I was told by a UK Watches of Switzerland sales staff last week when I enquired about a Submariner that I would have to wait 20 years for the watch but if I bought 3 other brands she might be able to sell me a Rolex!! I walked out in disgust and went to a competitor retailer to buy a none Rolex watch. Rolex and WoS have lost the plot and have destroyed their brand. Not interested.

Four weeks ago I got a call from an AD in Spain about the explorer II black dial being available. A week later, same call from an AD in Switzerland. After 3 years of waiting it is too much coincidence. Absolutely the bubble has burst and they are going after those on the waiting list, who like me, were told to their face "You! are not a customer". I turned them down both. The brand is dead for me. Ludicrous experience is not what a luxury brand should offer. Also the whole thing of being a charity and the way they managed their product like dope is beyond gangster. The CEO can eat his watches one at a time. We are talking watches!! If I dont get a rolex, life goes on and without a rolex goes on without regrets and no stress. I am better off without a mug magnet and being judged negatively by wearing a rolex. The founder must be turning on his grave. The CEO now talking about the risk of watches being considered an investment, and judging other brands during watches and wonders as pirates. Too little too late. Just a barometer of the pressure. There are more handsome watches that are better buys. A buy from the personal experience and not from FOMO.

I think many people are extremely cautious about spending any amount of money at the moment... what used to be a pile of "extra" money to spend on "extra" fun things has become a reserve funds that more people are dipping into. Now they're looking at selling the extra fun things they bought recently to pay for necessities.

Well done. So true about the industry. I just bought a Seamaster 300 in Barcelona. I was with a family member who really knew watches and was negotiating the purchase of another watch. Without asking the dealer he gave me 20% off, plus somehow another 21% tax refund at the airport. Thanks

thank you. I am now very happy that my AD never called me to purchase my TwoTone Blue sub. I will wait a few more months and follow the charts. Very informative.

Great vid! First time seeing your channel. I visited my AD last week, DJs and YM1s for sale in the window. My hunch is more will be available too.

I find both the the JLC and Bremont stories believable. JLC is an amazing brand, but they’ve raised their prices too much, too quickly. Bremont I simply don’t get at all, and I think they’ve always been overpriced.

I would say the Rolex bubble will have burst once we can buy the popular models without a waiting list. That might be the case for some models, but not for the popular models like the Daytona, the GMT Master II and even the Submariner. What we see now is simply a correction after the rediculous price increases two years ago. Most brands that are giving discounts now, were giving huge discounts three years ago and since then they hiked up their prices massively.

I toured my watch contacts in mid January. They were all suffering their own version of the watch cost of living crisis. There is no commission. And they weren't even trying to chase anybody who entered their establishments. I was told that almost every brand was experiencing competition from discounting, if not directly, but by voucher, additions, or gifts. This was very demotivating for the sales staff. Watches had a big up, and they will now swing back to form an equilibrium. With Rolex's new factory, that brand must be very vulnerable. The rude, and may I say vile treatment of customers over the last 3 years has made me realize that it isn't a premium brand.

thanks for the video. it's nice to hear someone with an honest view of the market with statistics to back it up. is some of the price drops attributed to the cooling off after COVID - you know, that mad period in history when money was no object and everyone thought (not me though) watch values only went up?

Big applause on your video, how you present it and more. Very professional. Thsnks!

People who think infinite growth is possible based on extrapolating from the comparatively recent past are eventually going to discover they were mistaken. It's not that hard to list some reasons why watches won't become more sought after and valuable in an unbroken climb to infinity. Even the very rich will turn away from something that seems to have an insultingly high price that doesn't seem justifiable. Keeping the good times going by increasing prices to make up for dwindling sales is obviously not going to work forever even if it works for a while. There are exceptions to every rule but by definition, expecting to skate by while your competitors falter is possible but unlikely. If the CEOs have come to believe that business cycles are a thing of the past, they will learn a painful lesson which will be much worse for their employees. Your comments are very satisfying in that you're an enthusiast and not a speculator. People like to glorify the practise by calling it investing but it's not.

