Pre-owned watches from luxury brands like Rolex and Patek Phillippe got a real boost in 2023.
Photo: ARND WIEGMANN / Reuters Published: Published:
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If you’re planning to buy a watch of the more expensive type, now might be the time. Prices have not been lower for two years.
From the high levels of March 2022, the WatchCharts index shows a decline of 37%. The indicator tracks the development of 60 luxury watches from 10 leading brands.
The secondary market downturn began in earnest after central banks around the world began raising benchmark interest rates. This was done in an attempt to slow the economy and thus overcome high inflation.
Fear of an economic recession following the increases may have led shoppers to curb their luxury spending, Business Insider writes.
Delisted from the stock exchange this year
The WatchCharts index shows a decline of nearly 14% in 2023. Some watch brands have seen a larger decline than others.
The Rolex Index shows a decline of 8% for the year. Patek Philippe lost 16%. The biggest drop was recorded by Audemars Piguet, which lost 19% over the year.
Over the same period, stock markets had a strong year. The broad US index S&P 500 closed the year up by 24.23%, while the Oslo Stock Exchange recorded a rise of 9.89%.
In a report earlier this year, consultancy BCG wrote that luxury watches have performed well compared to traditional investment categories, according to Business Insider.
– From August 2018 to January 2023, average prices of pre-owned flagship models from Rolex, Patek Phillippe and Audemars Piguet increased by 20% year-on-year. This was despite the broad market downturn during the pandemic. By comparison, the S&P 500 rose about 8% annually over the period.
Sold for over 67 million Danish crowns
However, according to the Robb Report, in 2023 several watches were sold for over 20 million Norwegian kroner.
According to the website, the most expensive watch sold at auction this year must have been the Patek Philippe Ref. 96 Quantieme Lune. The new owner paid $6.6 million. The watch belonged to the last emperor of China’s Qing Dynasty, Aisin-Gioro Puyi.
The price, which corresponds to 67 million Norwegian crowns, is said to be the highest paid for a watch belonging to an emperor.
The website also writes that the ninth most expensive watch sold at auction this year was the Rolex Paul Newman John Player Special Ref. 6241. It sold for $2.5 million. At today’s exchange rate this corresponds to just over 25 million Norwegian kroner.
According to the Robb Report, the watch is named after the tobacco-sponsored British Formula 1 team Lotus. It is said that only 300 examples of the 18k gold watch were made.
2023-12-31 11:32:32
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