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Nearly ALL watches are experiencing something of a bubble or resurgence. Watches in general are "HOT" right now.
But, IMHO, RM is legit. Prices are a bit inflated because of the current limited availability and temporary increased demand. BUT, don't be thinking they are in a bubble like they will pop or plummet. Too much brand equity, too much distribution control. I have a hard time thinking they will follow the path of Franck Mueller, like some have said. If RM softens anytime, looking in the next 5-10 year cycle, I'd still expect paying MSRP or only a modest discount.
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