Rolex and Patek Watch Prices Continue Decline as Cartier Takes the Spotlight
Manila, Philippines– The allure of higher-end timepieces from Rolex and Patek Philippe is experiencing a price downturn, even as mid-tier watch brands like Cartier bask in the limelight with strong performance.
The Bloomberg Subdial Watch Index, monitoring prices of the 50 most traded watches in the secondary market based on value, has reported a 1.1 percent decline over the past month.
Following an unprecedented surge amid the pandemic, prices for sought-after pre-owned models from Rolex, Patek, and Audemars Piguet began to plummet significantly since March 2022. This downward trend can be attributed to higher interest rates, economic slowdown, and the crypto market crash.
In the span of a year, the index, providing insights into the demand for luxury used watches, has registered a drop of around 14 percent.
A closer look at specific models reveals varying performances. The Rolex Daytona 16520, featuring a steel tachymeter bezel, stands out as the best performer with a 0.5 percent gain over 30 days, trading at an average price of $30,976. Conversely, the Daytona 116528 in yellow gold takes the bottom spot, declining by 7 percent within a month to an average value of $41,841.
Despite the ongoing price decline for renowned Swiss brands, notable changes are emerging in the market. Some lower-priced marques, like Cartier, are displaying resilience and consistency.
Subdial, a UK-based used watch dealer and trading platform, compiles the Subdial Cartier Index, comprising 25 frequently purchased Cartier watches. This index has declined by 2.5 percent since the year’s beginning but impressively gained 1.6 percent in the last month. This performance outshines the broader Bloomberg Subdial Watch Index, which has seen a 7.4 percent decline since the start of the year.
Cartier, owned by the Swiss luxury conglomerate Richemont, has demonstrated its stability even as Rolex, Patek, and AP grapple with decreasing prices. The watches featured in the Subdial Cartier Index are more accessible as new purchases in stores and command prices below their retail value in the secondary market.
As the watch industry undergoes these shifts in pricing dynamics, brands are navigating both challenges and opportunities, revealing the complex interplay of luxury and demand in the market.