I call this the Instagram effect, and not only watches are involved
It looks like there is a consumption frenzy about items that are visible and known:
- bags: whatever brand is hot
- watches: we know the specific models
- even specific dog breeds like pugs
There is quite a lot of money floating around and as many people willing to flaunt it; therefore they need to find the most recognised items possible and are ready to pay a significant premium to get them.
As for specific Rolex dynamics, an entire market has been created with a series of intermediaries to supply aforementioned consumers.
Personally, yes, I like a good Rolex but I am more than patient to get hold of one.