Even more stark was the impact on highend watches , with the most in-demand timepieces commanding prices up to three times the recommended retail price as collectors and enthusiasts clamoured to get their wrists around new models but unable to visit boutiques .
Already in limited supply , the secondhand market for haute horlogerie has calmed down since that heady pandemic period but many watches are still trading above asking price .
EING AN INCREASE L COLLECTORS AND 20S SEEKING RARE VINTAGE WATCHES
Nitin Nair Watch Specialist , Christie ’ s Middle East
Nitin Nair , Watch Specialist at Christie ’ s Middle East says they have witnessed a 212 % growth in the sale results from watch auctions between 2017 and 2022 .
“ Dubai has increasingly become a hub for watches within the secondary market ,” says Nair , “ and we have been able to work with collectors across the region , helping them buy and sell at our auctions and increasingly via private sales .”
It ’ s not just watch enthusiasts and collectors who have taken note of the preowned timepiece market – savvy investors have spotted the market ’ s performance and are also getting involved .
As BCG ’ s recent report ‘ Luxury Preowned Watches , Your Time Has Come ‘ states , from August 2018 to January 2023 average prices in the second-hand market for top models from Rolex , Patek Philippe , and Audemars Piguet rose at an annual rate of 20 %. This compares with an annual rate of 8 % for the S & P 500 index . businesschief . ae 145