In September 2024, Cartier Is Leading The Way on The Secondary Market

The Wristcheck 100 Index (WC100) continued its downward trend in September, mirroring the previous month's performance. The secondary watch market has decreased 4.9% since the start of the year. Taking a broader perspective, current levels resemble those of May 2021. However, with recent reductions in interest rates by the Federal Reserve, we can anticipate a gradual revival in the watch market and a potential shift toward positive sentiment by the end of this year.

Despite the challenging market landscape, our Index reveals that several brands and models have thrived in recent weeks. Cartier (CAR25) experienced a modest surge over this past month, starting in early September and reaching its pinnacle on the 10th at 31,227. This upward momentum has remained steady ever since. The Panthère de Cartier and Pasha de Cartier collections were instrumental in driving this spike. Will Cartier continue to sustain this positive trend?

The Daytona 15 Index (RLX-DAY15) exhibited a consistent upward trend in the previous month. This ascent began at the end of August, reaching its height on September 3rd with a value of 65,745. Among the 15 prominent models featured on our Index, the Daytona Rose Gold Brown Dial 40mm ref. 116505-0013 saw the most notable growth in the last month, experiencing a 13.7% surge over 90 days.

The demand for the Rolex GMT-Master 15 Index (RLX-GMT15) has steadily grown in recent weeks. It began its ascent at the start of September, reaching a peak of 25,535 on September 6th before gradually declining. Among the top 15 most sought-after GMT-Masters on our Index, the GMT-Master Il Yellow Gold & Steel Jubilee Black Dial 40mm ref.26713GRNR-0001 stood out with an impressive 4.9% increase in value over the last 3 months. 

Despite the overall state of the secondary watch market being less than ideal, some models enjoyed unprecedented growth:

Jaeger-LeCoultre Rendez Vous Steel Diamond Silver Dial

The stainless steel variant of the Jaeger-LeCoultre Rendez Vous with diamonds has been slowly but surely gaining value on the secondary watch market over the past three months. Though this model had been experiencing a rather turbulent period over June, July, and August 2024, it began exhibiting an upward trend in September and October – gaining about 3.8 percent in total. As of October 7th, the ref. Q3448430 is valued at around US$12,800, which is 22 percent below its retail value. 

Calibre de Cartier Rose Gold Blue Dial

Like many models from our CAR25 Index, the Calibre de Cartier variant in rose gold with a blue dial, began exhibiting an upward trend in September. The ref. WGCA0009 shot up to US$ 18,256 on the secondary market and has been hovering around that value for the rest of September, contributing to the model’s 3.5 percent growth over the past 90 days. As of October 7th, this model is trading at 35.6 percent below its retail value of US$ 28,200.

Panthère de Cartier Steel Grey Dial

What we can see from the performance of this Panthère de Cartier variant, along with many other popular models from the brand, is that consumer interest has been in their favor since early September. Over the past three months, the ref. WSPN0010 appreciated by 9.5 percent. As of October 7th, Cartier enthusiasts can expect to pay nearly the same amount for this model on the secondary market as on the primary – with a difference of less than half of a percent. 

Top Decliners in September 2024

It’s curious to see the models from horological giants Rolex and Audemars Piguet experience a downward trend in September 2024. Some of the references dropped as much as 13 percent. Let’s take a closer look at top decliners this month: 

Rolex Oyster Perpetual Steel Turquoise Dial

While the turquoise-dial variant of the stainless steel Rolex Oyster Perpetual did enjoy an upward trend on the secondary watch market in August 2024, the following month didn’t look as good for the model. On September 1st, the ref. 277200-0007 began declining until reaching the value of US 9,816 on October 7th. It’s worth noting that, despite such a downward trend, this watch is valued about 65 percent above its retail value. 

Audemars Piguet Royal Oak Offshore Diver Steel Orange Dial

“Peaks and valleys,” would be a way to describe the ref. 26703ST.OO.A070CA.01’s performance on the secondary watch market over the past 90 days. The orange-dial variant of the Audemars Piguet Royal Oak Offshore Diver in stainless steel began dropping in early July 2024, before climbing back up in August and decreasing again in September, contributing to its 12.9 percent decline. This, in turn, has also led to the watch being valued almost 5.6 percent below its retail value – which is usually unprecedented for a brand like Audemars Piguet. 

Rolex Day-Date Platinum Blue Dial

During this rather difficult time for the secondary watch market, it’s unsurprising to witness exclusive models made out of rare metals such as platinum lose their popularity, and thus, their value. Unfortunately, this was the case for the platinum Rolex Daytona with a blue dial in September 2024. At the beginning of the month, the ref. 128236-0008 experienced a dramatic drop, which contributed to its 13.4 percent decline over three months. This also caused the watch to drop about 1.8 percent below the threshold of its retail price of US$ 58,900.