The price of high-priced watches, which were considered investment assets, seems to be falling along..

The price of high-priced watches, which were considered investment assets, seems to be falling along with a fall in gold prices and falling consumer sentiment.

According to the Bloomberg Subdial Index, which is compiled by Bloomberg and the second-hand watch trading platform Subdial on the 9th (local time), the used price of the Rolex Daytona line gold model “Daytona Oysterplex” has fallen by 4% in the three months since April.

The price of the 13 gold watches included in the same index also remained largely flat since April. These 13 models rose by an average of nearly 9% last year.

Bloomberg pointed out, “The strength of used gold watches, which had been running collectively due to the rise in gold prices, has virtually stopped in less than a year.”

On the same day, the new Rolex Submariner made of stainless steel is currently sold for 11,350 dollars (about 17.08 million won) in the United States. On the other hand, the gold version of the same model 18K is traded at $50,900 (about 76.6 million won). The value of gold itself in the gold version is 15,000 dollars (about 22.58 million won) at the current market price.

Usually, depending on the price of gold, the price of new products in the 18K gold version and the price of used products made of gold are pushed or increased side by side. As a result, when gold prices rose, it was considered an asset that benefited from the rise in gold prices.

In fact, the price of gold rose to around $5,597 (about 8.42 million won) per ounce at the beginning of this year, reaching an all-time high.

However, after hitting a high point, it plunged after the U.S. and Israel attacked Iran in late February. Gold is a safe asset without interest, and experts evaluated that it has become less attractive as an investment asset due to the strength of the U.S. benchmark interest rate, contrary to the prospect of a rise in the U.S. benchmark interest rate.

Since then, the price of used watches has also entered an adjustment phase. Experts said, “If you buy any high-priced watch, the market is over,” adding, “It is changing to a selective market that considers real demand and scarcity amid the possibility of a rate hike and increased volatility in the asset market.”

Bloomberg, on the other hand, introduced that it is now the time to buy a collector who has been aiming for a second-hand Daytona Oysterplex made of gold. However, he added that it will be difficult to reproduce the market that used to earn more money regardless of the model as it did during the COVID-19 pandemic.

Meanwhile, the Bloomberg Subdial Index is an index created by Bloomberg and British watch trading platform Subdial in 2022, tracking and announcing the prices of the 50 most active high-priced watches in the used market. If you look at this index, you can also see the price trend of high-priced watches such as Rolex.