The raging resale market for luxury watches, including Rolexes, has softened a bit.
An WatchCharts index that tracks Rolex prices dipped 5 percent in May, Business Insider reports.
A broader index of luxury watch models from various brands declined 9.3 percent.
“I think that rapid short-term increase that we saw from the end of last year to April of this year was just unsustainable, and I think it just had to come down to earth a bit,” said WatchCharts founder Charles Tian.
Tian anticipates continued growth for luxury watch prices, however, even if the pace slows down.
McKinsey expects the luxury watch resale market to reach $29 billion by 2025.
New Rolexes have been hard to come by for many months, and secondhand models — if you could find them — have commanded extreme prices.
Expensive watches became a more popular purchase during the pandemic, absorbing dollars that otherwise have gone toward travel, events and other luxuries, according to the newspaper. Additionally, some see luxury watches as a solid investment during uncertain economic times.