Luxury Watch Sales at Auctions Drop 13% After Post-Covid Surge
- Mercury Project says sales dipped after post-Covid surge
- Three of the most expensive timepieces are from Patek Philippe
Sales of luxury watches suffered a “severe downturn” last year as well-heeled buyers turned cautious amid geopolitical concerns and fading enthusiasm for pricey timepieces, a new report has found.
Total watch sales at the top auction houses fell 13% to 610 million Swiss francs ($696 million) in 2023 from record levels hit in 2022, according to the Hammertrack report released by industry consultant the Mercury Project.