As we conclude 2024, the watch market has experienced notable shifts, with price declines in both the primary and secondary markets. The latest update from WatchCharts reveals a continued downturn in November, following a slight uptick in September and October, signaling an ongoing adjustment period for the industry.
November Performance Overview
In November, the WatchCharts Overall Market Index fell by 0.8%, reflecting a broader trend of price declines in the secondary market. Luxury brands such as Rolex, Patek Philippe, and Audemars Piguet saw slight drops, with their respective indexes down by less than 1%. Over the past year, the market as a whole is down 5.1%, with Rolex, Patek, and AP experiencing declines of 4.9%, 6.5%, and 7.4%, respectively.
The performance of individual brands showed an even more significant decline compared to the previous month, with only a few exceptions. Bell & Ross, Tudor, Cartier, and Zenith saw minimal improvements, each gaining less than a third of a percent. On the flip side, Chopard, Breitling, and H. Moser & Cie were the worst performers, each losing over 1.5% of their index values in November.
Notable Collection Performance
Among the collections tracked by WatchCharts, Tudor’s Submariner (+2.4%) and Pelagos (+1.3%) performed the best, reflecting a continued interest in these models. Omega’s Constellation also saw a slight increase (+2.0%). Meanwhile, the MoonSwatch collection, which had been a sensation in previous years, experienced a further decline in value, particularly the Mission to Neptune reference, which dropped by 3.1%.
Other notable performers include Rolex’s Explorer (-2.6%) and Chopard’s Alpine Eagle (-2.3%), which also faced declines in November.
2024 – A Year in Review
The broader watch industry faced challenges throughout 2024, particularly in the secondary market. After a record-breaking 2023 for Swiss watch exports, the major Swiss watch groups saw a decline in both volume and revenue this year. Many well-known secondary-market dealers, including Chrono24, Crown & Caliber, and CHRONEXT, have been significantly impacted by the drop in demand and the continued fall in secondary prices.
Despite these struggles, the decline in 2024 has been less severe than in 2023 and 2022, indicating that the market may be finding a new equilibrium. The chart tracking the market index for 2022-2024 highlights this more gradual downturn.
Brand Performance in 2024
Across the board, nearly all major watch brands saw price reductions in 2024. However, some brands performed better than others. Cartier, in particular, stood out as the best performer among high-value brands, with a relatively mild decline of just 0.6%. The brand’s resurgence in recent years, driven by its rich heritage and widespread appeal, has helped maintain its value.
On the other hand, Vacheron Constantin (-11.8%), H. Moser & Cie (-12.7%), and Girard-Perregaux (-13.7%) faced more significant losses, largely due to waning interest in their integrated bracelet sports watch collections.
Is Now a Good Time to Buy?
With prices falling across many segments of the watch market, many potential buyers are wondering if now is a good time to make a purchase. While we have refrained from making definitive predictions in the past, the current market conditions suggest that there may be significant opportunities for discerning buyers.
Rolex, Patek, and Audemars Piguet prices are at three-year lows, and when adjusted for inflation, Rolex prices are at their lowest in over five years. Given the frequent retail price hikes from these brands in recent years, the secondary market may offer better value than it has in a long time—potentially since before the COVID-19 pandemic disrupted the market.
However, it’s important to note that while prices are low, this doesn’t guarantee future gains, especially for recently-released, in-demand models. Still, for knowledgeable buyers, there are opportunities to secure better deals than in previous years, with relatively low risk.
At WatchCharts, we continue to monitor the market to help guide buyers through these shifting dynamics. As always, the most important advice is to buy what you truly love.
Looking Ahead
As we move into 2025, the watch market remains in flux. While the past year presented challenges, it also highlighted emerging opportunities for those willing to navigate the evolving landscape. For collectors and investors alike, understanding market trends, brand performance, and specific model values will be crucial in making informed purchasing decisions.