WatchCharts September 2024 Watch Market Update: First Positive Trend Up this Year + Best Green Rolex Submariner
by Hamza Masood
Hamza Masood is the Business Development Manager at WatchCharts.com, which has kindly allowed us to share their monthly Market Updates.
The WatchCharts Overall Market Index saw a positive trend in September, rising 0.8% compared to the previous month. The last time we reported a positive trend was for the month of December 2023, when the market likely saw a boost due to the holiday season.
Rolex prices rose 0.8% last month, while Patek Philippe prices rose by 0.5% and Audemars Piguet prices fell by -0.4%. Altogether, September presented a mixed picture of overall market performance, though prices for the majority of brands continued to fall.
WatchCharts Market Index to October 2024
The increase in Rolex prices was spread across the vast majority of model families, with the best performers being the Air-King, Day-Date, and Datejust collections. All three gained over 1.5% in September, with the Day-Date and Datejust models in the Rolex Market Index making up just over a third of its weight.
The increase in Patek Philippe prices was driven almost entirely by the Nautilus collection, which was up 0.5% in the previous month (two-thirds of the watches in the Patek Philippe Market Index are from the Nautilus collection).
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Secondary Market Performance by Brand in September
The chart below shows the performance in September of the major brands that we track. Even though prices for some brands appreciated in September, the majority were still down for the month.
Secondary Market Performance by Brand in September 2024
The underperformance of many brands from publicly traded groups such as Richemont, LVMH, and Swatch Group has been a consistent trend so far in 2024.
Overall, while there may be bright spots in some specific collections and brands, we believe it is premature to suggest that the market as a whole is entering a new period of stability.
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What Has Happened So Far in October?
The WatchCharts Overall Market Index saw a rise of 0.4% in the first three weeks of October. Patek Philippe prices were up 0.3%, though Rolex and Audemars Piguet were down 0.2% and 0.4% respectively.
While the performance of the Overall Market Index remains encouraging, it may be skewed by “heavy-hitters” as only the top 6 watches are chosen from each brand. Prices for the majority of brands continue to fall so far in October, as shown in the chart below.
Furthermore, our assessment of market health indicators such as supply, turnover rate, inventory age, and other key metrics remains in-line with broader trends in 2024.
The Best Value-for-Money Green Submariner
There are three variations of the green bezel Submariner Date and they all have different features. Which one represents the best value for money? We address that question in this video below.
* Hamza Masood is the Business Development Manager at WatchCharts.com. You can check out previous Market Updates at https://watchcharts.com/articles/category/dispatch and there’s more market insights and analysis on their YouTube channel at www.youtube.com/watchcharts
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