Gabe and Asher kick off with the Dominique Renaud Pulse60 launch, which became the most talked-about watch of the week — not through traditional media, but through private collector communities and group chats. It's a perfect case study in how watch media has gone full circle, and why independents continue to thrive even in a cooling market.

The main discussion unpacks a counterintuitive dynamic in the Rolex pre-owned market: prices are up modestly year over year, but value retention relative to new retail is slipping. Gabe walks through what's driving the gap, where the exceptions are by region and era, and why the headline numbers don't tell the full story.

That sets the stage for a deep look at Rolex's Certified Pre-Owned program, which by some estimates has quietly grown into a business rivaling Tudor in scale. Gabe and Asher break down the economics — including where the margins actually sit, how dealers are sourcing inventory, and why CPO may be doing more to support the broader pre-owned market than most people realize. They also debate a bigger question: is CPO a profit play, or is Rolex getting paid to build a muscle it's going to need down the road?

Openwork is a weekly podcast about how the watch industry actually works. An unfiltered look behind the scenes — no press releases, no hype, and no sponsored takes. Hosted by Asher Rapkin and Gabe Reilly, co-founders of Collective Horology. Available on Apple Podcasts, Spotify, YouTube Music, or wherever you get your podcasts.

You can find us online at collectivehorology.com. To get in touch with suggestions, feedback or questions, email [email protected].