The current market for luxury watches has been in a constant state of growth which has been made stronger through a rise in demand due to lockdown restrictions. This has created an incredible increase in the value of particular brands within the grey market because it is now the only way for some people to get their hands on highly sought-after pieces. Prestige has given us an insight into some luxury watches that have doubled in value or more!
The most noteworthy watch is the Patek Philippe Nautilus 5711/1A-010. A steel watch that once retailed for under £25,000 and was commanding around £55,000 on the grey market. In January 2021, it was announced as discontinued and now you can only get it for between £90,000 and £95,000.
Rolex is the most popular luxury watch brand in the world. It too has also seen some significant increases in value on the grey market. The steel GMT Master II (nicknamed Pepsi) retails for £7,550. However, in todays’ market, it fetches £17,500. The Daytona Cosmograph in stainless steel retails for £10,500. The grey market premium for it is between £28,000 and £31,000. A watch that has also exploded in popularity recently is the Skydweller, retailing for £11,850 and commanding a healthy price of anything between £23,000 and £25,000.
The last major brand which is very popular on the grey market is Audemars Piguet. Their most notable model that should be mentioned here is the Royal Oak. The steel version of the Royal Oak retails for £19,800 but it’s grey market value is about £40,000. The Royal Oak was also released as a chronograph green dial and retails for £68,100 in rose gold. The premium for that watch is a staggering £380,000+.
Anyone lucky enough to own a watch from these master watch houses should be sure to keep on top of the immediate replacement value and have their valuation document updated every year or two. Prestige Valuations is able assist with this and can ensure accurate values are attributed to all cherished items.
At Hayes Parsons Insurance Brokers we have years of experience in sourcing cover for fine jewellery and our dedicated Private Client team have the knowledge and expertise to provide the most suitable insurance policy for your watch collection. If you have any questions, please do get in touch!