Although luxury watches are viewed as some of the most stable and safest investments there are, they are not immune to declining prices.
James Constantinou comments: With the “average price of a secondhand watch dropping by 31% since March 11, 2022”, and an estimated “30 Rolex models falling 14% year over year” (The Wall Street Journal, 2023), it’s clear that secondhand watch prices are on the decline. This is affecting the entire market, across all brands, including Rolex, Patek Philippe and more.
It is estimated that the change is due to an increased supply of watches being sold by individuals, likely in response to the cost-of-living crisis, which has driven down overall prices.
“People who bought watches as investments are now looking to sell their holdings. During the pandemic, the demand for pre-owned watches increased as people bought luxury items in search of hedges against inflation and alternative sources of appreciation.” – Charles Tian, CEO of WatchCharts.
In the UK in particular, statistics suggest we are moving towards an economic downturn. With an uncertain future ahead, we predict more people will be looking to sell their luxury watches and various other assets. At Prestige we offer fair and detailed evaluations of your goods to ensure you receive the best possible offer against your luxury assets, whether you are loaning or selling.
Prestige Pawnbrokers remain optimistic that the value of luxury and designer watches will once again increase and as always, we look forward to seeing the wide range of models that our customers bring through the door.
Find out more about Prestige: Prestige Pawnbrokers loan against, buy & sell assets for cash or loans.