Secondhand luxury watch prices are near a two-year low, falling more than 31% since their peak in March 2022.
During the pandemic, many people who were stuck at home and flushed with stimulus cash took to luxury spending. With so many watch models unavailable at retail, enthusiasts flocked to the secondhand market. "When prices reach these super high levels, that also attracts a lot more sellers, so the supply of the most iconic pieces from the three brands tripled within just five or six months," said Stracke.Experts have been warning that a luxury watch bubble could burst along with cryptocurrency and other trendy pandemic booms.
"There's definitely been some landings in 2023, but we see that the prices overall have definitely stayed much higher than they were pre-pandemic. I don't think it's a burst of a bubble," said Pierre Dupreelle, managing partner at Boston Consulting Group. "I think as the economy stabilizes, you can see the prices stabilizing or maybe starting to rise again."