Prices for luxury Rolex and Patek watches dropped
Prices for luxury Swiss watches – such as Rolex, Patek Philippe and Audemars Piguet – on the secondary market have approached the lowest level in almost two years, Bloomberg reports
The Subdial Watch index from Bloomberg, which tracks the fifty best-selling used luxury watches by value, has recorded a significant decline in the price level. Demand on the leading Swiss branded products has fallen amid a slowing economy, rising interest rates and the collapse of cryptocurrencies. Prices peaked in February last year after an unprecedented surge during the pandemic and collapsed this year.
As reported, Audemars Piguet Royal Oak Jumbo Ultra Thin, with a current average price of $71,692, is the worst-selling model in the last twelve months, falling in price by more than 35 percent. The Patek Philippe Nautilus Travel Time watch has fallen in price by 28 percent over the year, and the platinum Rolex Daytona 116506 with a light blue dial and brown hands has fallen in price on the used watch market by about 25 percent.
The dynamics of the general index, which decreased by 19 percent over the year and by about 1 percent over the previous 30 days, shows that prices for the most popular used luxury watches are still falling, albeit at a slower pace than in August and September 2022.
