Secondary-market prices for luxury watches, including Rolexes, continue to fall.
Among the reasons for the decline are “slowing economies, higher interest rates and the crash in cryptocurrencies,” Bloomberg reports.
Prices are significantly lower than they were in June 2021, according to the Bloomberg Subdial Watch Index. The index monitors the 50 most traded pre-owned luxury watches by value.
Prices were at their highest in February 2022. In addition to Rolex, brands such as Patek Philippe and Audemars Piguet are showing price declines on the secondary market.
The model showing the biggest price decline over the past year was the Audemars Piguet Royal Oak Jumbo Ultra Thin, which fell 35%. It’s currently selling for about $71,700.
Expensive watches became a more popular purchase during the pandemic, absorbing dollars that otherwise have gone toward travel, events and other luxuries. Additionally, some see luxury watches as a solid investment during uncertain economic times.
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