Compare this against Chrono24 data. At its peak, a Nautilus 5711 sold for $237,727 in February 2022, while as of June 2022, the price has dipped to $192,802 – and is going even lower in some cases in private exchanges or Whatsapp groups. More recently, during the June 2022 Phillips auction, a 5711/1A-010 sold for just $170,000. Similarly, the Audemars Piguet Royal Oak Jumbo 15202 also reached its peak in February 2022 with $165,440, and has since fallen to $143,853; and the Rolex Daytona 116500LN reached a height of $48,723 in March 2022 but is currently sitting at around $44,573. Crucially, what these watches have in common is an almost exponential rise in price over the last two years, almost doubling or tripling in value. In these kinds of situations, it can feel a bit like a game of musical chairs or a feeding frenzy where one person is inevitably left “holding the bag”, and becomes the loser. The fact that prices are correcting themselves in this manner suggests that prices have far exceeded the intrinsic value of the watches themselves.
But despite this downturn on some of the most prominent pieces, the majority of the market does not seem to be similarly affected. Take, for example, the recent 1967 Cartier London Crash, showcased on LoupeThis, which reached $1.5 million. This was followed closely by the May auctions at Christie’s, where a later example from 1990 made in Paris obtained $819,000 – an impressive total for a relatively recent piece. Here, global factors, such as the Russia-Ukraine conflict, high inflation rates, and the downturn of the financial markets, must be taken into account. In many ways, it signals that the market is still in a period of fluctuation, although exceptional pieces will continue to stand out. The most recent price dips are mostly affecting the so-called “hype-watches” which have enjoyed a popularity fuelled by social media and intense speculation.