Rolex and Patek Philippe watches embody one thing above all: luxury. picture alliance / ZUMAPRESS.com | Nancy Kaszerman
Prices for luxury watches from brands like Rolex, Patek Philippe and Audemars Piguet on the secondary market are nearing their lowest level in the past two years.
Slowing economic output, rising interest rates and the collapse of cryptocurrencies are the reasons, according to Bloomberg.
The Bloomberg Subdial Watch Index, which tracks the 50 top-selling pre-owned luxury watches by value, shows that certain models have seen significant price declines of over 35 percent.
Prices for Swiss luxury watches from brands such as Rolex, Patek Philipp and Audemars Piguet have hit their lowest level in two years on the secondary market Bloomberg reported.
The secondary market for watches refers to the trade in used watches, as opposed to the primary market where new watches are sold directly from the manufacturer or authorized dealers.
The Bloomberg Subdial Watch Index, which tracks the top 50 traded pre-owned luxury watches by value, is well below the price levels reached in June 2021. In the past twelve months alone, the index has fallen by 19 percent.
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One reason for the watch crash is the fall of cryptocurrencies
The demand for expensive watches has “cooled down”. Reasons according to Bloomberg: slowing economic output, higher interest rates and the cryptocurrency crash.
The Audemars Piguet Royal Oak Jumbo Ultra Thin, with a current average price of $71,692 (€65,600), is the worst-performing model over the past 12 months. The price of this watch has fallen more than 35 percent, data from Bloomberg shows.
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