Prices of the most traded luxury watches remained largely unchanged in March as buyers awaited the release of new models this month at a key industry event in Geneva. The values of a couple of famous Rolex watches and a Patek Philippe have risen.
The Bloomberg Subdial Watch Index, which tracks the prices of the 50 most-traded luxury watches by value, fell about 0.1% to a level of $33,558 last month, according to data compiled by Subdial, a watch retailer and trading platform based in London.
The index fell 8.7% in one year and 42% in two years. Higher interest rates, geopolitical uncertainty and weaker economic growth have dampened demand as buyers turn cautious. Prices of the most coveted used watches from brands like Rolex, Patek and Audemars Piguet have risen to unprecedented levels in 2021 and early 2022 amid the pandemic.
Among a handful of 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. Nicknamed “Pepsi”, the watch has been among the best in the past year amid speculation it may 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 to trade at $15,259, data show.
Meanwhile, the blue-dial Patek Philippe Nautilus 5711, a sporty steel model with an integrated bracelet that was one of the so-called ‘hype’ watches during the market’s peak, gained about 1.1% last month, ranking at approximately $98,753. .
All watch models that have gained value continue to trade well above their retail prices, although they are extremely difficult to purchase new at a retailer as demand exceeds supply.