The Rolex Daytona, once the darling of watch collectors, is now among the most negatively impacted by the global recession in luxury watches, with some models plummeting in value by nearly 7% in the last month on the secondary market.
Resale prices of used collectible watches are plummeting, and many of the highly desirable references of the Rolex Daytona are among the most affected in this major recession of luxury watches. Prices of used Rolex watches are continuously dropping on the secondary market, falling by 2.2% in the month of September, according to the Bloomberg Subdial Watch Index, which tracks the market price for 50 references.
+ Gucci Family Home Listed for $16.4 Million
The worst-performing in the Subdial index for the month of October was the Rolex Daytona, reference 116519, which saw its average price drop by 6.1% in October. Once considered a coveted timepiece, the price of the Rolex model has plunged by over 17% in the past year, now averaging $28,703 on the secondary market.
The average selling price of the Rolex Sea-Dweller Deepsea ref. 126660 has dropped by 7.6% in the last 30 days, currently placing it at the bottom of the index. In fact, the bottom of the index is flooded with different Rolex models like the Daytona 16520 and the Submariner Date Bi-Metal 16613. October was not kind to Rolex watches, if we believe the Subdial index. By the way, the watch that performed the best in the month of October is also a Rolex Daytona, ref. 116509. The 18-karat white gold with a bright blue dial was discontinued by Rolex this year, increasing its average selling price by 6.1% to $34,205.
Subdial notes that prices haven’t hit the bottom yet, as there is more pressure on the secondary market. Additionally, the Hoxton-based company claims to have recorded a 5% increase in the supply of watches on the secondary market since August, which has the potential to further weaken the market. “What we are seeing is dealers lowering prices to chase sales during the holiday season,” reports Subdial.
Interestingly, entry-level models and brands like Cartier and Omega have had comparatively better results, indicating that the enthusiasm around some brands like Rolex and Patek Philippe has finally waned, and prices have returned to where they were before the pandemic.
Source: Luxury Launches
Stay updated with news on our Facebook page!