…this was eye-opening Simon ! the JLC, Bremont and Rolex stories are apocryphal…and as you remind us the industry fell over themselves hyping steel sports watches, each more eager than the last to exploit that market, i’m looking at you Odysseus, a watch i frankly like…the bright side is it encouraged people to look at Japan and independents and vintage pieces…there’s also now a big A in the room that wasn’t mentioned but continues to have outsize influence and that of course is the Apple watch…

Its crazy to think how much price raising were going on in the past few years

Never pay retail & never pay over retail IMO

Over supply of Rolex? Where are they? All the AD's claim that there are none. Oh that's right, they are in the safe waiting for high volume regulars. Smoke and mirrors as usual. It's no surprise to me that the brands that actually make products to sell have dropped the least. To my friends at Rolex: 1. Make more watches to actually sell. 2. Police the pay for play nonsense of your AD's. Then maybe you will stabilize your market.

Really interesting video bud 👍 Just a thought...a wee portion of the figures could be attributed to the market levelling out after previous ridiculous spikes. Totally agree regarding ADs having to discount, and from a consumer standpoint it's great on paper, the discount will only negate the massive price increases. The new Bremont ceo has already hinted he wants to make their prices more attractive. Hasn't the new speedy got the new metas movement which could explain part of the price increase? I can see many enthusiasts, myself included, shunning the big boys and going more micro/independent...

A very interesting analysis 👍. It was pretty obvious a couple of years ago we were in a bubble, a friend told me she was on the Rolex waiting list purely to store the watch and sell for profit, I hold her not to be so sure. The really rare watches will hold value, but the mass produced models are already over supplied, because so many who bought for investment are trying to get their money back. As well as absurd price increases, I think the way Rolex ADs treated potential customers will come back to bite them, being ridiculed when asking to spend your money is a bitter pill and many won't return ever.

Im interested to see how Omega prices their special edition watches this year. Its Olympics and Apollo 11 anniversaries very close together which i would love to pick one up. But cant see the value in $20k AUD Omegas when the most sought after snoopy sold for just 8k 8-9 years ago.

Watch lovers are cautious and pee'd off. The grey markets had a few cases of fraud with ponsy schemes and fakes. The new high price tags and unavailability are pissing off new buyers. Lastly there is safety, you'll find that only in Dubai you can wear expensive watches safely.

Yes, very interesting situation. Some Rolex references are available to buy now at WoS, yes. Solid gold and two tone, that is. No change yet with the steel models. - JLC prices have gone up too much, I had been wondering already who would still buy. And the problem is: they can't go back. - I like pre-owned. That way I don't have to worry about scratches

Great channel. You gave a great analysis of the luxury watch market at the moment, many thanks. Have you considered covering Christopher Ward watches? I have the C60 300 Atoll in ‘reef blue’ it’s beautiful. Anyway, I’ve subscribed 👍

Fantastic video!

I bought a Speedmaster Moonphase in a shop last year. Two month later i found it on Chrono24 for a discount of 30%. When you buy a "normal" watch it is like to buy a car; the moment you leave the store you already lost 10%. I would suggest to wait the bottom and then buy preowned like hell. More and more people are realising that only the stupid loose that amount of money for a watch. I buy gold-vintage from the 50th to 70th, where you can find chronographs with date and moonphase for around 4000. I NEVER would buy a steel watch for 20000 plus, just because some corrupt idiots tell me that this is the only way to impress. Talking about: The last time i showed up with a 36mm Breitling from the 50th in red gold, my surrounding got nuts. Moreover: Tudor is not the Rolex for the poor, it is a reasonable priced nice watch in good quality. All this of cause doesn’t apply to the high end like PP or FPJ… if a (really) small manufacture is only capable to produce 10 watches per year and these watches are the best in haute horlogerie, they deserve the money. All the rest? Forget it.

Great vid Simon. I've been using Watch Charts since lockdown and was shocked when I 1st saw the value of my watch collection vs Chrono's prices 😂 However I wasn't sure what they used to get the prices, so thanks for explaining. Still confused what the graph at the bottom of Chrono24 shows then? My local AD offered me a black dial DJ 41mm 8 months ago which I declined as I was down for a blue motif 41mm DJ. The fire's gone out now to own one, waited too long. If Rolex don't pull their finger out and make a load more watches, why would an AD invest so much to deck out their store in Rolex colours, to barely have any watches to sell, goes against any basic business model. I was down Bremont's Wing HQ last year, very impressive, but how the hell can they survive, their prices are crazy, no history, I never see anyone talk about them or wear them. Interesting times. The bubbles burst, but it's still deflating, this isn't the end of the prices going down further.

