um, [...0.7s] how does that how does that kind of work?Yeah. So [...0.7s] of all Rolex models, I think Daytonas for the most part would be considered an asset almost more than any others, um, because over time they have steadily appreciated and they continue to.So to your question, if I were to walk into a Rolex ad, have the chance to purchase, uh, the steel model, we're only talking about steel here and not the precious metals, um, at the retail price [...0.6s] depending on the dial color, I would be able to sell it for about two times that retail price immediately.So, [...0.6s] um, where that number goes over time is anyone's guess, but based on history and trends, would imagine it continues to increase. [...1.1s]Okay. We're gonna get back to this and sort of the rule how you get to be on that list and sort of the, is it one of those ones similar to the art world whereby if you do do that, you kind of do it at your own Carol of never getting access again, but we'll go to that in a little bit. Um.Let's talk a bit. So that's sort of the trust that's really helpful. The walkthrough of trust. Let's talk about physical trust now, um, the components of the watch, um, and making sure that actually those are authentic and real. Um. And how do you how do you work through that validation?Yeah. So [...1.9s] I always think about this when looking at watches and [...1.2s] as we hire people to look at watches as well that come from different backgrounds, it's almost about knowing what could potentially be wrong with the watch [...1.0s] and then assessing it that way.So you're almost working backwards. Sounds easier than it is, [...0.5s] especially with a watch like Rolex Daytona. You could have replacement pushers, you could have a replacement bezel insert, you could have replacement crystals, bracelets, clasps, [...0.6s] end links, components in the movement, obviously, of which there are many, many [...0.9s] dials, hands.The watch could have a dial that's been reloomed, so there's luminous material on the dial that helps date it to specific periods within the history of Rolex for when they use these materials.So [...0.8s] knowing [...0.6s] what could be wrong is where someone needs to start and then working backwards through all those different scenarios and checking them off as they go is essentially what needs to happen. [...1.2s]And then in addition to that, it's also about assessing the quality and the condition of the watch itself. So [...0.7s] there is not a easy [...0.6s] way to do that other than having a watch in your hand and having looked at many of them, um, and being an expert in the field to be able to kind of qualify that watch. [...1.1s]So this is still as so many like alternative assets are, this still very much so in industry where there are experts that have built an eye over time to your point, you know exactly that they have a series of criteria.Um, and this is very much so like a human review that those criteria are being met or not met, [...0.7s] correct?Okay. Um so if you're someone, I think to your point, if you're someone who has a watch, um, [...1.7s] you're, [...0.7s] you're gonna Wanna send that to someone before taking any kind of action with it to your point on the other one.Yeah, yes. Even, even on a newer one because [...1.0s] to really fully inspect the watch you're going to have to open it. Most people at home don't have the proper tools to do that. Um.Most people don't have the tools needed to inspect the exterior of the watch as well because it's not just a loop, um, to magnify what you're looking at. Uh, there are other tools involved as well.So [...0.8s] yeah, I think there are great guides [...0.5s] and great scholarship that is available now and much more widespread than even when I started [...0.5s] in the industry.But [...0.6s] those alone won't get you 100% of the way there. [...2.3s] So if, because now let's move, so we kind of went through trust. Now it's moved to motivated and networked group of individuals.I think to the point [...1.1s] I'm ready, I wanna start collecting these [...0.5s] and there's your point. There's all this information that needs to transfer to me if I'm buying online or if I'm buying at a dealer.So how do you sort of recommend, what is that process look like of [...0.5s] where do you recommend people to buy? How do you recommend them to evaluate where to buy so that they're actually getting the information they need to make to make a thoughtful purchase?Definitely. Um. So using these resources that are available online to [...0.5s] at first understand the scope of what you're looking at and we've kind of tried to, to do that here today by talking through it, but as we know and I think as it's probably coming across, there is a large scope to understand. So having just a surface level understanding is hugely helpful.When were these watches produced from? What makes them different? What makes them valuable? All of those different aspects will help one to better understand what it is they then might want to purchase [...1.0s] when it comes time to purchase.There is a level of trust involved in most of these transactions because [...0.6s] like we just mentioned, you're probably not going to be able to get to expert level by cleaning these resources. Um.So you are relying on [...0.6s] the dealer who has seen thousands of these watches and sold thousands of these watches. You are relying on a marketplace like bezel, where we authenticate every watch.Um, [...0.7s] there are very few transactions, I think that happened in the range we said was$30,000 to millions of dollars, where someone feels like they did their homework