Rolex and Patek Philippe Used Prices Hit Lowest in 2 Years... 'Shadow of Recession'

Bloomberg Clock Index Hits Lowest in 2 Years
"Purchasing Power Declines Due to Growth Slowdown and Interest Rate Hikes"

The prices of luxury watches such as Rolex and Patek Philippe, known as ultra-high-end watch brands, have fallen to their lowest levels in two years in the secondhand market.

According to Bloomberg on the 14th (local time), while demand for ultra-high-end watches is decreasing, supply continues to increase, causing the prices of Rolex and Patek Philippe watches to drop to their lowest point in two years in the secondhand market last month.

In fact, Bloomberg's own Subdial Watch Index fell by 1.8% last month, reaching its lowest level since 2021. This index tracks the prices of the 50 most traded watches in the secondhand market.

[Image source=Pixabay]

Bloomberg analyzed, "During the COVID-19 pandemic, prices of Rolex, Patek Philippe, and Audemars Piguet models, which were in high demand, surged," but "recently, economic slowdown and interest rate hikes have reduced the purchasing power of watch collectors."

Christie Davis, co-founder of the UK-based watch trading platform 'Subdial,' said, "As supply increases, there are signs that prices are weakening," and added, "It seems that secondhand watch dealers will take longer to sell their inventory."

However, there were some differences in the rate of decline among the top watch brands. The Rolex Watch Index fell 1.5% last month compared to the previous month, and dropped 27% from its peak in April 2022. In comparison, Patek Philippe fell 2.3% last month compared to the previous month, and plunged 47% from April 2022.

This content was produced with the assistance of AI translation services.