I wouldn't prioritise any company function as the profit earner over another. But geneally you make your money when you sell. It certainly is only paper until yu have cash in your pocket.

Regarding watches: the losses come when someone notices you wearing them.

I think so. In 2018 I bought a Rolex Sea Dweller (116600) for £8,250. Wore it for a bit and sold it for £9,750 in 2020. Retailing over £12,500 now. Capital rolled eventually rolled into my ISA.

The Sea Dweller sits between the Submariner and the Deep Sea. Not a common wrist watch. Low supply. Hence the price now. Let's face it, most 'things' seem to cost much more in 2021 whether it be cars, houses, watches, stocks or food.

True story. Mrs Soap last month tried to buy me a retirement present. A Rolex Submariner Date. She is a Rolex owner of more than 35 years whilst I have always had Breitling. She was told that the Rolex shop she visited has hundreds of people on their waiting list and they get three to four watches a year of that type. They said they only sold to customers who have a relationship with them buying Rolex watches.

She walked literally three shops down the street. There was a non Rolex jewellery shop. They had those watches new, unworn in the window. The bloke in the shop was very honest with Mrs Soap. He said the customers pick up their new Rolex, walk three shops along and sell them to him.

So, the Rolex dealer is actually encouraging people who a repeat buyers to buy from them and sell immediately into the grey market.

Mrs Soap could have bought there and then the Submariner Date. But at around a 75% premium. I was very glad she didn't.

This is a very highly manipulated false market. A bubble. And like all bubbles, one day it will burst.

Meantime, I am still wearing my 30 year old Breitling.

Many stories like that one knocking about Joe sorry to say, if you believe the watches section on the piston heads forum a brown envelope with cash can sometimes accelerate ones place on the “waiting list”.

Whilst never wanting to drive traffic away from the citywire forums, Rolex forums.com is a good resource for anyone interested in watches.

I believe you. But it's a real shame for genuine, innocent buyers like Mrs Soap who thought it a lovely gesture towards me. My son would have inherited the watch. It wouldn't have gone to the grey market. However, I will never pay a premium for anything***. Still wearing my 30 year old Breitling and Mrs Soap her 35 year old Rolex.

*** If anyone is interested in doing so, Chrono 24 has adverts from "reputable" grey market traders selling new unworn 2021 Submariner Date in Gold/Steel for about a £1000 above list price. Insanely, the same watch in steel is offered at around the same price. A huge premium. This is definitely a bubble and I recommend to stay well clear.