“Tell us about your collection so far. … What do you know about these watches? Do you know why this one is sought after? If you were going to sell it, not that you would, but how much do you think it would sell for? Why should we sell this to you instead of the next person to walk through the door?”

It was a conversation eerily familiar to anyone who has ever tried to buy a Rolex “Daytona” at an authorized dealer. The list price for a plain stainless-steel Daytona is $14,800, and that’s what the dealer is supposed to charge, but the minute you hit the parking lot, you’re free and clear to sell it for between $25,000 and $29,000 online. For that reason, the “ADs” (authorized dealers) who sell Rolex have turned the process of buying a Daytona into something between an Ivy League entrance exam and a scene from a John Frankenheimer film. Would-be owners are forced to demonstrate their enduring fidelity via the purchase of other, less desirable watches. They’re threatened with blacklisting should their individually serialized watch hit the resale market. In some cases, they’re expected to prove their continued ownership of the Daytona and, in exchange, are given a chance to buy another one.