Latest news with #Subdial
Fashion Network
2 days ago
- Business
- Fashion Network
Used Rolexes, Pateks are bright spot in struggling watch world
The second hand market is also benefiting as record gold prices drive up the cost of new watches and shoppers look to avoid delays that can occur when seeking to buy a new model, according to Christy Davis, founder of London-based Subdial, a watch dealer and trading platform. In boutiques, high-demand new models are often tightly allocated, forcing would-be buyers to wait months or longer for delivery, while secondary platforms offer immediate access to a broader range of pieces, said Davis. The increased prices for Rolex's gold Daytona come during a boom for bullion amid tariffs and wars in Ukraine and the Middle East, while Patek Philippe's Aquanaut is outperforming the Swiss brand's hallmark Nautilus sports models, perhaps underscoring a growing trend toward restrained opulence, Davis said. 'There's definitely something around people looking for more quiet luxury these days, and the Aquanaut is that when compared with the Nautilus.' The primary watch market, by contrast, is suffering. Swiss watch exports dropped 5.6% in June, extending a year-long rout that's seen declines in shipments to the US, the biggest export market, along with Japan and Hong Kong. Watchmakers like Rolex, Patek Philippe and Audemars Piguet are also contending with the consequences of a stronger Swiss franc and a broader weakness in luxury demand. Swatch Group AG — whose high-end brands include Omega and Blancpain — reported a 7.1% drop in sales in the first half of the year, which it said was 'exclusively attributable' to China, including Hong Kong and Macau. Trump's trade war has exacerbated the pain. Switzerland is reeling from the US imposition of the 39% tariff, the highest in the developed world. While that levy has now taken effect, the country is keeping up efforts to negotiate with the US, raising the prospect that it could yet change.
Fashion Network
2 days ago
- Business
- Fashion Network
Used Rolexes, Pateks are bright spot in struggling watch world
The market for used luxury timepieces recorded its best half-year performance since early 2022, providing a bright spot in an otherwise grim landscape for high-end watches. The Bloomberg Subdial Watch Index, which tracks the 50 most-traded timepieces by transaction value, gained 5.3% in the first half of 2025 — and extended that recovery in the third quarter. Rolex 's gold Daytona 116508 and Patek Philippe 's Aquanaut 5167A were among the top performers. The rebound is modest compared with the pandemic-era boom, when housebound consumers, flush with cash, splashed out on fancy timepieces. Still, it comes as new watch sales face US tariffs — including a 39% levy on Swiss exports — and stubbornly low demand in Asia. The second hand market is also benefiting as record gold prices drive up the cost of new watches and shoppers look to avoid delays that can occur when seeking to buy a new model, according to Christy Davis, founder of London-based Subdial, a watch dealer and trading platform. In boutiques, high-demand new models are often tightly allocated, forcing would-be buyers to wait months or longer for delivery, while secondary platforms offer immediate access to a broader range of pieces, said Davis. The increased prices for Rolex's gold Daytona come during a boom for bullion amid tariffs and wars in Ukraine and the Middle East, while Patek Philippe's Aquanaut is outperforming the Swiss brand's hallmark Nautilus sports models, perhaps underscoring a growing trend toward restrained opulence, Davis said. 'There's definitely something around people looking for more quiet luxury these days, and the Aquanaut is that when compared with the Nautilus.' The primary watch market, by contrast, is suffering. Swiss watch exports dropped 5.6% in June, extending a year-long rout that's seen declines in shipments to the US, the biggest export market, along with Japan and Hong Kong. Watchmakers like Rolex, Patek Philippe and Audemars Piguet are also contending with the consequences of a stronger Swiss franc and a broader weakness in luxury demand. Swatch Group AG — whose high-end brands include Omega and Blancpain — reported a 7.1% drop in sales in the first half of the year, which it said was 'exclusively attributable' to China, including Hong Kong and Macau. Trump's trade war has exacerbated the pain. Switzerland is reeling from the US imposition of the 39% tariff, the highest in the developed world. While that levy has now taken effect, the country is keeping up efforts to negotiate with the US, raising the prospect that it could yet change.
Straits Times
06-06-2025
- Business
- Straits Times
Rolex lovers splash out on used watches before Trump tariffs
Rolex watches on display at a store in New York on April 8. PHOTO: REUTERS Rolex lovers splash out on used watches before Trump tariffs LONDON – Watch enthusiasts snapped up used Rolex and Patek Philippe timepieces at the end of April, splashing out before possible tariffs from United States President Donald Trump. The watch dealer and trading platform Subdial often sees a flurry of activity after people get their pay cheques at the end of each month. In April, the post-payday spike was 160 per cent higher than normal trading levels, far above the average 112 per cent bump experienced on other pay days over the past year. The volume growth was particularly strong in the US and Britain, Mr Christy Davis, founder of London-based Subdial, said in an interview. 'People heard about the tariffs and went, 'Oh shoot, let's buy now,'' he said. 'They waited for pay day and then sales volumes just went through the roof.' The phenomenon echoed another trend seen in Switzerland, where watch exports jumped by nearly a fifth in April – with shipments to the US more than doubling ahead of expanded tariffs threatened by Mr Trump. Watches made from precious metals, steel and bimetallic materials – products also targeted by the US President – saw the most growth, according to the Federation of the Swiss Watch Industry. The US jump was likely a one-off response by exporters seeking to avoid higher tariffs, rather than a structural increase in demand, Mr Jean-Philippe Bertschy, an analyst at investment management firm Vontobel, said in a note. Swiss watch exports fell 6.4 per cent to the rest of the world in the month, continuing a weak start to the year. The secondary watch market has continued its gradual rebound from February's post-pandemic lows. Since reaching that nadir, the Bloomberg Subdial Watch Index has risen about 5.3 per cent through late May, returning to levels last seen in October. It remains far from the levels it reached three years ago, when the prices of used luxury watches surged as Covid-19 lockdowns ended. Bloomberg Join ST's Telegram channel and get the latest breaking news delivered to you.
