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I think Rolex steel sports are a bubble, RM is worse, it's a fad. Sure they make a great watch but the disparity between what you get for what you pay is too large, even at msrp. That difference can be accounted for as marketing and branding, scarcity being a part of that, but ultimately there's a disproportionate amount of the price placed in brand over substance. Nothing wrong with that but it does send up a flag that maybe the popularity is attributable more to marketing hype than product value. RM doesn't have significant internal ip/innovation, has not invested in significant in-house capabilities, and does not have massive brand equity built from 100s of years of success. It's basically a super hot lifestyle brand and marketing exercise, an amazing and genius one, but one extremely dependent on celebrities and the allure of being on the "most expensivist" list of luxury goods during a huge everything but bubble. Every brand had to start somewhere and if I saw RM investing in the future of the brand by building out in-house production and engineering then I could see it as new kid on the block bubble but instead they are spending time manipulating the hype cycle with candy watches.
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