Last year was absolutely insane for watch prices but things are getting better now.
In fact, watch experts say that now is the best time to buy a luxury timepiece.
SwissWatchExpo CEO Eugene Tutunikov says the market is cooling down after an absolutely mind-blowing rise in 2021 and 2022.
Tutunikov believes this is largely due to Covid.
“[During Covid], consumers were flush with cash because they weren’t going out to eat or traveling [and] there was a limited amount of products [they could spend money on],” he said.
The result was a crazy rise in value for luxury watches.
Especially when it comes to timepieces made by Rolex, Audemars Piguet and Patek Philippe.
Prices for these three brands peaked in January 2022, but they’ve been going down ever since.
Tim Stracke, CEO of Chrono24, says prices are now pretty stable compared to last year and 2021.
“Our view is that prices have reached the low end and have become somewhat stable,” Stracke said.
Stracke further explained that the world’s coveted watches are now 10-20 percent cheaper than they were last year.
This is true for Rolex’s most popular models, including the Daytona, the AP Royal Oak and the Patek Philippe Nautilus.
Buyers who are not interested in Rolex, Audemars Piguet or Patek Philippe should keep an eye on Cartier, according to Stracke.
“It’s super successful right now,” he said. “It’s probably had one of the biggest growth trajectories over the last six months.”
Further, Stracke says Piaget and Chopard watches are on a similar trajectory.
As a general rule, experts collectively agree the best investment is still Rolex.
You can buy one and, worst-case scenario, sell it at the price years later.