The supply of models, such as the Rolex Daytona and the Patek Philippe Nautilus, began to increase in April, causing prices to decline.
The statement came amid increasing uncertainty over the state of the watch market, and speculation that the factors dragging down the wider economy—sky-high inflation, the cryptocurrency collapse, the war in Ukraine and the prospect of a looming recession—may negate the phenomenal growth the watch business has seen since the start of the pandemic.
Eugene Tutunikov, CEO and founder of SwissWatchExpo, a pre-owned watch dealer based in Atlanta, said the correction was both healthy and anticipated.“The Fed just hiked rates for the second time by 0.75 percent, and this hike being expected for some time lead some of the hot air to come out of the prices of the hottest watches,” Tutunikov tells116500. “This particular model peaked at $46,000 and currently can be found for under $35,000, about a 25 percent correction in price,” he says.
Earlier this month, Morgan Stanley released a report that echoed the declines in the secondary market for models from Rolex, Patek and“Despite the recent downturn, watches continue to perform well overall on the secondary market, as evidenced by sustained higher-than-retail valuations and strong performance relative to other asset classes, such as equity and cryptocurrency,” said the report, which was produced in partnership withSecondhand dealers stressed that even when prices on select models...
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The Targaryens Hit the Red Carpet at the ‘House of the Dragon’ PremiereThe people of Westeros are back. See all the best looks from the HOTD premiere.
Read more »
Lexus LFA Successor Could Use Twin-Turbo V8 From LC500 Endurance Racer | CarscoopsLexus LFA Successor Could Use Twin-Turbo V8 From LC500 Endurance Racer | Carscoops carscoops
Read more »
First Mover Americas: Bitcoin Heads for Best Month Since October as PCE Inflation SurprisesFIRST MOVER: As the week ends with a fresh inflation surprise, July has brought relief to the crypto market. godbole17 reports
Read more »
Will Smith Says 'I Am Deeply Remorseful' For Slapping Chris Rock at OscarsWas pressure from JadaPinkettSmith the reason WillSmith slapped ChrisRock at the Oscars? 👀 Will gets candid about the incident in a new video (🎥: Will Smith/Facebook)
Read more »
McLaren announces new 585hp Artura TrophyThe shackles have come off McLaren's Artura GT4 with the launch of a new one-make championship 🏁
Read more »