Patek Philippe and Audemars Piguet lead pre-owned watch prices to three-year low

By Hamza Masood

The second half of 2024 is shows no sign of ending the steady decline in price for luxury watches on the secondary market.

The WatchCharts Overall Market Index lost 0.8% in July, worse than the performance in June we reported in our previous update. Rolex prices fell -0.7% last month, while Patek Philippe prices fell -2.3% and Audemars Piguet prices fell by -0.6%.

The chart below shows the month-over-month changes for the Overall Market Index and Big Three brand indexes this year.

Our Overall Market Index had its second worst month of the year in July, while Patek Philippe had by far its worst month of the year (it is also the worst performing brand overall) and Audemars Piguet is back in negative territory after staying flat in June.

All four indexes are currently at three-year lows.

What happened to Patek Philippe prices in July?

The -2.3% decline in the Patek Philippe Market Index in July is the largest monthly drop for the brand since October 2023.

At the collection level, the chart below shows that the decline is attributable almost exclusively to the Nautilus collection, which makes up two-thirds of the watches in the brand’s index.

In comparison, prices for watches from the Aquanaut collection (Patek’s other sports watch collection) remained relatively steady for the month.

Six Watches That Are Still Gaining Value Despite The Market Downturn

While the high-level market trend has been one of decline for over three years, there are still watches that have bucked that trend and actually risen in value.

In the video below we look at 6 of these watches that have appreciated significantly in value.

Check out the WatchCharts YouTube channel for more market insights and analysis.

The Best and Worst Performing Collections in July

Some of the best and worst performing collections for the month are included in the table below. Most collections that have seen significant changes in value on a monthly basis are at three-digit price points and therefore do not significantly impact or represent the state of the market.