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Watches are a particularly popular safe haven in these uncertain times.
Second hand watches are the fashionable way to get a watch at the best price, the perfect piece of men’s jewellery.
But one can dream of wearing a beautiful watch without having the means to buy iconic models.
This has led many enthusiasts to focus on recent editions sold second-hand. This has led to a flourishing second-hand market, both online and in watch shops.
On the other hand, some models such as the Rolex Daytona have lost their value at first hand. The same is true for the Piguet Royal Oak, whose price has dropped by €20,000 in 6 months. In contrast, other models have increased in value, such as the Girard-Perregaux Laureato, which was worth around €8,000 in 2021 and is now worth €18,000, an increase of €10,000.
However, since the summer of 2022, the value of the new watch market is still growing by 10%. Vintage watches are therefore attracting renewed interest. This is the case of the Rolex Datejust 41, a sure value whose price has risen in all its variants.
The second-hand market driven by dynamic demand
Watch specialists all agree on this point: the true price of a watch is the one it reaches on the secondary market. This is why watch lovers have seen fit to put their savings into tangible safe havens.
The second-hand market thus confirms the grip of an aura of star brands.
Among these, Rolex dominates the ranking, followed by Patek Philippe and Audemars Piguet. At auctions, these three exceptional manufacturers sometimes fetch several million Swiss francs.
In 2020, in the midst of the confinement, the Rolex Daytona and the Patek Philippe Nautilus saw an increase of more than 200% in their second-hand prices. A real race to the clock!
Back to normal in 2022
But the year 2022 marked a certain return to normal and the speculative bubble is slowly deflating. And for the past few weeks, prices have been falling on the second-hand market, sometimes by as much as 30%.
The Rolex Daytona is now trading second hand at between €35,000 and €38,000, or 15 to 20% less than in the spring. Patek Philippe’s Nautilus is now selling itself on the second-hand market for between €130,000 and €150,000 depending on its condition, €60,000 to €40,000 less than in February.
According to the American second-hand watch platform, Chrono24, this slump can be explained by the collapse of cryptocurrencies.
In 2022, the value of the main virtual currencies (led by Bitcoin) collapsed, leading to an earthquake and a number of bankruptcies. However, a study confirms that when speculators spend their Bitcoins, they prefer to buy luxury goods. The latter would have represented 31% of transactions in 2021 via the Bitpay payment platform, compared with 9% in 2020.
Read also > The Geneva Watchmaking Grand Prix flies to India
Featured photos : © Chrono24[/vc_column_text][/vc_column][/vc_row][vc_row njt-role=”not-logged-in”][vc_column][vc_column_text]
Watches are a particularly popular safe haven in these uncertain times.
Second hand watches are the fashionable way to get a watch at the best price, the perfect piece of men’s jewellery.
But one can dream of wearing a beautiful watch without having the means to buy iconic models.
This has led many enthusiasts to focus on recent editions sold second-hand. This has led to a flourishing second-hand market, both online and in watch shops.
On the other hand, some models such as the Rolex Daytona have lost their value at first hand. The same is true for the Piguet Royal Oak, whose price has dropped by €20,000 in 6 months. In contrast, other models have increased in value, such as the Girard-Perregaux Laureato, which was worth around €8,000 in 2021 and is now worth €18,000, an increase of €10,000.
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Watches are a particularly popular safe haven in these uncertain times.
Second hand watches are the fashionable way to get a watch at the best price, the perfect piece of men’s jewellery.
But one can dream of wearing a beautiful watch without having the means to buy iconic models.
This has led many enthusiasts to focus on recent editions sold second-hand. This has led to a flourishing second-hand market, both online and in watch shops.
On the other hand, some models such as the Rolex Daytona have lost their value at first hand. The same is true for the Piguet Royal Oak, whose price has dropped by €20,000 in 6 months. In contrast, other models have increased in value, such as the Girard-Perregaux Laureato, which was worth around €8,000 in 2021 and is now worth €18,000, an increase of €10,000.
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