looking for the same watch and the most highly sought-after watches are prioritised to previous clients before new ones . We ’ ve had customers tell us they ’ ve been waiting three years for a Rolex Submariner .”
Yasavolian says this is where the secondary market really comes into its own , as people simply don ’ t want to wait years for a watch they may never get .
He cites the example of a stainless steel Rolex Daytona 116500 that Rolex sells at a retail price of US $ 15,100 but currently goes for more than US $ 30,000 on the secondary market .
In February 2022 , he says the secondary watch market prices peaked with the stainless steel Rolex Daytona trading at more than US $ 50,000 .
Nair also mentions Rolex and Patek Philippe as the two top brands most in demand , adding that grand complications and vintage perpetual calendar references from Patek Philippe continue to be highly sought-after .
In 2022 , pre-owned sales reached US $ 27 billion , and Swiss firm LuxeConsult says that by 2033 , pre-owned sales will surpass sales of new watches , peaking at US $ 85 billion .
Part of the attraction for investors rather than enthusiasts is that luxury watches are seen as a stable asset built on reputable brands , and with demand from high net worth individuals who are less affected by financial downturns .
In the decade from 2013 to 2022 , watches
The Patek Phillipe Grandmaster Chime sold at auction for US $ 34 million in 2019
outperformed other popular collectible investments – such as jewellery , handbags , wine , art – growing at an average annual rate of 7 %. businesschief . ae 147