Sometimes, high-end items we have dreamed of owning are just out of reach of our budget. If getting your first or adding to your Rolex collection has been on your list for a while, it’s time to sit up and take notice. A report from Morgan Stanley compiled from keeping an eye on the WatchCharts Overall Market Index, which clocks the prices of 10 brands that oversee 60 Swiss watches on the second-hand and used market, shows we are in a sweet spot to scoop up these gorgeous wristwatches.
The price drop explained
For the second quarter in a row this year and the ninth consecutively, prices for luxury watches have dropped. In the first quarter of 2024, brands encountered a 2.1% drop in prices against a 1.2% year-over-year dip.
According to experts, things are going to get better anytime soon. It has been predicted there will only be more of the same, with Morgan Stanley thinking prices will steadily decline for the rest of the year. While that is not great news for the brands, it is music to a collector’s ears.
The brands seeing the bottom
In addition to Rolex, whose prices saw a 7.2% decrease in the second quarter, heavy hitters like Omega dropped their prices by 6.9%, Tag Hauer had a 7.9% drop in prices, Tudor dropped prices by a staggering 9.3%, and Patek Philippe watched their price tags take a huge double-digit hit of 10.7%.
The brands that made it out alive
Not everyone is having a hard time out there. Jaeger-Lecoultre held steady with a 0.4% increase, but the winner was Hamilton, who was able to increase prices by 2.2% in quarter two.
Why the price drop matters
When prices drop for second-hand or used watches, it does affect prices for ones freshly assembled. But Rolex has been one constant that didn’t need to worry about that, as its watch prices held it together despite the fluctuation in the market. With this turn of events, those who buy a vintage Rolex with intentions to resell and not to keep won’t see as great of a return, which drives prices down even more. This also leaves more watches on the table for the wearers and collectors to purchase.
Go get that Rolex
That spells out great news for anyone wanting to add a Rolex to their personal collection. With less demand from these resellers, lovers of the craftmanship Rolex brings to pieces like the Submariner or Explorer have a better shot at grabbing one for themselves. We aren’t saying to keep waiting and keep waiting to see how the rest of the year or 2025 goes. But having to wait well over 150 days in 2022 compared to less than 100 days now, if you see a GMT-Master II you want come up for, buy it now.
Waiting for an exclusive watch to become available is a game no collector wants to play. While we are sure Rolex and other Swiss brands didn’t want to see prices take a drop, wearers of the timepieces need to act as soon as possible when a watch they’ve been waiting for pop up anytime this year. If you are investing in a Rolex or other Swiss brand for yourself, there’s no better time and no more excuses.