Completely agree with you... Price will drop... we reached the top...

I predict that the watch market will return to buyers being able to purchase either stock or sensible waiting times. In December 2002, I purchased a new Rolex Pearlmaster 18k yellow gold, Pearl face, diamond numerals, fabulous diamond bezel contained in a beautiful Jewellery box with a 25% discount off the retail price.

Just ordered a Sprite GMT from AD owner at MSRP. Should have in a month or so. I had a nice datejust to trade so that probably helped.

I walked into the Paris Airport rolex store 2 days ago and I was given an option to buy a white gold day-date at list price minus the tax. I passed it as it is not I was looking for but after a long time I can see the AD'S being flexible on availability

I want the rootbeer or sprite.. do i pay retail (on the waiting list) or do i go grey market?

at around 4m40 daytona gold, isn't a down in price logical from the fact that retail price of the gold watches is crazy high? so there's more room to go down?

Went to WoS in Sussex last week was informed my choice, Rolex Explorer 40 224270 the wait is approx 2 to 2.5 years! (I bought a Tag Heuer F1 from them last year too) Currently there’s 115 on Chrono 24 starting at £6999. (RRP £6650. Something is going wrong somewhere……..

another angle to be considered is that a brand like Longines has now produced a lot of watches in the 2.5 to 3.5 thousand price, these watches have viewed as chasing tutor. this is exactly the area which is going to be decimated. We are already seeing heavy discounts and I would predict 20% is going to be the standard. this is going to be the same with the Entry level omega and the variety of other brands.

It’s supply and demand. I purchased a 41mm aqua terra from an AD a few weeks ago. Omega discounted it 15% and my AD another 10%. Happy with the watch and happy with the price.

I think the problem I have seen is that Rolex has gotten into the secondary market so it won't benefit them to sell new which is mush less than the secondary market.

Thanks for the precious information.. in Italy there is a lot of trade in the second wrist market, speedmasters are going strong, Rolexes also given that there is a 4% increase in the price lists of new ones, while the models whose close production in 2024 they immediately increased their value... the watch market is going well, it's a spinning wheel, those with more experience know when to buy what to buy and when to sell... let's wait for May and see how things change :)

In Thailand to get a Rolex you need to buy a Tudor 😂 so instead I bought a JLC and a seiko, those brands accepted my money 😂

Good for the industry, some sanity to the market...

WOS - obviously the management have no idea what is happening in their shops. My cousin went in to the WOS shop where he bought his Datejust and asked for a Sub date. They wouldn't even put him on the list! So they've got too many and yet you can't get on the list? I took him to my AD (Prestons Rolex Boutique in Leeds) and he's now on their list and I'm confident he will have his watch by the summer.

I got a call to pick up a submariner blusey in a busy city without any real effort on my part. So I’d say things are changing for sure

It’s mostly the Submariner, GMT Master, Sea Dweller in fact any of the stainless steel sports models that are very popular, trouble is that Rolex make many different models and variants which means they only make one or two thousand of each, the demand for a Submariner is a lot higher so prices will stay high.

When a Hulk is back down to around $13k I'll believe things are getting back to normal.

Does this provide an opportunity for smaller/micro brands who may offer quality products at more realistic prices?

Not sure why anyone wants to look at wrist watches as a stock?: watches are not an asset or an investment, not sure who started this losing scheme. Buy any watch you want because you want to wear it, tear it and just throw it out, you'll bring more stress to your life when you buy them as an investments. It's like collecting baseball cards, 1 out of 10000 might go up in value by 200%.

Bremont's store here in Shanghai seems to have disappeared!

Isn't that drop based on the peak though? A year ago a Rolex (in general) was at an unsustainable peak.

Funny, I was in a WOS group store at the weekend chasing my wait list watch. No steel sports Rolex watches but could have many bi-metal as they had them available. Seems to go against the CEO comments.

Definitely, there are some models that are still priced so high on the grey market, that unfortunately, AD’s will still have your nuts in a vice.

Meanwhile the waiting list has opened for Anodain…..I would be waiting for 4yrs before I will be called up……

No, you cannot just walk in a get a Rolex. That’s absolutely bullshit. I was in five ADs in Vegas--all exhibition only. Same in Park City. Same in Tampa. Same in Miami.

