The global economy is slowing and it's even changing the habits of the biggest spenders — demand for luxury watches has tumbled and prices for Rolex, Patek Philippe, and Audemars Piguet timepieces are hovering near two-year lows on the secondary market.
For example, in the last year, the price of the Audemars Piguet Royal Oak Jumbo Ultra Thin, which currently sells for an average of $71,692, has declined more than 35%, Bloomberg reported. Meanwhile, the Patek Philippe Nautilus Travel Time has fallen 28%, and the Rolex Daytona 116506 has dropped 25%.