Prices for the most sought-after used watch models from top Swiss brands Rolex, Patek Philippe and Audemars Piguet fell again in 2024, hitting fresh three-year lows.

Let’s be real: Rolex could price its steel watches a lot higher than it does. Demand continues to far outpace supply when it comes to the brand’s steel sports models, and prices on the secondary market have long remained above the asking price from the brand.

Preowned Rolex, Patek Philippe, and Audemars Piguet watch prices fell to a three-year low in 2024, data from the Bloomberg Subdial Watch Index says.

Another popular Rolex reference, the Daytona, went from $15,100 USD in 2024 to $15,500 USD for its steel and Oyster bracelet option — a noticeable increase of $400 USD (around 2.6%). A similar change is also reflected in the UK market, with the same reference now retailing at £13,600 GBP, which is 3% more than its £13,200 GBP price tag in 2024.

And it wasn't just a few days ago that Rolex turned around and upped its prices. And we talk to you about this. And yet we've got the second hand market, the U.S. market falling. Can you kind of put these two stories together for me?

Rolex usually increases its prices at the start of the year, but 2025 saw substantial hikes. Rolex raised prices on some precious metal models by about 4% in the UK at the start of 2024.