Rolex and Patek Returns Beat Vintage Cars and Bitcoin

tech.hindustantimes.com:

An unprecedented price surge for the most sought-after second-hand luxury watches is showing signs of settling down after some owners put their Rolex and Patek Philippe timepieces back on the block to cash out, a new index by trading platform Subdial shows. 

The Subdial50 index, which tracks global market prices for the 50 most traded luxury watches by value, has declined about 6% in the past 30 days. A black-dial Rolex Daytona reference 116500LN has lost 10% of its value in a month, though it’s still up about 19% in the past 12 months. The blue-dialed Patek Philippe Nautilus 5711 steel sports watch -- which retails for about £119,000 ($145,230) on the site -- is down about 12% in 30 days after surging 44% in 12 months, the data show.

“In certain models, there has been this big run-up, and they have come back down to a probably a more sensible price where the true underlying demand was,” Ross Crane, a Subdial co-founder and data scientist who helped create the index, said in an interview. 

Still, the index, which includes Rolex Daytonas, Datejusts, and Submariners, as well as several Patek Philippe Nautilus references and one Audemars Piguet Royal Oak, is up about 32% in the past 12 months. 

That puts pre-owned luxury watches ahead of a slew of other alternative asset investments, including vintage cars, gold, and certainly crypto currencies, which have suffered a steep decline in recent months. The S&P 500 is now poised for its worst first half since 1970, six years before Patek introduced its first Nautilus (which retailed for $3,100 at the time).

Interest in collectible vintage watches spiked during the pandemic as consumers, flush with cash but stuck at home, parked funds in timepieces they lusted over online. Some