Black Friday Sale

Prices for luxury watches are near a two-year low on the secondhand market, reversing a rally that brought timepieces like Rolex, Patek Philippe and Audemars Piguet to record highs during the pandemic.

The average price of a watch sold secondhand has fallen 31% since March 2022, according to WatchCharts, a luxury watch price tracker. At the market’s peak, the average price of a luxury watch sold secondhand soared to $45,108, with buyers paying up to five times the retail value for in-demand watches.

“It was an unprecedented time in history where people were home captive. You also had a little bit of cryptocurrency and bitcoin run-up,” said Paul Altieri, CEO of watch resale site Bob’s Watches. “What’s going on now is a happy, healthy correction.”