The global economy is slowing and it’s even changing the habits of the biggest spenders — demand for luxury watches has tumbled and prices for Rolex, Patek Philippe, and Audemars Piguet timepieces are hovering near two-year lows on the secondary market.
Bloomberg’s Subdial Watch Index, which tracks the 50 most-traded pre-owned watches, has fallen roughly 19% over the last 12 months. The gauge shows that prices for the watches that see the highest demand continue to fall, down about 1% in the last 30 days, but at a slower rate of decline compared to August and September last year.
For example, in the last year, the price of the Audemars Piguet Royal Oak Jumbo Ultra Thin, which currently sells for an average of $71,692, has declined more than 35%, Bloomberg reported. Meanwhile, the Patek Philippe Nautilus Travel Time has fallen 28%, and the Rolex Daytona 116506 has dropped 25%.