This is very interesting.

I was lucky to know an AD through a family friend to get me a Batman in 4 days last week. I bought it for my wife because she really liked it for our 15th wedding anniversary. I gave the AD the 3 choices I wanted and whichever I could get first I said I’d take. I told him the sprite, Pepsi or Batman. Batman was my first choice to be honest so I’m happy to get it and give it my wife to wear the crap of it before passing it to our eldest. I’m planning to try and get a sprite for my youngest as she’s a lefty. I must say that I didn’t expect to get one in 4 days though. Im not looking to flip or sell, I just really like it and want to wear it so it doesn’t matter to me whether the price goes up or down after I’ve bought it. My bro continues on his waiting list for a Pepsi 😅

Excellent video.

Have been seeing many Rolex in the showcase at the AD for a few months now. Mostly gold Day-Date & SD and some steel DJ. Friends that couldn’t get a watch before are now being offered Sprites, BatMan and others. There is a definite change. I have lost some interest myself when you hear that prices are dropping with many below retail. It’s only natural

It’s about time!

In any shallow and relatively illiquid market, it is easy to move the market. It can move for you or against you quite significantly with relatively little volume. The market is 'lumpy' and not really transparent. I would not rely too much on those figures but anything that people sat at home trading and pumping up during the zero percent interest rates of the pandemic is basically correcting. Supply takes a while to wind up and wind down, if you will pardon the pun. Basically, the increased supply is hitting a much reduced demand. Much of the previous market was made of 'candy floss'. People had no interest in the underlying but we're basically trading on the 'bigger fool' mentality. Pass the parcel if you will. The music has slowed significantly.

The all waiting list and attitude of AD made me hate rolex, if they call me know I will not give them my cash!

Enjoyed your take on the market. Would like to point out though that while the left-hand GMT Sprite may have lost 14.4% of its resale value in the past year, it’s still a watch that retails for €9,800 and carries a resale of €14,393. I’d hardly say the sky is falling. If you can source this watch from an AD at RSP you’ve instantly realized a €5000 gain. Rolex market doesn’t seem so bad (depending on the model). I’m not a flipper, but I do believe Rolex continues to retain more value than most other brands, and that the expectation of value retention makes it a lot easier to pull the trigger when considering purchasing.

WoS share price drop is primarily driven by the acquisition of Bucherer by Rolex... If Rolex effectively accounts for 55-60% of WoS rev, there is indeed sth to worry. Pointing out strictly the economy and the spending in the UK is absolutely wrong and misleading… In regards to the price drops, also easy to compare on a 6 months basis. Any steel model you get from a Rolex AD would still trade above RRP. For instance the Sprite prob trades @ 2x while down by 10-15% over the past 6 months.

But who'd want to buy a Brement - an over-priced brand, up its own arse?

Hey Simon, yeah I’d hate to “have” to sell a watch in this market. Because Chrono24 doesn’t charge you to list anything I keep a few of mine on there and I can tell you one either gets absolutely lowballed to death or no enquiries at all. I’m actually not looking to sell, but I like to have a handle on what my stuff is actually “worth”. Love that Defy you have your eyes on. Good news is that you’ll get a great price on it whenever you decide to pull the trigger, but the bad news is…. I’m sure you’ve looked .. our Tudors are bringing in really bad numbers on Watch Charts. I do find it crazy to fathom the price increases Omega has been foisting about, but then you see ( in the UK especially) that the ADs are regular advertising 20% off online. Even on summer blue models!

watches going down in prices help my wallet will definitely be in danger.

It may have deflated a little, but it won’t be completely busted until you can walk in to an AD and choose any Rolex to buy out of the case.

I think pricing of watches has become a joke topic - I remember two years ago thinking wow a Monaco is £5500 retail , now it’s £6800 - and the night driver edition is £8300 . Omega seem to have choosen the new planet ocean prices by using one of those lottery pens - as for WOS - the new boutique at Bluewater looks amazing and they’ve clearly gone after more brands to adjust the loss in interest of Rolex but for me that boutique will never see a penny of my money - for years that group has been supplying watches directly to Watchfinder for an immediate profit above rrp, they’ve acted like they’ve been selling the cure for cancer but first you need to buy other items before you can get on the list - personally I hope a lot of brands take a good look at Rolex falling apart and act quickly to try and recover .

