Rolex
- The secondary market for luxury watches has sunk to its lowest level in over two years.
- The WatchCharts market index and has slumped 37% from a record high in March last year.
- Elevated interest rates and heightened economic uncertainties are seen as sapping demand.
Since late 2022, Wall Street has been rife with predictions for the Federal Reserve's interest-rate increases to wreak havoc in the US economy and stock market.
While the broader economy has held up surprisingly well, the monetary blitzkrieg has sparked a downturn of a different kind — a rout in the secondary market for luxury watches.
The WatchCharts Overall Market Index — which tracks the prices of 60 timepieces from top brands including Rolex, Patek Philippe, and Audemars Piguet — has plunged 37% from a March 2022 peak. A separate index for just Rolex models fell 31% over a similar period.