What is changing in watch industry for 2023

HM Jewelers
August 30, 2023
min read

This blog is a must-read if you're interested in investing in the luxury watch market. We'll examine the Rolex and Audemars Piguet markets and offers an analysis of the highly sought-after Rolex Daytona, including its present price and if it will be a wise purchase in 2023.

We'll also offer our professional judgment on other timepieces that might be worth investing in and whether or not watches ought to be included in your investment portfolio.

Whether you're a seasoned watch investor or just getting started, this read will offer insightful analysis and market forecasts that can assist direct your watch market investing choices. Watch the video to find out more about the luxury watch market in 2023 and beyond, as well as which watches you should think about purchasing as investments.

Despite all the rumors that the watch business is suffering, things appear to be a little calmer on the other side, and the watch industry will continue to stay steady through the middle of 2023 as per the report shared by CNBC.

Luxury watch prices have been impacted by the "Crypto/ Bitcoin Crash"

The price of watches has been impacted by the "Crypto Crash". Anyone knows how? Let's delve into the specifics. The crypto investors had a hard year, however, they were warned about a "crypto winter" by financial analysts. Yet, the market failed in 2022 and suffered a $2 trillion loss this year.

Yet, the most well-known digital currency, such as bitcoin, has also experienced a decline. The luxury watch market has been impacted by this downturn, especially the Rolex and Patek Philippe brands. The "Crypto Crash" has had an effect on the cost of luxury watches.

Supply expansion is synonymous with a price reduction, yet sales are stable

"We are going through a moment of consolidation; the supply is enormous, and as a result, the process is reducing dramatically. Hossain Mahallati (CEO of HM watches Said)

The supply of prized timepieces, such as the Ref. 5711A from Patek Philippe Nautilus or the Rolex Daytona was extremely constrained for a very long time. But, the cost would inevitably decrease if they were more widely available.

Rolex Daytona

Nonetheless, HM Watches have seen a considerable rise in trading volume overall; this is entirely due to particular models' price increases over the past year. "The current watch market condition is pretty steady and offers a wonderful opportunity to enter this sector," said the CEO of HM watches.

The list price of several watches is still significantly more

The Patek Philippe Nautilus 5711A is selling more than five times what it did when it was first introduced.

Patek Philippe 5711 Steel

But, prices are also leveling off within brands, so while some models are witnessing price increases, others are on a tighter budget. Strong sales were generated for the rival brand as a result of the lack of some of the timepieces. Rolex Daytona or submariner, Patek Philippe Nautilus, Audemar's Royal Oak is slowly making a comeback, but supply has been relatively scarce for a time.

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