Rolex prices on the secondary market have plummeted to another 24-month low as global demand for luxury status symbols continued to drop off.
Bloomberg’s Subdial Watch Index, which tracks the pre-owned prices of the 50 most-traded models, fell by 2.3% over the past 30 days, or by 17.6% in the past two years.
The index is off more than 42% since reaching an all-time high in February 2022.
Second-hand Rolex and Patek prices are not always cheaper than new ones. Given their exclusivity and limited manufacturing supply, higher-end models can fetch a premium on the open market when authorised dealers run out.
For instance, the most expensive timepiece on the Subdial Index, the Patek Philippe Nautilus Chronograph Rose Gold 5980/1R-001 model, currently fetches £152,758 on the secondary market.
The same model has a recommended retail price of £87,620, according to Patek’s official website. At its height, it was selling for more than £264,000 on the secondary market.
“We are seeing growing downward pressure in the market, which could lead to a further downward drift in prices as dealers cut valuations to chase sales,” Christy Davis, the co-founder of Subdial, said.
“With more watches available at a wider spread of prices, what we’re seeing is people dropping prices to chase sales going into the holiday season,” she said.
Despite the drop in secondary prices, Rolex’s primary merchant in Europe, Watches of Switzerland Group PLC (LSE:WOSG), surged over 9% on Tuesday, bolstered by an 'outperform' rating given by RBC analysts.