[Luxury World] Korea's 'Favorite Watch' Rolex... Even the Lowest Grade 'Pigol' Is Scarce

Korea's Largest Secondhand Luxury Platform Gugus
Rolex Tops Sales in Watch Category
Department Store Genuine Purchase 'Seonggol' Faces Reservation Battle

Rolex Datejust
Photo by Rolex Official Website

'Rolex,' the most favored watch brand among Koreans, is so popular in the secondhand market that it is traded at a premium. The term 'Rolex Pi(P)gol' has even emerged, referring to the necessity of paying a premium (P) to purchase one. Although much more expensive watch brands have appeared in domestic distribution channels, Rolex continues to be regarded as a 'measure of wealth,' enhancing its brand value.

According to Gugu's online and offline luxury secondhand platform on the 10th, a summary of watch sales transactions on the platform last year showed that demand for Rolex purchases overwhelmingly surpassed that of other brands.

Rolex is synonymous with luxury watches. Globally, the crown emblem of Rolex has been regarded as a symbol of wealth. In Korea, politicians, famous actors, athletes, and businesspeople often wear Rolex watches at official events, establishing it as the 'watch of successful people.'

Despite prices exceeding tens of millions of won, wearing a Rolex on the wrist is as difficult as catching a star from the sky. Even those with wealth often cannot obtain one. For this reason, a few years ago, a hierarchy system emerged around Rolex: 'Seonggol,' 'Jingol,' and 'Pigol.'

Rolex Seonggol refers to consumers who purchase genuine products at the regular price from department stores. The term is derived from the highest social class in the Silla Dynasty's bone rank system, indicating how difficult it is to obtain. Rolex is a brand that does not allow open runs. It varies by store, but purchases can be made by making an online reservation at midnight on the last day of each month or by phone.

According to online reviews, even making an online reservation is a battle. As a result, posts titled 'My experience becoming a Rolex Seonggol' attract much attention. Rolex Jingol refers to those who purchase products through parallel imports. Rolex Pigol literally refers to those who buy products by paying a premium (P).

Waiting Notice for Rolex Store Inside Department Store.
Photo by Minji Lee

The reason Rolex has built a strong fan base is due to its technical prowess. Rolex manufactures its own movements, known as the 'heart' of the watch. The movement powers the watch and is linked to the brand's technical capabilities. Many other brands use a mix of in-house and outsourced movements.

Rolex also handles all processes in-house. This is why the formula 'Rolex equals high quality' was established. Its after-sales service (AS) is strict. If traces of individual part replacements are found, all parts must be replaced with genuine Rolex components to receive AS. A secondhand luxury watch dealer said, "The most traded Rolex models are the steady sellers 'Datejust' and 'Submariner.' When buying a watch, liquidity is also an important factor, and popular models tend to depreciate less because many people are waiting to purchase them."

The next most sought-after brand in the secondhand market is Cartier. Globally, watch brand groups are mainly divided into three: Swatch, Richemont, and LVMH. Cartier, along with IWC, is a representative watch brand of the Richemont Group. Its flagship models, the 'Tank' line and 'Santos,' are popular among both men and women. Following are TAG Heuer, Gucci, Herm?s, Omega, Chanel, Bulgari, Breitling, and IWC. TAG Heuer and Bulgari belong to the LVMH Group, Omega is a high-end model of the Swatch Group, and Breitling, like Rolex, is a single-brand company.

Meanwhile, there are ultra-luxury watches sold in limited quantities worldwide that are difficult to purchase. These include Patek Philippe, Vacheron Constantin, Audemars Piguet, Breguet, and A. Lange & S?hne. While Rolex produces about one million watches annually, these brands manufacture only a few thousand to up to 50,000 units. Prices reach into the hundreds of millions of won. Among them, Patek Philippe is considered the world's top-tier watch brand and is often referred to as the 'supreme dignity.'

For some models, the headquarters reportedly verifies the buyer's identity and purchase history before selling. Because of this, in the secondary market, these watches are sometimes sold with an additional premium (P). Recently, on Gugu's platform, ultra-luxury watches sold include the 'Audemars Piguet Royal Oak Chrono Gold' at 140 million won and the 'Patek Philippe Nautilus' at 120 million won.