Discontinued Rolex models often trade above retail because they’re scarcer and...

https://marketrealist.com/retail-and-wholesale/why-some-discontinued-rolex-watches-are-now-worth-more-than-they-cost-new/

Discontinued Rolex models often trade above retail because they’re scarcer and in high demand among collectors. Insurance appraisals, while useful for coverage, usually reflect replacement cost—not what buyers will actually pay