A three month long slump in prices for the hottest waiting list watches from Rolex, Patek Philippe, Audemars Piguet and others appears be ending.
Data from Watchcharts shows how the top 30 Rolex watches traded on the secondary market slipped by 16% from an average price of $16,000 in the first week of April to $13,327 at the end of August.
However, in the past month, the Rolex price-drop has all-but leveled out, with a dip of just 1.7% in the past 30 days.
Watchcharts says that the majority of its data comes from sale prices from professional dealers on market platforms, and cautions that asking prices are usually significantly higher than actual transaction values.
Patek Philippe prices are also leveling out after falling by almost 12% in the past six months.
The same is true for Audemars Piguet, which has seen prices drop by 9% in the past three months, but bottomed out a fortnight ago and has been rising slightly since.
Wait til the world wide recession kicks in…
Appreciate the detail. We all are looking for key indicators of a bottom. Hopefully this is a true bottom and not a ledge to a deeper ravine! As painful as these drops are to people holding inventory, they are healthy adjustments, as you indicate in your other article.