The retail prices are now much too high and people have just had enough of it. You will be walking around with nearly 10k on your wrist now rather than 5k from a few years ago if you’re a big watch enthusiasts. You can see why watch crime is so high. If you’re one of those flippers that has a “Rolex relationship” it’s now not worth licking the AD’s arse for watches. Most models aren’t worth more than retail on the grey market. At least Rolex makes an excellent product. Omega is still knocking out thick watches with small power reserves and awful bracelets and bezels and they think they can ramp up their prices too. Apparently they aren’t selling and many stores are discounting Omega in a big way just to get rid off them.

Absolutely agree with you. I’ve got 30 ish watches only one over a grand a CW gmt I’m glad Rolex is getting a wake-up call . I have some stunning value watches for under £100 . The top brands are tacking pi** enjoyed your comment 👏👏👏👏

You make some good observations. The watch market is returning to watch enthusiasts from the watch speculators and in that sense it's not a cyclical trend but a normalisation and very welcome. Does that mean that the price of new luxury watches need to normalise / reduce too? I think that you're right in that if they don't reduce RRP, then dealers will have to cut their margins and reduce profits to make sales. Isn't that a shame! As I see it, the big problem for Rolex, who have been 30% of new watch market sales, is winning back the trust of loyal customers who were there before the boom and then were sidelined by dealers because they could have more lucrative business with flippers. The imaginary "list", that was never actually there became conditional on buying other less in demand, watches and jewellery before anyone could be considered for a Rolex sports watch. And they are now surprised that those once loyal customers are no longer interested in doing business?? That poses a big problem for WoS and their ilk.

Bloody hell, scary.

Finally someone speaking sense…

Walked into the Vegas AD yesterday and they begged me to buy one of 3 watches in stock! Steal Datejust very nice watches, not what I was looking for! They even pushed it's worth 30% more. Really??

itwill slowly descend, it will not burst. Plenty of people like me who are waiitng for used prices to come down to list price and will buy.

Aren't the decreases in pricing based on the inflated aftermarket pricing? Most Rolex buyers who paid at or near MSRP have not fared as badly.

Patek UK just upped prices by around 7% as far as I can see.

not here, still cant buy in an ad, resellers got all the stocks...not even a display of hot models

Watching younger watch enthusiasts lament the watch industry’s decline. You mentioned cyclical trends. Right. That along with Lux Watch prices yearly increases, inflation and of course premiums. 1960’s a Rolex Submariner no date was

Perhaps it is not what watch that has come down in price. Maybe the dollars have stopped losing their value. Looking at the charts’ axes, we can see this is just a hiccup: from 27 to 26 The growth in prices may be related to the rent price of the mall store Invest only the money that you are willing to lose

it was always the case that watches whose retail price was under eight £9000. If they had been ridiculously overvalued in the last three years, we’re going to come back down to earth without getting far enough into the video I’ll bet you that black bay pro has lost almost a third of its value. it wouldn’t bother me because I don’t understand how people bought watches that were under £10,000 retail as an investment. It’s outrageous

Im still ready to pay full retail price for a Batgirl or a Datejust 126333. Totally out of the question to buy a used Rolex over retail, never in a lifetime. Love to see people who are just out for a quick buck have to exit, maybe it will make it faster that I get my well decerved Rolex in a fair decent trade.

I’m that Yank who is waiting around for new Ford F150 pick up truck to drop to $40,000 and a Rolex submariner to go for $3500. Still waiting…

You correctly identify the direction of travel as far as prices for Rolex pieces go over the past 6 months. But by doing so you miss out the enormous bubble that these watches have been in since 2019/20. So is it now possible to buy the most desireable stainless steel models at MSRP? Generally no - not even on the seondary market. So less expensive? Yes. Has the bubble burst? Not so much.

No chance of getting popular steel pepsi, daytona, starbucks. Luckily, I want a sub no date so maybe within a year it might happen.

THAT’s what that noise was! 😂 Great vid bud 👊🏼👍🏼 Will you be moving the Monza? 🤔🧐

Probable reason, people are pissed-off getting snubbed or even insulted by the AD's (particularly Rolex). Now it's come back to bite thm on the arse. BTW, i also recently popped in my local Omega as i fancied the 57 chrono. They had it in stock and even offered a discount. Real customer service. Maybe Rolex could send their staff to Omega for some training in customer care. Cheers.

