On the secondary market, prices for Rolex and Patek Philippe timepieces have fallen to their lowest point in two years, as demand for high-end watches continues to slide, according to the Bloomberg Subdial Watch Index.
The Index, which reports data for the 50 most-traded timepieces, declined by 1.8% in October to reach its lowest point since 2021. The new figure puts the Index down by 42% from its highest level in April 2022.
According to Business of Fashion, during the Undex’s October Market Update, Subdial co-founder Christy Davis said, “We are seeing growing downward pressure in the market, which could lead to a further downward drift in prices as dealers cut valuations to chase sales.”
Prices for top-tier Rolex, Patek and Audemars Piguet watches reached a record high during the pandemic; however, as interest rates have increased due to inflation, consumers are now more hesitant to invest in an expensive timepiece. While demand falls, supply is only increasing: per Subdial, the secondary market has experienced a 5% increase in the number of used watches for sale since August. Thus, price uncertainty climbed by 12% in the same period.
“With more watches available at a wider spread of prices, what we’re seeing is people dropping prices to chase sales going into the holiday season,” Davis added.
Despite the fall in used Rolex and Patek watch prices, the top models from both brands continue to sell for much higher than their retail prices on the secondary market.
Elsewhere, Panerai unveiled a limited-edition Luminor Chrono Flyback.
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