A street bought rolex is a fake rolex, so the simile is saying that even though the act was fake, it was still a good performance.
Consider the staetement "Even though I knew the act was fake, it was still a good performance that got my heart racing.". Based on this statement, is "It was a good performance that got my heart racing, even though I knew the act was like a street bought rolex." a true statement? Yes/no/unknown