is down 21 percent, the Patek Philippe Nautilus is down 19 percent and the Audemars Piguet Royal Oak is down 15 percent. The trend has extended to other brands outside the big three as well. For example, the Vacheron Constantin Overseas Ref. 4500V/110A-B483 peaked at $39,900 in the secondary market this past April and can now be purchased for nearly $10,000 less.
The reversal is simple enough to diagnose, according to Morgan Stanley. Supply is now outstripping demand. “We have noticed a significant increase of watch inventory in the secondary watch market year to date as a result of secondhand watch dealers and individual watch investors off-loading their stocks,” the financial services company said.Despite the price drops, it’s worth noting that the going rate for these watches in the pre-owned market is still well above retail.
In addition, certain brands are defying the trend altogether. Some examples include Bulgari with a 1 percent increase, A. Lange & Söhne with at 3 percent and Girard Perregaux with a 5 percent bump in the pre-owned market.