Rolex and Patek Prices Fall to a Near Two-Year Low on the Secondary Market

The secondary watch market is softening amid wavering demand.

Prices for timepieces by Swiss luxury watchmakers are near their lowest levels in almost two years on the resale market. A slowing economy, higher interest rates, and the crash in cryptocurrencies all factor into the slump, according to data by pre-owned watch dealer Subdial. In February 2022, prices for resale watches by names like Rolex and Patek Philippe peaked because of an unprecedented surge as the pandemic eased. Models from both brands, as well as other heavy hitters like Audemars Piguet are now falling from those record highs.

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The Bloomberg Subdial Watch Index now sits at $36,263, down 19.2 percent in the last 12 months and dipping 6.9 percent from June 2021. Subdial tracks the 50 most traded pre-owned luxury watches by value, acting as a barometer for the resale market and right now it looks much softer than a year ago. If you purchased a pre-owned watch during the heights of 2022, chances are you’ve lost money on your investment piece.

Audemars Piguet’s Royal Oak Jumbo Ultra Thin is the worst performing model in the index with a current average price of $71,692, down more than 35 percent from last year. Patek Philippe’s Nautilus Travel Time is also 28 percent lower at $131, 512, alongside the platinum Rolex Daytona ref. 116506. Known for its light blue and brown subdials, the latter’s pricing has dropped by 25 percent since 2022.

The three best-selling models from the Bloomberg Subdial Watch Index are all Rolexes. The Rolex Lady-Datejust in steel and gold has a current average price of $3,892, up 2.6 percent from last year. Rolex’s gold Day-Date, from the 1970s and 80s, increased by 1.4 percent to $17,756. There’s also a Rolex Datejust featured on the index, up by 3.6 percent over the last 30 days to $13,515.

The market drop hasn’t been as precipitous of late though, with prices largely stablizing over the last six months, but an additional 1 percent fall has struck in the last 30 days.

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