What does “Over Retail” mean?

'Over retail' describes a watch that sells for more on the secondary market than the brand's official price for the same piece new. It happens when demand at authorised dealers far exceeds supply, so buyers who don't want to wait, or can't get an allocation, pay a premium to a dealer who has the watch now. Steel sports models from Rolex, Patek Philippe and Audemars Piguet are the best-known cases.

The premium is never fixed. It moves with demand, the wider economy, how many pieces reach the market and how new the model is, and it can shrink or disappear entirely. Dealers watch it closely because it decides how much risk they take when buying stock: a watch bought at a strong premium can lose that premium within months. When quoting a price over retail, it helps to state the current retail for the same reference so both sides compare like with like.

Example: 'Unworn current model, still trading over retail, full set with this year's card.'