The statement came amid increasing uncertainty over the state of the watch market, and speculation that the factors dragging down the wider economy—sky-high inflation, the cryptocurrency collapse, the war in Ukraine and the prospect of a looming recession—may negate the phenomenal growth the watch business has seen since the start of the pandemic.
Eugene Tutunikov, CEO and founder of SwissWatchExpo, a pre-owned watch dealer based in Atlanta, said the correction was both healthy and anticipated.“The Fed just hiked rates for the second time by 0.75 percent, and this hike being expected for some time lead some of the hot air to come out of the prices of the hottest watches,” Tutunikov tells116500. “This particular model peaked at $46,000 and currently can be found for under $35,000, about a 25 percent correction in price,” he says.
Earlier this month, Morgan Stanley released a report that echoed the declines in the secondary market for models from Rolex, Patek and“Despite the recent downturn, watches continue to perform well overall on the secondary market, as evidenced by sustained higher-than-retail valuations and strong performance relative to other asset classes, such as equity and cryptocurrency,” said the report, which was produced in partnership withSecondhand dealers stressed that even when prices on select models...