Autumn Watch Market Update
This is perhaps the most important part of the autumn update at Watches of Bath as this affects almost all of us interested in watches. As we all know, the market value of most desirable timepieces is relatively steady over a period of a few years with some increase or decrease in value but nothing spectacular. However, in the spring of 2022 we witnessed a rise in value of certain models that was unexpected and certainly unsustainable. It is therefore no surprise to most of us that the market value of these pieces has now fallen significantly and back to a level which is probably in line when analysing market value over the past few years.
This market volatility over the past 18 months has led to some unpleasant conversations but also some great opportunities for the watch buying public. There is no denying that it has been a difficult time for some, who have seen the value of their pieces fall, such as the Rolex Day-Date 40 reference 228235 and the Rolex GMT-Master II reference 126715CHNR, but for others it has been the perfect time to purchase that dream piece and fulfil ambitions. The Rolex Submariner and Datejust ranges are proving as popular as ever and this is helped by the fact that the pre-owned retail price of an unworn 2023 model is now not much over the authorised dealer RRP. It does appear that the steep decline in values has now slowed with most pieces having settled at a value that is now deemed acceptable, many of which are available pre-owned for under the authorised dealer RRP.
The confidence returning to the market is shown in the number of sales and purchases that have taken please since July this year. August and September have been incredibly busy for us, with unprecedented demand for timepieces which has greatly stabilised the market.
From our viewpoint, if you are interested in purchasing a Patek Philippe or a precious metal Rolex, it is an opportunity to pay a lot less than 18 months ago and for many Rolex models, a significant amount less than the RRP. One of the pieces to feel the full force of the correction is the Rolex Submariner reference 126619LB. This submariner is one of our favourites but a 2023 unworn can now be purchased for around 20% less than RRP.
Whilst this is an excellent opportunity for buyers, any person wishing to part ways with their watch should not expect a valuation of anywhere near Spring 2022. It is not news we enjoy but the market has fallen significantly, and values have changed accordingly.
Throughout the last 18 months though, our advice to all collectors and enthusiasts has been the same, purchase a piece that you like, wear and enjoy, and if when you sell you make a little profit, treat that as a bonus.
We hope that this insight is helpful. Please contact us on 01225 536537 to make an appointment if you would like to have a coffee and a chat about watches or alternatively, please email firstname.lastname@example.org to get in touch regarding purchasing or selling a piece.