The past few years have been odd for Rolex. At the peak of the pandemic speculation mania, there were few watches in higher demand than the Daytona — particularly anything with a Paul Newman look. Authorized dealers operated like a nightclub, refusing clients who weren’t quite up to snuff. Even if you had the cash on hand, the attitude was, “No sir, your money isn’t good here.” Only the luckiest, most respected clients could get onto the years-long waitlist. Reseller prices shot up multiples above retail, and the new money millionaires of the crypto and meme-stocks were happy to pay them, even for random models that had never been particularly in demand.

But then the PPE loans ended, the market returned to efficiency, crypto imploded — at least for a few years — and Rolex sales returned to sanity. But even at the peak, their dress model, the Cellini, didn’t sell.

A revived version of their dress watch from the late 1960s, the Cellini drops the water resistance, screw-down crown, and case backs of their tool watches in favor of a leaner, more chic look. The Cellini Time 50509 was their time-only entry dress model, but — despite being worn by President Obama — it never sold and was discontinued in 2023.

Its replacement, the Perpetual 1908, is an attempt at a fresh start for their dress line and draws its name from the year Rolex was registered as a company in Switzerland. The company was started three years prior in London, but alas. Whereas the Cellini was so classic as to be somewhat boring, the 1908 is elegant but far more distinct and detailed, with a Breguet hour hand, sword-shaped minute hand, and a second subdial.

Put simply, it’s an enormous improvement from the Cellini, calling back to the 1930s Oyster Perpetuals that inspire it while still being a fresh, modern watch. Originally introduced in black or white dial with white gold or yellow gold case, this year’s Watches & Wonders show brought out a platinum version with a beautiful light-blue guilloche dial — though the black dial, white gold version remains the stand-out.

The long and short of it is that the 1908 is among the most stylish, compelling watches in the Rolex lineup, and many thought that the titanium 1908 was by far the best watch Rolex unveiled at their overall disappointing Watches & Wonders show. But they’re not selling.

Though Rolex thought the 1908 would change the Cellini’s course, authorized dealers are seeing the exact same trend, with watches sitting on shelves and heavy discounts possible for interested buyers. Part of the problem is that the 1908 doesn’t obviously look like a Rolex, and when you’re buying the main name in luxury timepieces, that’s kind of the point. Because it doesn’t look like a Rolex, it has stiff competition from other entries in the $20,000 to $25,000 dress watch space.

The Patek Philippe Calatrava is a jump up in price but holds its value better, is available in more options and colors, and is obviously a Patek Philippe, giving it clout value. The A. Lange & Söhne Saxonia is also a direct competitor in this space and made by a more artisan special watchmaker — probably the greatest watchmakers on the planet. But the 1908 is the better buy. The Calatrava is just a bit boring, and the Saxonia line only really gets special once you hit the Datograph, Langematik, and Lange 31 versions, which are in a completely different price category.

Put simply, the Perpetual 1908 is the best watch in its class. It’s better looking, better priced for what you get, and so widely available and poor selling that if you hunt, ask around, and be patient, you can buy them at a steep discount brand new. They may just be the best watch that Rolex sells. Or, isn’t selling, to be more accurate.