online, and now they're ready to, to make the leap and purchase it and not consult with anyone else.So, yeah, watches are very unique. Um, the Daytona especially, uh, where it is a requirement that it's looked at by someone who is considered a professional. [...1.1s]I don't give a shout out to bezel on this one that you, I mean you, I believe you lead this team, that you have a team of people that actually even if the information even when the information is fully relayed on the site, you have a team that's also gonna talk to people, talk to buyers, explain it, um, if they're interested.Cause to your point, like that level, it's, it's important component, even if the information is there to also be available for dialogue totally. It's, it's about understanding what it is that they're looking for, what it is that they are gonna be using the watch for.If it's just gonna sit in there safe, and they wanna spend$100,000, maybe it does make sense to buy vintage Daytona. Um, because to our conversation, it's a great asset, uh, potentially.But if you're gonna wanna wear this watch every day, you're probably looking at a modern Daytona. Um, and then the authenticity part, there are very few conversations [...1.0s] where I would say it is not brought up to us. How do you actually authenticate this watch?And so we have a big explanation, some of which we've summarized here today, where it is every component that we're looking at externally and internally.And I think oftentimes it's for especially modern daytones, the internal components that get overlooked [...1.0s] and the functionality of the watch itself, which is something that we check for here. [...1.1s]So let's now go a little bit in this networked group of, um, [...0.7s] first let's start with the community. If I'm looking to sort of meet other collectors and build community before I make a decision, where do I go to look?Yeah, so there are ton of great watch publications online that have done numerous articles about different Daytonas. And I think the comment sections in those types of articles are great places to start.There are also different forums related to different brands. Um, Rolex Forums is a large forum where you can have post ranging from, um, [...0.7s] from which model should I buy as my first Rolex to actually post where people are selling watches.So that is another great place to search for specifically Daytona related information. Um. Auction catalogues are a great place to look.And then of course, attending auctions and, and just being at the exhibitions to auctions, as, you know, are quite useful in terms of networking. Um, [...0.5s] and then there are also a ton of new groups, collector groups that have popped up in the last 10 years where people meet in person.They'll bring watches and you'll be able to network with individuals who have similar interests. Um, and I'm sure learn a ton about different watches that you may not know about.So the possibilities are, I think, only increasing as time goes on because watches have increased in popularity, and there's really no signs of that slowing down, which is great. [...1.2s] So those would be my recommendations.And those collector groups said can you find them on discord, Reddit, Facebook, what's Twitter, what's the what's the typical spot?Yeah, so there's Reddit, there are different publications as well that will host public events, um, so that's a great place to look. Um, [...0.5s] we as bezel have hosted events as well where we'll invite collectors and, and everyone brings watches, and we're able to learn from each other.So, um, I think it's just kind of mostly the publications will put out the, the notices when those types of events are happening. Instagram is another great place, so following the right accounts, um, is very important to be able to understand when these events might be happening. [...1.2s]And then let's, let's, um, as the next the Super Bowl, as the next step of this, let's talk about access in terms of inventory access, so obvious same with any asset, um, [...0.7s] private sales.And being a private sales of being able to get to unique inventory, [...0.7s] know the dealers, um, or in as well as in this case beyond Rolex's list or all relevant components of this.Um, it's not the only, right, the largest part is buying off of marketplaces, and that's the biggest opportunity, but this is a part of it. Um.What's your wreck? What's having served LED private sales, what sort of your recommendation for someone who isn't sure even where to begin in looking in that space, is curious about offline transactions?Yes, it depends on what you're looking for. So [...1.0s] for [...0.6s] very rare [...0.8s] Daytona model specifically, oftentimes they'll never be offered publicly. [...1.3s]And the reason for that is the term is burning the watch. [...1.4s] You know if it doesn't sell quickly, that watch may then be tainted with, um, the thought that it's not as desirable as someone thought it should be. Uh. Specifically the seller, of course. So, um, a lot of deals are done behind closed doors.And in terms of private sales, there are kind of two ways that I would sell a watch.One would be you have a consigner and a motivated seller that brings you an example that you weren't expecting. That's always nice when that happens. And then you're able to market that specific watch to clients that, you know may be interested in a rare and unique Daytona. Um.The other side of it is you have buyers that have specific requests for [...0.6s] Daytona models. Um. They might have different stipulations about condition, the production period, [...0.5s] etc. Um. So all that's