Wall Street has made its predictions; the Federal Reserve has carried out its interest-rate increases, and the results are in! With the economic uncertainty and higher interest rates creating a pull-back in luxury spending, the secondary market for luxury watches has sunk to its lowest level in over two years. The WatchCharts Market Index has slumped a whopping 37 % from its record high in March last year, with Rolex dipping 31% too, plus, Audemars Piguet bearing the brunt with 19% decrease. To find a silver lining to this – preowned watch sales had totaled an unstoppable $22 billion in 2021, substituting a good portion of the entire $75 billion luxury-watch market. But,it did outperform the stock market from the August 2018 to January 2023, undergoing an annual rate of 20% increase, compared to the S&P 500’s annual rate of 8%. Sign up to get the scoop on today’s biggest stories in business while accessing personalized feeds – on the go!
