Heard on the Street: While demand for new watches looks resilient, a speculative boom in the secondhand market that took off during the pandemic is fizzling out
Although sales of brand-new watches are still healthy, speculative purchases for profit in the secondhand market are becoming less attractive
Related Video: Expensive materials, delicate craftsmanship, and an economic principle that turns the usual equation of supply and demand on its head. WSJ explains why some watchmakers can charge hundreds of thousands of dollars for a single timepiece. Illustration: Alex Kuzoian/WSJThe luxury watch market is still ticking along nicely for brand-new products. For secondhand ones, not so much.
On Friday, shares in Compagnie Financière Richemont , which owns numerous Swiss watchmakers as well as jewelry brands like Cartier, jumped about 10% after it reported strong results for the six months through September. Its watch sales were up 15% compared with the same period last year.
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