Rolex Daytona prices surge after a new version debuted at Watches and Wonders: the Swiss luxury timepiece brand discontinued the old model – now it’s outperforming the secondary market and competitors
Pre-owned Rolex Daytona watches are outperforming the secondary market and some of the most in-demand timepieces from rivals, according to an index launched Tuesday by Bloomberg and trading platform Subdial.
The index tracks prices for the 50 most traded pre-owned luxury watches by US dollar value, providing an insight into the strength of demand in the secondary market.
Prices for discontinued luxury watch models often increase in value because they represent a now limited supply of product.
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As prices for the Daytona model have risen, the value of Patek Philippe’s discontinued and highly sought-after 5711 Nautilus have dropped 2.2 per cent during the same period. Prices for the most traded version of the Audemars Piguet Royal Oak have also fallen about 1.1 per cent.
The overall index for the top 50 most traded luxury watches is unchanged during the same period.
“The pre-owned watch market is returning to strength with Rolex leading the way,” said Christy Davis, a co-founder of Subdial, an online used luxury watch retailer and trading platform based in London.
Prices for the most recent Rolex Daytona have jumped with the discontinuation of the model “with the number of pieces in circulation now firmly capped”, he said.
After an unprecedented surge in value during the pandemic, prices on the secondary watch market have been falling steadily for the past year. The Bloomberg Subdial Watch Index has dropped about 32 per cent in 12 months while the Daytona’s value has declined about 30 per cent.
Since the start of this year, the Daytona is down about 14 per cent while the overall market has dropped nearly 19 per cent.
- The timepiece – made famous by actor and racing car enthusiast Paul Newman – was recently retired, resulting in a price increase of 4 per cent on the second-hand market
- The Daytona is also beating out sought-after timepieces by rivals Patek Philippe and Audemars Piguet, and giving the preloved watch market a boost, which has flagged since its initial pandemic boom