Are you aware of the effect market rumours can have on the value of your watch collections?
Prestige Valuations have provided us with the below guest article.
When we were growing up, we were told not to listen to rumours that were heard in the schoolyard or the classroom. Then, as we started our careers, we were advised not to listen to office rumours.
Well, in the world of luxury watches, rumours are powerful and can influence the market in profound ways; usually, because they are leaked from inside various companies. Whether by accident or by clever design, based on fact or fiction...the luxury watch market dynamically fluctuates in accordance with these widespread premonitions.
Among those who were listening, Patek Philippe was rumoured to be discontinuing the 5711/1A – arguably one of their most treasured timepieces. This had everyone immediately buying them (if they could find one!). The value of the 5711 soared...until late January when the rumour was proven to be true and sent the value of the watch into the stratosphere. A watch that retailed around £26,000 can now only be bought on the grey market for around £70-80,000+ depending on a few variables. The replacement model with the green dial (5711/1A-014) will undoubtedly fetch a similar premium soon enough.
2021 rumours continue with Patek Philippe possibly discontinuing another Nautilus, the 5712A – a more complicated watch with moonphase display, small seconds and power reserve indicator. Rumours alone have bumped the value of the 5712A up 20% from last year; we can all imagine what will happen if this rumour is one day also confirmed.
Audemars Piguet recently announced the discontinuation of 15202ST – their Royal Oak Jumbo Extra-Thin. Another highly sought-after watch amongst those with an attraction to luxury timepieces. It retails for around £21,000 if acquired through a retailer – a herculean feat. Realistically, one should expect to pay anywhere from £75-90,000 on the grey market.
If you own a luxury watch, be it a Patek Philippe, Rolex, Audemars Piguet, etc. We strongly recommend having it valued by experts in the field who know all about premium values attributed to sought after timepieces.
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