Some mid-tier priced luxury watches including models by Omega and Cartier outperformed as prices for the most popular and higher-end Rolex, Patek Philippe and Audemars Piguet models kept falling on the secondary market.
The Bloomberg Subdial Watch Index fell 1.4% in a month and is now down 16% over the past year. The index tracks the 50 most traded watches on the secondary market by value and consists mainly of Rolex, Patek and AP models. Higher interest rates, shaky economic growth and the collapse of cryptocurrency values have combined to push up the supply of used luxury timepieces and push down prices after a surge in 2021.
Yet some mid-priced watches from brands also including TAG Heuer and Tudor are bucking the trend, according to data from Subdial, a UK-based used watch dealer and trading platform.
The value of a group of five selected watches has gained 17% in a year. The price rise shows collectors and enthusiasts are looking for rare undervalued timepieces and, in some cases, smaller-sized watches.
The 36-millimeter diameter Omega Seamaster dive watch now fetches about $5,253. Subdial co-founder Christy Davis said the model is gaining because it captures both the trend toward more discreet luxury goods and smaller sizes.
The Santos Galbee, much smaller than the average watch at just 28 millimeters and trading at about $5,060, also speaks to the trend and is part of the rise in popularity of so-called “neo-vintage” watches from the 1990s, he said.
The top performing watch in the Bloomberg Subdial Watch Index in the past 30 days is also a smaller watch. The Rolex Datejust 36 outperformed other models made by Switzerland’s largest watch brand, gaining about 3.4% in a month and is trading at around $10,200.
The worst performer is the Rolex Daytona in steel and gold, which has declined about 7% to about $18,150.
Analysts at Morgan Stanley published a report earlier this week showing that while the most in-demand watches from Rolex, Patek and AP continue to trade above retail on the secondary market, prices are expected to continue falling in the third quarter due to elevated supply levels.
This story was produced with the assistance of Bloomberg Automation.
New report shows dimmed outlook for benefits to retirees and disabled Americans, creating further pressure for federal tax hikes or more borrowing.
Open letter to SEC Chair Paul Atkins questions whether the Ivy League university withheld material information prior to its $750 million taxable bond offering.
The Las Vegas-based hybrid RIA overseeing $8.8 billion in assets has named Andy Kalbaugh president to help scale its advisor platform.
The wealth tech giant – in collaboration with Fidelity, BlackRock, State Street, and Franklin Templeton – is offering its advisor and wealth firm users more ways to diversify.
Deal volume increased post-election but now caution has taken over.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave
