Prices for the most traded luxury watches remained largely unchanged in March as buyers awaited the launch of new models at a key industry event in Geneva this month. Values rose for a pair of well-known Rolex watches and a Patek Philippe.
The Bloomberg Subdial Watch Index, which tracks prices for the 50 most traded luxury watches by value, fell about 0.1% last month to a level of $33,558, according to data from London-based Subdial Watch dealer and trading platform.
The index has fallen 8.7% in one year and 42% in two years. Higher interest rates, geopolitical uncertainty and weaker economic growth have curbed demand as buyers have become cautious. Prices for the most desirable pre-owned watches from brands like Rolex, Patek and Audemars Piguet rose to unprecedented levels in 2021 and early 2022 amid the pandemic.
Among the few outperformers in March, the Rolex GMT Master II with blue and red ceramic bezel gained 3.2% to trade at $20,935, according to the index. The watch, nicknamed “Pepsi,” was one of the top sellers last year amid speculation that its production would be discontinued, although it remains in the collection.
The Rolex Submariner with a green bezel, black dial and date complication nicknamed “Starbucks” gained about 1% in March, trading at $15,259, the data shows.
Meanwhile, the blue-dial Patek Philippe Nautilus 5711, a steel sports model with an integrated bracelet that was one of the so-called “hype” watches at the market’s peak, rose about 1.1% last month to reach about 98,753 traded in US dollars.
All watch models that have increased in value continue to trade well above their retail prices, although it is extremely difficult to purchase them new from a dealer as demand exceeds supply.