David Duggan, arguably the UK’s most respected vintage watch expert and dealer, says he is definitely seeing the market cooling in recent months.
In the Big Interview with WATCHPRO for August, the owner of David Duggan Watches, which has been trading out of his Burlington Arcade boutique in London’s Mayfair for decades, says that a combination of headwinds are taking the edge off the pre-owned watch market, many of which are driving up inflation and squeezing finances for other dealers, collectors and the public.
Asked by WATCHPRO editor Tracey Llewellyn whether the market is cooling, Mr Duggan replies: “It definitely is, for a number of reasons – the war in Ukraine, the labor shortage caused by Brexit that is pushing up pay, and the ups and downs of Bitcoin are all playing their part.”
Mr Duggan has been buying and selling luxury watches since the early 1980s, and takes a long term view of the market, which is still hot by historic standards and is creating opportunities to buy more pieces.
“It is still an incredibly strong market,” he insists. “And I will buy second-hand Patek Philippes and Rolexes all day long. I would rather have my money in a good second-hand Patek with box and papers than have it in the bank,” he advises.
The full Big Interview with David Duggan will be published online in August.
