Rolex and Patek Prices Fall as Subdial Index Nears Two-Year Low

Prices for luxury Swiss watches are near the lowest in almost two years on the secondary market as Rolex, Patek Philippe and Audemars Piguet models continue falling from the record highs reached in early 2022.

(Bloomberg) — Prices for luxury Swiss watches are near the lowest in almost two years on the secondary market as Rolex, Patek Philippe and Audemars Piguet models continue falling from the record highs reached in early 2022.

The Bloomberg Subdial Watch Index, which tracks the 50 most traded pre-owned luxury watches by value, is well below price levels hit in June 2021.

Demand for pricey timepieces from the top Swiss brands has cooled amid slowing economies, higher interest rates and the crash in cryptocurrencies, according to data compiled by London-based Subdial, a dealer in pre-owned watches. Prices peaked in February of last year following an unprecedented surge during the pandemic.

The Audemars Piguet Royal Oak Jumbo Ultra Thin, with a current average price of $71,692, is the worst performing model over the past 12 months, down more than 35%, the data shows. The Patek Philippe Nautilus Travel Time is 28% lower in a year, while the platinum Rolex Daytona 116506 with a light blue dial and brown subdials has slumped about 25% on the used market.

The performance of the overall index, which is down 19% in a year and about 1% during the previous 30 days, shows that prices for the most in-demand used luxury watches are still falling, albeit at a slower pace than in August and September last year.

The best performing models on the Bloomberg Subdial Watch Index over the past 12 months are the Rolex Lady-Datejust in steel and gold, which gained 2.6% to an average price of $3,892, and the gold Rolex Day-Date 18038, from the 1970s and 80s, up 1.4% to $17,756.

This story was produced with the assistance of Bloomberg Automation.

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