Falling prices for Rolex, Patek Philippe and Audemars Piguet watches have pushed the index of the most traded watches on the secondary market back to pre-boom levels, according to UK resale company Subdial.

The Subdial50 index, which tracks the prices of the 50 most traded luxury watch references by value, has fallen to levels not seen before the unprecedented boom of 2021 and early 2022.The decline shows that the most sought-after watches from top Swiss brands have not been able to maintain the exorbitant prices they gained during the pandemic when consumers snapped up Patek Nautilus, Audemars Piguet Royal Oaks and Rolex Daytonas amidst a frenzy.

And with the dominance of Rolex watches, including the ceramic Daytona chronograph and GMT Master II, the Subdial50 index fell by about 5% in 12 months and about 17% in half a year, according to what was reported by “Bloomberg”, and viewed by “Al Arabiya.net”.

 The decline in demand coincided with the decline in technology stocks and the collapse of cryptocurrencies.

 The secondary market price of the Royal Oak Jumbo rose to over £110,000 ($134,840) at its peak in March, more than doubling over 12 months.  However, it now trades for around £70,000.

 However, even as prices for Rolex, Audemars Piguet, and Patek, the most heavily traded, fell, the values of many luxury watches, the so-called new luxury pieces from the 1980s, 1990s, and early 2000s, as well as some complicated models outperformed, says Subdial.  .

 For example, several watches from classic German brand A. Lange & Sohne, which is owned by Richemont, have gained for the year, rising between 30% and 40%, according to Subdial data.

 Some models of IWC, another Richemont-owned brand known for its pilot watches and timers, have also gone up in price.  Big Pilot IW501902 prices are up 20% on the year, buoyed by the recent Top Gun movie release.

 Finally, more complicated pieces featuring chronographs, perpetual calendars, and other complications outperformed.  The 5070 chronograph by Patek Philippe has increased by 20% in one year.