Used Patek Philippe and Rolex prices stabilise for a second month
PRICES for the most popular second-hand Rolex and Patek Philippe watches were mostly flat for a second month, suggesting an almost two-year slump could be nearing an end as stock markets hit records and Bitcoin rebounds.
The Bloomberg Subdial Watch Index declined 0.1 per cent to US$33,628, according to data provided by Subdial, a London-based trading platform. The index tracks prices for the 50 most traded luxury watches by transaction value.
After a pandemic-era frenzy sent secondary watch market prices to all-time highs in 2021 and early 2022, values of the most hyped timepieces have been falling. The Bloomberg Subdial Watch Index is down 42 per cent since April 2022, when the market peaked.
Still, anticipated cuts in interest rates have buoyed stocks and Bitcoin has more than doubled since October, possibly underpinning the used luxury watch market. Low borrowing costs and a desire by some investors to realise paper gains from Bitcoin and other digital currency holdings helped drive the pandemic-era rally.
Rolex and Patek Philippe will release new models in April at the Watches and Wonders event in Geneva, a trade fair, which may also be contributing to stable prices as investors sit tight to see what timepieces are unveiled.
The most in-demand models from top Swiss brands show declines of less than 1 per cent last month for the Audemars Piguet ‘Jumbo’ Royal Oak, the Patek Nautilus 5711 and the steel Rolex Daytona with a ceramic bezel.
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The Rolex GMT with a red and blue ceramic bezel remains an outlier. The price of the travel watch, nicknamed the “Pepsi” because of its bezel colours, gained about 1.9 per cent in price to trade at about US$20,600. It was one of just two Rolex models to rise in price last year.
This story was produced with the assistance of Bloomberg Automation. BLOOMBERG
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