taken into account and then you would go out and source that watch. Um.And sourcing that watch would be from potentially other private individuals, [...0.7s] trusted dealers, [...0.7s] even marketplaces in some cases. Um. [...1.1s]So those are the those are kind of the private sale areas. And then as you move into more modern Daytonas, [...0.7s] they are so readily available that it's not really necessary to deal with them behind closed doors. Again, they're commotized.And so the prices are very fixed and in a certain range that now there is so much information and there is such a volume of trading that takes place that that information is readily available to anyone who may be looking to purchase a watch. And so we have this happen quite often here at bezelware.Someone might even buy a Daytona without speaking to us because it's quite clear what's going on in terms of the pricing. Um, when you see all of the 2025 unborn Daytonas in the price ban between 32. 5 and 33. 5. Um, so [...0.8s] two different answers, I guess for, for how I would approach selling watches.And, and if I were buying one, how it would go about, kind of trying to find it? [...1.1s]I think you highlight on important thing to, if, like, you're an interested buyer, [...0.7s] and you wanna go after high very rare anything, you need to tell dealers and auctions [...0.5s] and places like bezel what you're looking for. Otherwise, like, you're not going to be on their radar same as anything in life. Um, play the reverse side of that.Then is if you [...0.7s] end up sort of [...0.8s] continuously [...0.8s] talking to those places, and then not ultimately making a transaction or not being a solid verified buyer. Then [...0.9s] the relationship will quickly that your ability to gain not stay on that list will quickly fizzle.There's server warning, yeah, it's, it's like anything the resources of a of a watch dealer or a seller is limited, and so of course, they're going to attack first where they think the highest likelihood of a sale taking place maybe.Um, so usually I would say, and this might be insightful for [...0.8s] people interested in purchasing a Daytona or any watch privately.Um, is you if you approach someone who's selling these watches with some level of knowledge, so like we were saying earlier, understanding, kind of the baseline and, and when it's this level of a watch, and it's unique where, [...0.5s] kind of example of it having a really in depth knowledge speaks volumes as to how motivated that person is to actually bind.Um, [...0.9s] and [...0.6s] that is actually the best indicator I would say, uh, it's not about how much money someone has. It's or, or not enough money they may have. It's about what their interest is in the watch itself, and that usually tells you all you need to know. [...1.8s]I think, and then for Rolex, so I think we, as we spoke about a little bit earlier, [...0.5s] so they, to your point, these, these show up on marketplaces, right, the 2025 models, [...0.7s] and because Rolex limits the ability, they limit the production of them. They're being flipped for higher value. Is, is that the case? [...1.1s]Yeah, so at the [...0.5s] kind of the base level of it, there's more demand than there is quantity supplied of these models. [...1.1s]I think pulling back the curtain a bit, it doesn't explain [...0.5s] the whole story. A lot of these watches, um, could probably be delivered to those that have inquired for them at the Rolex dealerships.The issue is that [...0.8s] Rolex and every watch band for that matter knows exactly how much these watches trade for on the secondary market. And it is great marketing for them to have those watches trade for multiple of what the retail value is.Um, [...0.9s] and so [...0.5s] often times, those watches, while they could be delivered to someone who may have asked for it, they will not be delivered to that person because they might be [...0.7s] offered to someone who has spent tons of money with that specific dealer, whether it's in watches or if they offer jewelry as well. [...1.1s]So [...0.7s] unfortunately, it's not as straightforward as being interested in the watch going and putting your name in and then waiting for your turn. Because, um, that turn isn't necessarily linear in terms of how that list goes. [...2.5s] Um, I think I'm closing. This was so helpful.Thank you. Um, on closing thoughts, if I was going to say, to say, Ryan, I'm gonna get into the space today. What are what is your biggest piece of advice to me or joining the space?Yeah, well, I think we definitely already touch on it, but it's understanding to some degree what it is that, that you want out of this Daytona.Um, and I think that starts with understanding the history of them, the different references that have been made in, the variations within it, and then also understanding what you want to use that watch for. Is it going to sit in your safe and collect dust, but also potentially increase in value?You're probably looking for a really, really good condition watch if you're gonna wear it every day and you're really drawn to the early vintage Daytonas, you're maybe looking for one that's not in perfect condition but kind of checks all your other boxes.Or if you're wearing it every day and you want to swim with it, you definitely need a modern Daytona. [...1.0s] So kind of knowing about the watch itself and then knowing yourself that's the best place to start in terms of figuring out what it is you'll eventually buy. Great, [...0.5s] right? Thank you so much, Ryan. Thank you for joining. Thanks. Danny. Fascinating. Thank you. Of course, thanks a lot. [...3.4s][...3.4s]