The latter half of 2024 continues to see a steady decline in luxury watch prices on the secondary market, with no signs of a rebound. The WatchCharts Overall Market Index fell by 0.8% in July, marking a worsening trend compared to June. Notably, the declines in key brands have contributed to the market’s struggle, as evidenced by Rolex, Patek Philippe, and Audemars Piguet.
Market Trends and Brand Performance
In July, Rolex experienced a modest price drop of 0.7%, while Patek Philippe and Audemars Piguet saw more significant declines, with Patek Philippe’s prices falling by 2.3% and Audemars Piguet’s dropping by 0.6%. This downturn reflects the overall trend of the market, which remains at a three-year low.
The Overall Market Index had its second-worst month of the year in July. Within this index, Patek Philippe endured its most significant monthly decline, marking its worst performance since October 2023. Similarly, Audemars Piguet, which had shown stability in June, fell back into negative territory.
Patek Philippe’s Specific Challenges
The 2.3% decrease in the Patek Philippe Market Index for July was predominantly driven by the Nautilus collection, which constitutes two-thirds of the brand’s index. This collection has faced the brunt of the market’s downturn, overshadowing the relative stability of Patek Philippe’s Aquanaut collection, which maintained steady prices throughout the month.
Resilient Watches Amidst Market Downturn
Despite the broader market decline, certain watches have managed to increase in value. The WatchCharts report highlights six such models that have appreciated significantly, defying the general trend. For further insights and detailed analysis, viewers can explore the WatchCharts YouTube channel.
Monthly Collection Performance
The table provided details the best and worst-performing collections for the month. However, many collections that exhibited notable price changes were in the three-digit price range, meaning their fluctuations do not substantially impact the overall market trend.
As the luxury watch market continues to navigate these challenges, the persistent declines in major brands like Patek Philippe and Audemars Piguet signal a period of adjustment, with the search for market stability ongoing.
