Ultra-high-end Patek Philippe timepieces made from precious metals are driving a sustained recovery in the used watch market.
Patek Philippe watches were the biggest gainers in the latest Bloomberg Subdial Watch Index, which tracks the 50 most-traded watches by transaction value. They included a 26-place jump for the white gold Patek Philippe Nautilus Perpetual Calendar, while the Patek Philippe Rose Gold Travel Time Chronograph returned to the benchmark.
Though the Swiss luxury watchmaker has only seven models in the list — the remainder are all Rolex — the latest sales picture “represents a material disruption” to the latter’s dominance, said Alexander Nussbacher, head of data at UK-based watch trading platform Subdial. “Rolex still leads in volume, but Patek is driving growth.”
Photo: Bloomberg
The index was reshuffled this month for this year with a clear tilt toward pricier models, after prices in the secondary market for luxury timepieces jumped to their highest level in more than two years last month.
“High-priced watches are driving returns in the index overall,” Nussbacher said.
Along with the Patek Philippe model, the Rolex Lady DateJust Bimetal also made it back into the index.
Meanwhile, a separate index tracking pre-owned Patek Philippe prices has gained 18 percent since the start of last year, compared with a 10 percent rise in the Rolex index, according to Subdial.
Subdial also said the steep rise in raw material prices including gold and silver was affecting the market. Gold models were among those jumping most in the latest rankings.
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