When last we looked at the luxury watch market, prices for pre-owned Rolex were slowly coming down — and not much else. Ten days later there are some new and interesting trends. Let’s start with the 800-pound horological gorilla in the room, Chrono24 . . .
As a reminder, we scan the bottom three Verified Dealer New-in-Box prices and average them out, since the the bottom of the luxury watch market is where the action is the juice:
While there’s always some movement as inventory gets bought and replaced, there’s definite downward momentum in almost everything.
Again, higher-priced items lead the way, with the white-and-black Rolex Daytona, OMEGA Professional Moonwatch and Rolex GMT-Master falling well over a percent – before recovering a bit on April 26th.
Even Chrono24’s own data – however they measure it – shows the trend:
I will point out that our data from Chrono24 is over a thousand dollars less than the bottom end of their chart. Reminding us yet again that you never trust someone talking their book.
Does this not look like enough downward price movement given that we’re in the middle of Coronageddon? Remember, these are published average prices, not actual transaction prices.
Movements are going to be smaller and smoother than you would see if you made these dealers an offer. Especially on a site like Chrono24, these prices represent the beginning of a negotiation, not the end.
We also have some price changes over at Jomashop.com:
This downward dip is likely part of their “flash sale.” But generally speaking, dealers don’t discount high-end timepieces as heavily as low-end watches because supply is much more limited. Joma hacking two hundred bucks off an OMEGA Moonwatch means they need them to move move move.
A few more data points on pre-owned Rolex:
For the first time since I started look, our good friend Bob has a Rolex GMT Master II Jubilee Ceramic “Pepsi” in inventory
Ebay completed a transaction for a Panda Daytona for somewhere south of $23,290. The last known transaction on the site was on 3/26 at $23,750.
More to come. Watch this space.