But waiting lists have far exceeded production for years now... the fact that they are getting longer doesn't mean anything. Certainly not that the bubble is growing (in my eyes) - quite the opposite. People are queuing for Rolex at RRP while the massively inflated grey market shrinks. I was amazed to see the "discounts" on the BLNR last time I looked. Those were approaching £18k not too long ago, these days they are listing at up to 5 grand less than that.
Obviously the bubble as we call it changes with the wind, but I think most models have reached a peak and started to roll back (albeit very slightly in most cases).