<p>40 毫米的劳力士日历型（Rolex Day-Date）白金款，型号 228239，零售价格为 51,600 美元，而 40 毫米的铂金款，型号 228236，零售价格为 68,800 美元。这一差异在二级市场上也得以体现，两款手表的交易价格大致与其零售价格相当。在一个有效的市场中，黄金手表的价值应该更高，因为黄金的价值远高于铂金。其以显著折扣出售的事实使其看起来显然更具性价比。\n 如果你无法分辨这两款手表，不用担心。肉眼看去，尤其是在它们不并排放置时，它们在功能上是完全相同的。两款手表的核心部件——机芯——完全相同；表盘、指针，以及除了表壳和表链所用金属外的所有部分也是如此。两款手表都很重，呈银色，并且由贵金属制成。实际上，这两款手表都有一种隐形财富的信号功能：对于不懂行的人来说，它们可能看起来像是钢制的，但劳力士的爱好者知道日历型仅由贵金属制成。\n 这两款手表之间的价格差异并不代表更广泛的珠宝市场中的任何偏好，在那里黄金仍然比铂金更受欢迎。在手表中，铂金确实有其支持者：铂金是纯金属，而白金则是包含大量镍、铑和其他金属的合金。对某些人来说，这使得白金成为白巧克力的贵金属等价物。而且，由于白金中的非金属成分比黄金或铂金轻，纯铂金手表则更重。虽然许多人在手表中重视轻便，但也有人重视沉重。尽管如此，铂金的价格溢价似乎主要是劳力士通过稀缺性和价格信号创造需求的惊人能力的体现。\n\n 这也是某种历史遗物。如今，铂金手表受到追捧是因为它昂贵。但在 1950 年代，当日历型首次发布时，价格差异是有一定道理的。根据战后布雷顿森林体系，黄金的价格固定在每盎司 35 美元，而铂金的价格至少是其两倍，有时甚至更多。在 60 年代末，铂金的价格一度超过黄金的六倍，直到 1971 年美国脱离金本位制，比例才骤降。\n 铂金仍然比黄金稀有得多——每年开采约 600 万盎司铂金，而黄金则为 1.08 亿盎司——并且它已经发展出更高的地位象征。（想想铂金信用卡、铂金唱片、铂金忠诚度。）但也许是时候让品牌和消费者更新他们的认知：铂金比黄金更有价值的观念在市场上已经没有反映超过十年。如今，铂金的交易价格约为每盎司 2,100 美元，而黄金则远高于 4,300 美元。因此，即使考虑到白金仅含 75% 的黄金，白金日历型中金属的实际价值也远高于其更昂贵的铂金版本中的铂金价值。\n 事实上，黄金现在如此珍贵，它可以帮助支撑像日历型这样的奢侈手表的价值，该手表的生产数量足够大，拥有流动的二级市场。Subdial 的数据表明，日历型的二手价值通常非常接近零售价格；它的价格波动不大。因此，这款手表也可以作为购买相当数量黄金的方式——约 5.3 盎司的纯金，按当前价格价值约 23,000 美元。这远远超过了更昂贵版本手表中 7 盎司铂金的 15,000 美元价值，即使在过去一年铂金价格上涨了 135% 之后。\n 换句话说，当你购买黄金日历型时，你为金属支付 23,000 美元，为劳力士的价值支付 28,600 美元，而铂金版本则让你在支付 53,800 美元时获得 15,000 美元的金属——大约是前者的两倍——而这两款手表在劳力士的本质上是完全相同的。可以肯定的是，铂金手表更为稀有，因此它们具有稍高的稀缺价值，但并不难找。黄金劳力士是一项投资，有点像黄金本身，但波动性较小。铂金劳力士也是一种投资，但它的交易溢价远高于基本面。\n\n 铂金珠宝自 1890 年卡地亚开始用这种金属制作珠宝以来就备受推崇，因其硬度和延展性：它可以形成轻巧而精致的作品，为钻石和其他宝石提供完美的背景。相比之下，黄金因其独特的颜色，始终是主要的亮点——人们已经用黄金制作珠宝数千年。黄色黄金是全球的默认奢侈品；白金和铂金始终是小众品味，在许多市场几乎闻所未闻。不过，它们存在的原因仍然是有的。\n“有些人就是无法忍受黄金的颜色，” Mené Inc.的首席执行官 Vincent Gladu 说，该公司用纯金和铂金制作投资珠宝。“他们会是铂金类型的人。” 但钟表爱好者购买的是手表，而不是纯金属——在颜色方面，铂金和白金几乎没有区别。唯一真正的区别在于，佩戴在你手腕上的硬财富的数量在便宜的手表中显著更大。\n 因此，目前，白金手表作为购买显然更为合理。它更便宜，其金属价值更高，而你为无形价值支付的价格则低得多。当然，这是假设你真的想要一款日历型手表。市场上还有许多更便宜的钢制劳力士手表。</p>

<p>白金表壳的劳力士日历型手表售价为 51,600 美元，而铂金版本的售价为 68,800 美元。尽管黄金的市场价值更高，但白金手表的价格显著更低，使其性价比更高。这两款手表在功能上完全相同，但价格差异反映了劳力士的品牌定位和历史定价趋势。目前，黄金的价值高于铂金，黄金手表中约含有 23,000 美元的黄金，而铂金版本中则含有 15,000 美元的铂金。因此，白金日历型被视为更明智的投资</p>

<p>The 40mm Rolex Day-Date in white gold, ref. 228239, retails for US$51,600 while the 40mm Rolex Day-Date in platinum, ref. 228236, has a retail price of US$68,800. The disparity extends to the secondary market, where both watches trade at roughly their retail price. In an efficient market, the gold watch would be worth more, since gold is worth far more than platinum. The fact that it’s selling for a significant discount makes it seem a clearly better value.\nDon’t worry if you can’t tell the two watches apart. To the naked eye, especially when they’re not side by side, they’re functionally identical. The guts of the timepiece – the movement – is exactly the same in both; so is the dial, and the hands, and, well, everything except for the metal that the case and bracelet are made of. Both watches are heavy, silver-coloured and made of precious metal. Indeed, both watches have a stealth-wealth signalling function: to the untutored, they might look like steel, but Rolex aficionados know the Day-Date is made only in precious metal.