A report by Morgan Stanley and WatchCharts reveals that luxury watch prices in the secondary market, which peaked in May 2022, have been on a decline for seven consecutive quarters up to Q4 2023, though the rate of decline has recently slowed. From Q4 2023 to Q1 2024, Rolex and Patek Philippe prices fell by just 1.1% and 1.4%, respectively, while Audemars Piguet prices slightly increased by 0.1%. However, compared to the previous year, prices for Rolex, Patek Philippe, and Audemars Piguet still dropped by 8.6%, 13.1%, and 13.6%, respectively. At this year’s Geneva Watch and Miracle Advanced Watch Exhibition, Rolex CEO Jean-Frédéric Dufour highlighted the high risks of treating luxury watches as investments.