The situation continues to deteriorate! The prices of luxury watches have dropped to a three-year low on the second-hand market.

Switzerland's top luxury watch brands Rolex, Patek Philippe, and Audemars Piguet saw their popular second-hand watch prices hit a new low in 2024, marking the third consecutive year of decline. The Bloomberg Subdial Watch Index (BSWI), a high-end second-hand watch index jointly launched by Bloomberg and the UK trading platform Subdial, dropped nearly 6% in 2024 to its lowest level since 2021. The index tracks the 50 most actively traded watches. Subdial's data showed that the index for Rolex's best-selling watches fell by about 5% last year, while Patek Philippe and Audemars Piguet saw declines of 4% and 7.5% respectively. This signifies the third consecutive year of decline in prices for high-end second-hand Swiss watches. In 2020 and 2021, the second-hand luxury watch market soared to unprecedented levels during the pandemic, before plummeting significantly starting from April 2022 amid slowing economic growth and rising interest rates. While the price decline for high-end second-hand Swiss watches in 2024 was not as severe as in 2023 or 2022, they still fell by around 13% over two years, with the price of second-hand Rolex watches dropping by 8%. It is worth noting that since January 2023, Cartier is the only watch brand to see an increase in second-hand prices, with a two-year increase of around 4%, attributed to collectors' growing interest in smaller-shaped jewelry watches.