Prices for probably the most traded luxury watches remained largely unchanged in March as buyers awaited the launch of latest models at a key industry event in Geneva this month. Values rose for a pair of well-known Rolex watches and a Patek Philippe.
The Bloomberg Subdial Watch Index, which tracks prices for the 50 most traded luxury watches by value, fell about 0.1% last month to a level of $33,558, in line with data from London-based Subdial Watch dealer and trading platform.
The index has fallen 8.7% in a single 12 months and 42% in two years. Higher rates of interest, geopolitical uncertainty and weaker economic growth have curbed demand as buyers have change into cautious. Prices for probably the most desirable pre-owned watches from brands like Rolex, Patek and Audemars Piguet rose to unprecedented levels in 2021 and early 2022 amid the pandemic.
Among the few outperformers in March, the Rolex GMT Master II with blue and red ceramic bezel gained 3.2% to trade at $20,935, in line with the index. The watch, nicknamed “Pepsi,” was one among the highest sellers last 12 months amid speculation that its production could be discontinued, even though it stays in the gathering.
The Rolex Submariner with a green bezel, black dial and date complication nicknamed “Starbucks” gained about 1% in March, trading at $15,259, the information shows.
Meanwhile, the blue-dial Patek Philippe Nautilus 5711, a steel sports model with an integrated bracelet that was one among the so-called “hype” watches on the market’s peak, rose about 1.1% last month to achieve about 98,753 traded in US dollars.
All watch models which have increased in value proceed to trade well above their retail prices, even though it is incredibly difficult to buy them latest from a dealer as demand exceeds supply.