Lost 14.4% of its market value but what you fail to mention about the GMT Sprite is it was trading for 300% over its retail so a small drop of 14.4% is small beans really isn’t it, a bit of scaremongering going on here.

People are getting a lesson on scarcity. Luxury watches just aren't that scarce and have an ever increasing supply. Bitcoin with a 21 million hard cap is scarce.

I’m going to pick up my Rolex Explorer 40 tomorrow should I offer them less than sticker price.

Most people who purchase a luxury watches will buy it on credit. How many folks do you know can pull out of the bank £30 to 50k to a but watch. Even if they could, most likely they will be savvy enough not to, and invest it on stocks or other investments. The watch industry is aĺl hyped up by advertisements, KZfaq and sports stars. Just look at the interest rates now. I would say 70% of people with mortgages now are suffering. Why because they fell into the same trap, with banks, advertisements and government say lower mortgages and its good time to get in. Before 2008 US crash, the interest rates was around 6 to 7% globally. And not many folks complained then.

Very nice and logical video, my friend. New Sub here, take care !

I will be glad when the market crashes to the bottom as these ADs seem to think they are gods. I was on the list for a few different Rolex models but switched to omega and got the Aqua terra due to their BS, I will pick up some Rolex watches this year when the market is lower and hopefully below retail.

Long gone are the days that a Rolex AD requires you to “build a purchase history” prior to having an opportunity to buy the piece you want. It will be nice to have some buying leverage again when it’s time for my next purchase.

If you are a watch lover then as you say "I don't buy watches as investments". I doubt the sincerity of "watch lovers" who care about investment. Just my tuppence.

Some watches have gone down to a certain degree in 6 months, what they went up in one month almost EVERY month at some point over the last 4-6 years easily. It's called a correction. One can say unlimited amounts of 'wow', but that doesn't make it an argument, of.... I don't really get what your point is. Watches that allegedly should hold their value, given as a blanket statement makes no sense, no one makes that argument. Over which period, at what price, are better qualifiers to that question. You still may be right, that some kind of bubbles has popped, or will pop, but I don't really see any compelling arguments being made other than, "oh look at these red percentage numbers that are very small in comparison to the green percentage numbers over the last 6 years."

These days, it seems like any nobody can buy a Rolex. Luxury watches were never meant to be sold to the masses. Luxury watch companies are only giving back the market to the entitled rich. It's no surprise they are cutting on production only so they can hike the prices and make sure only a few rich people can afford their watches. If you're rich and anyone can get the watch you want, where's the interest of getting this watch anymore?

I am done with the AD's and will not ever use a grey market scum. You use to be able to go in to the AD get the watch you wanted more often than not at a discount. Now most of them play games where you have buy crap you don't even want. Then they act like they are doing you a favor. No thanks. Easy to get a super clone of any watch you want with out getting ripped off.

I was in Bath last weekend and in Mallory’s window they had a two tone Rolex submariner in the window that was actually ticking !!!! Not a display but Bly model . So I’m assuming I could t have walked straight in and bought it !!!

I’m only half way into the video but I have to write this. These price drops are drops from the spike prices. Completely hyped prices that we saw during the frenzy of two years ago. Those prices only lasted a couple of months and don’t reflect the general price at all. It’s like throwing a ball in the air and when you catch it on its way down, you say “omg, that ball fell!” If these drops in prices were drops from the retail price, or.. from a long standing general market value, then it would be news. Instead, these drops are from the spike / anomaly that occurred two years ago. Not the same thing. I don’t know why folks are having a tough time understanding this. But maybe you point this out later in the video.

We are in a world wide Inflationary Economic crisis and people that have ROLEX watches are selling them and flogging them off. Rolex just bought Bucherer and have to pay a $90 Billion Euro fine so they NEED to desperately sell some watches, but no one likes their current Inventory and are not buying. ROLEX are in a crisis at the moment.

Do the Rolex dealers still treat people like crap when they visit the store?

I agree its gonna be along bearmarket, but like you conveniently drew the paralels to the stock and cryptomarket. Smart investors are in already and as soon people have money they will buy watches again. People dont learn. They jump in when its late get burned and stay away from the market when its intresting actually

So, the price has been set back 18 months… 8 % is nothing