The Bloomberg Subdial Watch Index, which tracks prices for the 50 most-traded watches by value on the secondary market, fell 1.8% in October, stumbling to its lowest level since 2021.
Subdial data shows a Patek Philippe Nautilus Travel Time 5990/1A-001 has crashed 42.5% since peaking at $271,000 in March 2022.
"We are seeing growing downward pressure in the market, which could lead to a further downward drift in prices as dealers cut valuations to chase sales," Christy Davis, the co-founder of Subdial, wrote in an October market report.
According to Subdial data, the number of used watches hitting the secondary market has increased 5% since August. More supply is adding downward pressure on an already fragile market.
"With more watches available at a wider spread of prices, what we're seeing is people dropping prices to chase sales going into the holiday season," Davis said.