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Correct. Though it’s quite likely there will have been a price rise or two in the time you were on the list, and you will pay whatever the current price is when you collect the watch, not what the price was when you joined the list.
Which models they will put you on a list for at all depends on the AD, and the state of their waiting lists. It’s entirely up to them how to allocate the stock they receive. Most of them I believe will also have a priority next to your name based on previous purchase history, so it’s not strictly in order of when you joined the list. Which is why it can make a difference to be friendly with the dealer.
But to be honest Rolex are probably one of the least bad waitlist offenders, mostly because they make so many watches, if you really want one there are enough on the market that you can just go and buy one (albeit at an inflated price). They’re mainly just doing their best to manage surplus demand (bar the super hype models like the Le Mans where they’re only ever going to super spenders, influencers and celebs) and they are increasing production to try and ease things. They do actually want to sell watches, and in large quantities. Lange, Patek and AP on the other hand are notorious for making their customers play games to get an allocation and are obsessed with the secondary market, auction values, who is posting what on Instagram, etc.
Fortunately other watch brands are available.
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Regal
So in the example above.. the likely outcome of walking in to buy the green OP would be that WOS would add you to the waiting list and that would ‘eventually’ be the price you paid ?