Rolex prices hit a four-year low, will probably go down even more

If you’ve been monitoring watch prices, you’ve probably noticed an interesting trend: Rolex prices on the secondary market have sunk to their lowest point in four years, with the recovery everyone hoped not in sight just yet.

First, let’s look at the numbers. In January 2025, just 56% of Rolex models on the secondary market were trading above their retail prices, down from 68% around this time last year. For context, we’re now 3% below January 2021 levels, and far from the 2022 peak.

 

Source: CJ Charles

 

But Rolex isn’t alone in this. Richemont brands like Cartier, Vacheron Constantin, and Jaeger-LeCoultre also witnessed prices dip more than 2% last quarter. Even Cartier, usually a strong player, took a hit. Meanwhile, LVMH brands like Zenith held up better, with just a slight 0.6% decline and even a little uptick in some Zenith models.

Swatch Group felt the effects of this trend too. Fading hype around the Moonswatch contributed to an 8.4% drop in Swatch prices, and Omega slid by 1.3%.

 

Source: CJ Charles

 

So what’s happening with the big three? Rolex, Audemars Piguet, and Patek Philippe are still mostly trading above retail, but the numbers are going down. For Rolex, it’s 56% now, compared to 63% for AP and 38% for Patek Philippe.

Secondary prices are expected to keep falling, and the gap between retail and resale might keep growing. It’s a buyer’s market now!