\nThe price difference between the two watches doesn’t represent any kind of revealed preference in the broader jewellery market, where gold remains much more desirable than platinum. In watches, platinum does have its partisans: it’s pure, whereas white gold is an alloy that includes significant quantities of nickel, rhodium and other metals. To some, that makes it the precious-metal equivalent of white chocolate. And because the non-gold metals in white gold weigh less than gold or platinum, the pure-platinum watch is heavier. While many people value lightness in watches, others value heft. All that said, the platinum price premium appears mostly a sign of Rolex’s astonishing ability to create desirability just by using scarcity and price signalling.\n\nIt’s also something of a historical artefact. Today, the platinum watch is desirable because it’s expensive. But back in the 1950s, when the Day-Date was first released, the price disparity made a certain amount of sense. The price of gold was fixed at US$35 per ounce under the post-war Bretton Woods system, while the price of platinum was at least double that and sometimes much more. In the late 60s, platinum briefly traded for more than six times the price of gold, before the US moved off the gold standard in 1971 and the ratio plunged.\nPlatinum is still much rarer than gold – about 6 million ounces of it are mined per year, compared with 108 million ounces of gold – and it has developed a connotation of being higher status. (Think platinum credit cards, platinum records, platinum loyalty status.) But maybe it’s time for brands and consumers to update their priors: the idea that platinum is more valuable than gold hasn’t been reflected in the market for more than a decade. Today, platinum trades for about US$2,100 per ounce, while gold is well above US$4,300. As a result, even after taking into account that white gold is only 75 per cent gold, the actual value of the metal in the white gold Day-Date is substantially greater than the value of the platinum in its more expensive sibling.\nIn fact, gold is now so valuable, it can help support the value of a luxury watch like a Day-Date, which is produced in large enough quantities that it has a liquid secondary market. Data from Subdial shows the second-hand value of a Day-Date is generally very close to the retail price; it doesn’t move around much. As such, the watch doubles as a way of buying a meaningful quantity of gold – about 5.3 troy ounces of the pure metal, worth some US$23,000 at current prices. That’s much more than the US$15,000 value of the 7 ounces of platinum in the more expensive version of the watch, even after a 135 per cent rise in the price of platinum over the past year.\nTo put it another way, when you buy the gold Day-Date, you’re paying US$23,000 for metal and US$28,600 for Rolex value, while the platinum version gets you US$15,000 of metal when you’re shelling out US$53,800 – roughly twice as much – for the otherwise identical Rolexness of the thing. To be sure, the platinum watches are rarer, so they have a slightly greater scarcity value, but they’re not exactly hard to find. A gold Rolex is an investment, a bit like gold itself but less volatile. A platinum Rolex is also an investment, but it’s one that trades at a much higher premium to fundamentals.