The high-end watch market is unstable. Prices have dropped in the overall market. We have not changed prices this month due to uncertainty. Rolex sport watches continue to sell well at reduced price. The Rolex Daytona in platinum with a retail price of $75,000 were selling for a high of $180,000 to $200,000 in January 2022 but are now trading in the $85,000 to $95,000 range.
This is an extreme example of the market today. Vintage collectable Rolex Submariner, GMT and Daytona watches in pristine condition are holding their value, however the same watches with any damage are hard to sell at any price.
THE BUSINESS CORNER:
The new inflation reduction act of 2022 is bad news for all small and medium sized businesses, as it more than doubles the number of IRS agents, adding 85,000 new top of the current 78,000. The current administration says they are not going to raise taxes on any one making less than $400,000 per year.
What is going to pay for all the new costly programs? This is only going to increase inflation. The sale of non-food goods by large retailers such as Costco and Wal-Mart has gone down. It could be 6 months or more before the market stabilizes.