The luxury watch market is experiencing a significant downturn, with second-hand prices hitting a three-year low.

Prices for the most popular second-hand Rolex, Patek Philippe, and Audemars Piguet watches in Switzerland have fallen again to a three-year low, according to Bloomberg and Subdial, a UK-based platform for buying and selling luxury watches.

The Bloomberg Subdial Watch Index (BSWI), which tracks 50 of the most traded watches, fell nearly 6 per cent in 2024 to its lowest level since 2021. Subdial data showed that an index for popular Rolex watches fell about 5 per cent last year, while Patek Philippe and Audemars Piguet fell 4 per cent and 7.5 per cent respectively.

This marks the third consecutive year that prices for high-end second-hand Swiss watches have fallen. The market for second-hand luxury watches soared to unprecedented levels during the pandemic in 2020 and 2021, before falling sharply from April 2022 amid slowing economic growth and rising interest rates.

While prices for high-end second-hand Swiss watches in 2024 did not fall as severely as in 2023 or 2022, they have still fallen by about 13 per cent over two years, with second-hand Rolex watches falling by 8 per cent.

Notably, since January 2023, Cartier is the only watch brand whose second-hand prices have risen, up about 4 per cent over two years, as collectors have become more interested in small-shaped jewellery watches.