\n\nPlatinum jewellery has been valued since Cartier started making jewels out of the metal in 1890 for its hardness and malleability: it can form light and delicate pieces that form a perfect backdrop for diamonds and other gemstones. Gold, by contrast, thanks to its distinctive colour, is always the main event – and people have been making jewellery out of it for thousands of years. Yellow gold is default luxury around the world; both white gold and platinum are always going to be niche tastes, and are almost unheard-of in many markets. Still, there are reasons why they exist.\n“Some people just cannot stand the colour of gold,” says Vincent Gladu, the chief executive officer of Mené Inc., a company that makes investment jewellery out of pure gold and platinum. “They’ll be a platinum type of person.” But watch people are buying watches, not pure metal – and in terms of colour there’s almost no difference between platinum and white gold. The only real difference is that the amount of hard wealth that has been strapped onto your wrist is significantly greater with the cheaper watch.\nFor the time being, then, the white gold watch just makes much more sense as a purchase. It’s cheaper, its bullion value is higher, and the price you’re paying for the intangibles is much lower. Of course, that’s assuming you want a Day-Date at all. There’s no shortage of steel Rolex watches that are even cheaper still.\n</p>
<div class="lb-trans"><p>40 毫米的劳力士日历型（Rolex Day-Date）白金款，型号 228239，零售价格为 51,600 美元，而 40 毫米的铂金款，型号 228236，零售价格为 68,800 美元。这一差异在二级市场上也得以体现，两款手表的交易价格大致与其零售价格相当。在一个有效的市场中，黄金手表的价值应该更高，因为黄金的价值远高于铂金。其以显著折扣出售的事实使其看起来显然更具性价比。\n 如果你无法分辨这两款手表，不用担心。肉眼看去，尤其是在它们不并排放置时，它们在功能上是完全相同的。两款手表的核心部件——机芯——完全相同；表盘、指针，以及除了表壳和表链所用金属外的所有部分也是如此。两款手表都很重，呈银色，并且由贵金属制成。实际上，这两款手表都有一种隐形财富的信号功能：对于不懂行的人来说，它们可能看起来像是钢制的，但劳力士的爱好者知道日历型仅由贵金属制成。\n 这两款手表之间的价格差异并不代表更广泛的珠宝市场中的任何偏好，在那里黄金仍然比铂金更受欢迎。在手表中，铂金确实有其支持者：铂金是纯金属，而白金则是包含大量镍、铑和其他金属的合金。对某些人来说，这使得白金成为白巧克力的贵金属等价物。而且，由于白金中的非金属成分比黄金或铂金轻，纯铂金手表则更重。虽然许多人在手表中重视轻便，但也有人重视沉重。尽管如此，铂金的价格溢价似乎主要是劳力士通过稀缺性和价格信号创造需求的惊人能力的体现。\n\n 这也是某种历史遗物。如今，铂金手表受到追捧是因为它昂贵。但在 1950 年代，当日历型首次发布时，价格差异是有一定道理的。根据战后布雷顿森林体系，黄金的价格固定在每盎司 35 美元，而铂金的价格至少是其两倍，有时甚至更多。在 60 年代末，铂金的价格一度超过黄金的六倍，直到 1971 年美国脱离金本位制，比例才骤降。\n 铂金仍然比黄金稀有得多——每年开采约 600 万盎司铂金，而黄金则为 1.08 亿盎司——并且它已经发展出更高的地位象征。（想想铂金信用卡、铂金唱片、铂金忠诚度。）但也许是时候让品牌和消费者更新他们的认知：铂金比黄金更有价值的观念在市场上已经没有反映超过十年。如今，铂金的交易价格约为每盎司 2,100 美元，而黄金则远高于 4,300 美元。因此，即使考虑到白金仅含 75% 的黄金，白金日历型中金属的实际价值也远高于其更昂贵的铂金版本中的铂金价值。\n 事实上，黄金现在如此珍贵，它可以帮助支撑像日历型这样的奢侈手表的价值，该手表的生产数量足够大，拥有流动的二级市场。Subdial 的数据表明，日历型的二手价值通常非常接近零售价格；它的价格波动不大。因此，这款手表也可以作为购买相当数量黄金的方式——约 5.3 盎司的纯金，按当前价格价值约 23,000 美元。这远远超过了更昂贵版本手表中 7 盎司铂金的 15,000 美元价值，即使在过去一年铂金价格上涨了 135% 之后。\n 换句话说，当你购买黄金日历型时，你为金属支付 23,000 美元，为劳力士的价值支付 28,600 美元，而铂金版本则让你在支付 53,800 美元时获得 15,000 美元的金属——大约是前者的两倍——而这两款手表在劳力士的本质上是完全相同的。可以肯定的是，铂金手表更为稀有，因此它们具有稍高的稀缺价值，但并不难找。黄金劳力士是一项投资，有点像黄金本身，但波动性较小。铂金劳力士也是一种投资，但它的交易溢价远高于基本面。\n\n 铂金珠宝自 1890 年卡地亚开始用这种金属制作珠宝以来就备受推崇，因其硬度和延展性：它可以形成轻巧而精致的作品，为钻石和其他宝石提供完美的背景。相比之下，黄金因其独特的颜色，始终是主要的亮点——人们已经用黄金制作珠宝数千年。黄色黄金是全球的默认奢侈品；白金和铂金始终是小众品味，在许多市场几乎闻所未闻。不过，它们存在的原因仍然是有的。\n“有些人就是无法忍受黄金的颜色，” Mené Inc.的首席执行官 Vincent Gladu 说，该公司用纯金和铂金制作投资珠宝。“他们会是铂金类型的人。” 但钟表爱好者购买的是手表，而不是纯金属——在颜色方面，铂金和白金几乎没有区别。唯一真正的区别在于，佩戴在你手腕上的硬财富的数量在便宜的手表中显著更大。\n 因此，目前，白金手表作为购买显然更为合理。它更便宜，其金属价值更高，而你为无形价值支付的价格则低得多。当然，这是假设你真的想要一款日历型手表。市场上还有许多更便宜的钢制劳力士手表。</p>
</div>

为什么白金款的劳力士星期日历型比铂金版本便宜 17,000 美元