Most of us can’t afford a Rolex (or other high-end luxury watches, for that matter). But if there ever were a time that those closest to that financial milestone would be able to afford one, it’s now. According to a report from Morgan Stanley, pre-owned luxury watches have fallen in price because the market has been flooded with supply — and they are predicted to fall further by the end of the year, as well. So if ever you wanted to splurge on one, now might be the time.
Which luxury watches are discounted?
Pre-owned luxury watches Rolex, Patek Philippe, and Audemars Piguet are the ones to keep your eyes on. According to WatchCharts, an index that tracks prices for luxury watches, these hit a peak in price during the first quarter of 2021, and then started a steep decline that seems to keep going. Rolex prices have dropped more than 19% over the past six months, from an average market high of approximately $US36,000 ($49,975) in March to $US29,000 ($40,258) today, as of this writing.
Other brands like Patek Philippe and Audemars Piguet have fallen 19% and 15% on the secondary market, respectively, since the peak in April of this year.
One of the watch models most affected, according to WatchCharts, has been the Rolex Oyster Perpetual, having decreased 28.7% as of this writing over the past six months. Some can be found on the used market for as low as $US2,100 ($2,915).
Where can I buy a discounted Rolex, Patek Philippe, or Audemars Piguet?
There are websites like Bob’s Watches and Chrono24 that sell verified authentic luxury watches. You can try your luck on eBay and see what you can find, but there is no guaranteed proof of authenticity.
“Given the current watch inventory for sale and the worsening macro backdrop, we would expect second hand prices to contract further quarter over quarter,” Morgan Stanley said, as reported by Bloomberg.
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