00:00Want a bargain Rolex? You better act fast.
00:03After five years of ups and downs,
00:06prices for used timepieces are now steadily recovering.
00:10This rollercoaster started during the pandemic
00:13when consumers were snapping up pre-loved watches online.
00:18After all, they were flush with crypto gains and stimulus payments.
00:23But the bubble burst in 2022.
00:26Bitcoin slumped, interest rates rose,
00:28and speculators who had borrowed to build collections were forced to sell.
00:33Now the direction has changed again.
00:36In fact, the Bloomberg sub-dial index of top watches
00:39is at its highest level for more than two years.
00:43One big reason is that new watches keep getting more expensive.
00:48Most brands have raised prices to keep up with tariffs and the cost of gold.
00:53And that means more buyers are turning to the secondary market.
00:56There, consumers can expect discounts of up to 40%.
01:00Only the top three brands, Patek Philippe, Rolex, and Audemars Piguet cost more secondhand.
01:08Even Cartier, one of the hottest names right now, trades at a big discount.
01:14But more demand for used timepieces means higher prices there too.
01:18The cost of pre-owned watches rose almost 5% last year,
01:22the first annual increase since 2021, according to Morgan Stanley and watch charts.
01:29But this recovery in the secondhand market is fragile.
01:33Buyers are more cautious after the last collapse,
01:36and economic and political volatility doesn't help.
01:40So yes, there are still deals to be had, but the clock is ticking.
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