The used luxury watch market is getting weaker due to lower demand. Swiss high-end watches are now cheaper in the resale market than they’ve been for nearly two years. This drop in prices is because of a slower economy, increased interest rates, and a drop in cryptocurrency value. In February 2022, prices of second-hand watches from brands like Rolex and Patek Philippe reached a peak because demand shot up as the pandemic restrictions lifted.

But now, prices for models from these and other top brands like Audemars Piguet are falling. The Bloomberg Subdial Watch Index, which monitors the prices of the 50 most traded used luxury watches, is now at $36,263. This is 19.2% lower than a year ago and 6.9% lower than in June 2021. The market is weaker now than it was a year ago, and if you bought a used watch in 2022, you’ve probably lost money.

The Audemars Piguet’s Royal Oak Jumbo Ultra Thin is doing the worst, with its price now at $71,692, more than 35% lower than last year. Patek Philippe’s Nautilus Travel Time is also down by 28% at $131,512, alongside the platinum Rolex Daytona, which is known for its light blue and brown subdials, and has dropped in price by 25% since 2022. The three best-selling models are all Rolex watches. The Rolex Lady-Datejust in steel and gold now costs $3,892 on average, up 2.6% from last year. The gold Rolex Day-Date from the 1970s and 80s is up by 1.4% to $17,756. And the Rolex Datejust’s price has increased by 3.6% in the last month to $13,515.

Although prices have fallen, they’ve mostly stabilized in the past six months. However, they’ve dropped an additional 1% in the past month.