Omega and Cartier watch models are gaining ground as Rolex continues to fall

Some mid-priced luxury watches, including Omega and Cartier models, have outperformed as prices of more popular and higher-end Rolex models, Patek Philippe and Audemars Piguet continue to fall in the secondary market.

The Bloomberg Subdial Watch Index is down 1.4 percent in a month and is now down 16 percent over the past year. The index tracks more than 50 secondary market trading watches by value and consists primarily of Rolex, Patek and AP models. High interest rates, shaky economic growth and collapsing cryptocurrency values ​​have combined to increase the supply of used luxury watches and drive prices lower after a rally in 2021.

However, some mid-priced watches from brands too including TAG Heuer and Tudor are bucking the trend, according to data from Subdial, a UK-based used watch retailer and trading platform.

The value of a set of five selected hours gained 17 percent per year. The price hike shows that collectors and enthusiasts are looking for rare, underrated timepieces and, in some cases, even smaller timepieces.

The 36mm diameter Omega Seamaster dive watch now retails for approximately $5,253. Subdial co-founder Kristi Davis said the model is gaining ground because it epitomizes the trend toward more discreet luxury goods and smaller sizes.

He said the Santos Galbee, which is much smaller than the average watch at just 28mm in size and retails for about $5,060, also speaks to the trend and is part of the surge in popularity of so-called “new luxury” watches from the ’90s.

The best performing watch in the Bloomberg Subdial Watch Index in the last 30 days is also a smaller watch. The Rolex Datejust 36 outperformed other models made by Switzerland’s largest watch brand, gaining about 3.4 percent in one month and trading for about $10,200.

The worst performer is the Rolex Daytona in steel and gold, which is down about 7 percent to about $18,150.

Analysts at Morgan Stanley published a report earlier this week showing that while the most sought-after watches from Rolex, Patek, and AP continue to trade above retail on the secondary market, prices are expected to continue to fall in the third quarter due to higher levels of supply.

Written by Andy Hoffman

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