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.<\/p>\n
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.<\/p>\n
According to Business of Fashion<\/em>, during the Undex\u2019s October Market Update, Subdial co-founder Christy Davis said, \u201cWe 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.”<\/p>\n 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.<\/p>\n \u201cWith more watches available at a wider spread of prices, what we\u2019re seeing is people dropping prices to chase sales going into the holiday season,\u201d Davis added.<\/p>\n 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.<\/p>\n