According to a new report from Morgan Stanley and WatchCharts, prices fell 5.7% year-on-year in 2024, affecting the ‘big three’ — Rolex, Patek Philippe and Audemars Piguet — as well as other luxury watchmakers. The fourth quarter of the year marked the 11th consecutive quarter of decrease since May 2022’s peak prices for second-hand watches. Overall, prices tumbled less severely but on a broader base in 2024 than in 2023, with 28 out the 35 Swiss watchmakers tracked seeing decreases of their second-hand market prices. Only a handful of names saw positive performances this year, including Certina, Frédérique Constant, Montblanc and Longines.
Brands that struggled the most were those priced above $10,000 in average resale price that rely heavily on sports models, while all brands above $3,000 performed negatively. Entry-level watchmakers fared better, even tracking positively for the year in a handful of cases. Rolex, Patek Philippe and Audemars Piguet saw their combined market share shrink 2% for the year, stemming from the combination of reduced appetite for high-end models and increased demand for other brands.
Prices for Rolex have hit a four-year low, falling 3% below their January 2021 level. Its certified pre-owned program sales are estimated to have more than tripled year-on-year in 2024, reaching $300mn. Meanwhile Patek Philippe and Audemars Piguet remain up 22% and 28%, respectively, for the same period, but are at their lowest point in the past three-and-a-half years.