Is Steel and Gold Still Gold?
The appeal of steel and gold watches has never waned as evidenced by the prices on the secondary market
So many love it, so many hate it, but one thing is certain: steel-gold is one of the most iconic configurations in watchmaking.
The combination of these two materials became very popular in the 1970s and 1980s, that period driven by economic splendor and hedonism also infused watchmaking, which began to veer toward more opulent models, leading to the consecration of two-tone models.
This period began to see yellow gold used in a number of models that until then had been conceived only in steel. Thus Royal Oak and Nautilus also begin to appear in catalogs in two-tone versions, the same fate for the Datejust.
From the 1990s onward this fashion then faded although maisons continued to produce watches with these features.
In recent years then we are seeing an interesting phenomenon, with a resurgence in popularity for this combination. In fact, the ever-increasing interest in vintage combined with the new generations' fascination with the world of "Yuppies" and the "Old Money" aesthetic has brought steel and gold back to center stage.
Indeed, it is no coincidence that the maisons have introduced this variant for some models, such as Rolex's latest Explorer I, or Tudor's Black Bay GMT.
Steel-gold thus remains one of the most interesting configurations on the watchmaking scene at the moment, as even the secondary market data testify.
This chart shows some of the most interesting two-tone Daytonas of recent times, in the reference 116503 presented in 2016.
As can be seen for all three variants the figures are highly positive, with an increase of more than +30% over the price three years ago.
Being very similar models they are also highly correlated, the price of one of these variants tends to move very similarly to the other two. In fact, it is no coincidence that they are currently trading in the market at figures above 23k, or about +28% over the initial list price.
From the Daytona we next turn to a GMT, perhaps Rolex's most iconic two-tone, the "Root Beer."
Landing on the market in the 1990s, this coloration was a huge success and is still one of the most sought-after GMTs.
Like so many sportsmen, this model has also benefited from a very strong growth that brought it to a high of €16,920 in June 2022. Since that time the value has lost about €4k, but it still remains well above its retail, almost doubling.
A similar trend in the market is also that of Nautilus 5980, with very strong growth, this time with a high in March 2022 of €212,141 and then a phase of decline in the following years.
As is often the case in the world of watches, trends are cyclical, we often witness new fashions that are really nothing more than the repetition of old ideas that nevertheless come back current.
With steel and gold we may be facing just one of these great comebacks, we will see if the upcoming releases of the maisons, auction results and secondary market prices will show changes in this direction.