Yahoo
31-05-2025
- Business
- Yahoo
Pre-Owned Watch Sales Spiked by 160% in April Ahead of Trump's Potential Tariffs
Pre-owned Rolexes, Patek Philippes, and more watches were flying off the market last month. In the wake of President Trump's potential tariffs, which were announced in early April, watch collectors responded by snapping up pre-owned timepieces on the secondary market, Bloomberg reported. More from Robb Report Meet the Texas Distilleries Working to Show the Effects of Climate on Whiskey Flavor Sara Gilbert Puts Her Modern L.A. Farmhouse Back on the Market for $10 Million H. Moser & Cie. Teams Up With Alpine Motorsports on New Race-Inspired Streamliner Watches Subdial—a watch dealer and trading platform—usually sees a rush of purchases once payday comes around at the month's end. This time, though, was a little bit different: The site saw its sales jump a whopping 160 percent higher than normal levels, towering over the typical payday increase of 112 percent of other months this year. The U.S. and the U.K. in particular saw an abundance of growth, Christy Davis, Subdial's founder, told Bloomberg. A similar response to the administration's potential tariffs can be seen in Swiss watch exports, too. Last month, watchmakers and retailers across the world were clamoring to get their hands on timepieces from Switzerland before the levies began. As a result, 1.3 million watches—totaling $3 billion—left the European country in April, an 18 percent increase from the same time last year. The U.S., once again, had a strong reaction to Trump's announcement, with stateside exports skyrocketing a whopping 149 percent during the month. The hike is likely a direct response to the tariffs and not indicative of an increase demand, Jean-Philippe Bertschy, an analyst at investment firm Vontobel, told Bloomberg at the time. As for the rest of world, watch exports actually dropped by 6.4 percent in April. This latest pre-owned Rollie hot streak comes after reports that the demand for gold Rolexes on the secondary market is on the rise, with a trio of timepieces from the brand jumping the most spots on Bloomberg's Subdial Watch Index since its inception. The prices of pre-owned Rolexes, as well as Patek Philippes, fell to a three-year low in 2024 after ballooning during the pandemic lockdowns. Through May, Bloomberg's Subdial Watch Index has risen about 5.3 percent, similar to what the market looked like last October, according to the publication. How the secondary market will respond to more levies is an open question. In the meantime, watch obsessives are sure to stay tuned. Best of Robb Report The 25 Greatest Independent Watchmakers in the World The 10 Most Expensive Watches Sold at Auction in the 21st Century (So Far) 11 Stunning Jewelry Moments From the 2020 Oscars Click here to read the full article.
Time of India
31-05-2025
- Business
- Time of India
Rolex lovers splash out on used watches before Trump tariffs
Watch enthusiasts snapped up used Rolex SA and Patek Philippe SA timepieces at the end of April, splashing out before possible tariffs from US President Donald Trump . The watch dealer and trading platform Subdial often sees a flurry of activity after people get their paychecks at the end of each month. In April, the post-payday spike was 160 per cent higher than normal trading levels, far above the average 112 per cent bump experienced on other pay days over the past year. The volume growth was particularly strong in the US and UK, Christy Davis, founder of London-based Subdial, said in an interview. 'People heard about the tariffs and went, 'Oh shoot, let's buy now,'' Davis said. 'They waited for pay day and then sales volumes just went through the roof.' The phenomenon echoed another trend seen in Switzerland, where watch exports jumped by nearly a fifth in April — with shipments to the US more than doubling ahead of expanded tariffs threatened by Trump. Watches made from precious metals, steel and bimetallic materials, products also targeted by Trump, saw the most growth, according to the Federation of the Swiss Watch Industry. The US jump was likely a one-off response by exporters seeking to avoid higher tariffs, rather than a structural increase in demand, Jean-Philippe Bertschy, an analyst at Vontobel, said in a note. Swiss watch exports fell 6.4 per cent to the rest of the world in the month, continuing a weak start to the year. The secondary watch market has continued its gradual rebound from February's post-pandemic lows. Since reaching that nadir, the Bloomberg Subdial Watch Index has risen about 5.3 per cent through late May, returning to levels last seen in October. It remains far from the levels it reached three years ago, when prices of used luxury watches surged as Covid lockdowns ended.
