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Time out: luxury watch boom fades as auction sales drop 13%

The post-pandemic boom, which pushed prices of Rolex and Patek Philippe watches to new highs, looks to be coming to an end

The Patek Philippe Ref 96 Quantieme Lune timepiece once owned by Aisin-Gioro Puyi, the Chinese Qing dynasty's last emperor, on display in Hong Kong ahead of its auction last year. Photograph: Peter Parks/AFP via Getty

Sat Mar 16 2024 - 05:00

Sales of luxury watches suffered a “severe downturn” last year, as well-heeled buyers turned cautious amid geopolitical concerns and fading enthusiasm for pricey timepieces, a new report has found.

Total watch sales at the top auction houses fell 13 per cent to 610 million Swiss francs (€635 million) in 2023, from record levels in 2022, according to the Hammertrack report released by industry consultant the Mercury Project.

Demand soared during and in the aftermath of the pandemic as cash-flush buyers, further encouraged by low borrowing costs, pushed prices of rare watches from brands including Rolex and Patek Philippe to unprecedented levels. The boom has faded, however, amid wars in Ukraine and the Middle East, while global economic growth has turned shaky.

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The 2023 tally, which tracks sales from auction houses including Antiquorum, Bonhams, Christie’s, Phillips, Poly Auction and Sotheby’s, shows average lot prices fell 3 per cent to 48,600 francs last year, the Mercury Project said.

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Far fewer watches sold at a hammer price above one million francs in 2023, falling 41 per cent to 58, down from 98 in 2022. However, the total value of watches sold above one million francs at auction rose by 2 per cent to 122.6 million francs.

Patek Philippe dominated the list of the highest-priced watches, accounting for three out of five of the most expensive sold, the report showed.

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