Year in a Review: Highlights And Market Insights
The year 2023 was a significant one for watchmaking, despite falling prices. Here you can find this year's best releases, top and worst performers.
The 2023 has been a significant year for watchmaking despite the decline of prices. For a few years now, the watchmaking industry has been in great shape, and this year there has been so much innovation and experimentation. New calibres, new materials and new designs have accompanied us during these fantastic 12 months.
To best cover what has happened during this year, the article is divided into three parts. In the first chapter you will find a selection of the most interesting releases of 2023, in the following paragraphs a list of the top and worst watches that hit the secondary market during 2023.
The best releases of 2023
Rolex Daytona 126599TRU
At Watches & Wonders in April, Rolex was one of the stars of the show because of its new products. In addition to revisiting the entire Daytona collection on the occasion of its 60th anniversary, the maison released important news for its off-catalogue collection.
Rolex's out-of-catalogue collections include the most exclusive models reserved for the brand's most prestigious customers. Subject to a great deal of attention each year, they are also the watches that arouse the most amazement and curiosity due to their 'out-of-the-box' features.
In the last two years, the Daytona collection has been enriched by many of these models, and although we still have limited information regarding their production and distribution, today we show you together the six most impressive interactions. We find four new versions of the Daytona Rainbow released in 2022, two in white gold and two in yellow gold respectively, one with a pave dial and the other without. Then there are the references 126599TRU and 126598TRU, two gem-set version of the new 2023 Daytona model in white gold and yellow gold embellished with a set of rubies on the bezel and hour markers.
When we posted the first images of the 126599TRU, interest from our community was really high, which is why we decided to include it among the most interesting models released this year.
Cartier Crash London New Bond Street Exclusive
Cartier has been on everyone's lips for a few years now. The brand is second in terms of sales, behind only Rolex, and vintage models are registering sharply rising quotations with an unprecedented interest from many celebrities, above all rapper and producer Tyler, The Creator.
At the root of this success is surely the Crash, both because of the shape and the mysteriousness that this model brings, it has become one of the most well-known and iconic watches in watchmaking.
Cartier, for its part, keeps the attention on this model alive with the new platinum model unveiled in July. The material used is a novelty for the Crash ‘London’, the use of platinum is therefore a very interesting choice on the part of the maison, which decided to reinterpret this design rather than faithfully remake it.
Like the first Crash from 1967, the model can only be purchased from the store on New Bond Street in London.
Audemars Piguet Royal Oak Jumbo Extra-Thin 16202XT
It cannot be a true recap of the year without including a Royal Oak. Along with the Daytona and Crash it is one of the icons of recent years.
Introduced in September, this model features major changes in both the dial and the material used.
The color chosen for this model is a smoky burgundy red dial, a similar workmanship to what we have already seen on the 16202PT. In recent years Audemars has been using smoked dials more and more, the use in fact is not limited to the Royal Oak only but is also very common on the Code 11.59.
The materials used, and here we come to the second novelty, are titanium and BMG, or bulk metallic glass. This combination had already been used in 2021 in the 15202XT sold at auction by Only Watch, but this is the first time this combination has been used for a Royal Oak in production and not for a prototype.
Richard Mille RM 67-02 ‘Italy’
Of this release, which took place in February, there has not been a lot of hype especially since it is a limited edition of only a few pieces and of which official indications are still hard to find even now. But the mystery surrounding this release is what makes it such an interesting novelty.
This model has been seen on the wrists of Ferrari’s F1 pilots and Italian rapper Guè. With a total weight of only 32 grams, the RM 67-02 is the lightest Richard Mille automatic. The skeletonized titanium movement features hand-painted dial bridges in black with green, white and red exterior, in reference to the colors of the Italian flag.
Patek Philippe Aquanaut Luce ‘Rainbow’ Minute Repeater
In November, Patek Philippe unveiled the first minute repeater to embrace the "modern casual chic" style of the Aquanaut collection, debuting on the Aquanaut Luce model.
This 2.5 million Swiss francs Haute Joaillerie minute repeater is embellished with 130 baguette-cut diamonds (8.66 carats) on the dial and 779 multicolored baguette-cut sapphires (45.05 carats) that form a rainbow on the bezel, sides of the case and bracelet thanks to the sophisticated "invisible setting" technique.
The dial features twelve multicolored sapphire hour markers, a diamond hour ring, a ruby-set hour hand, and a blue sapphire-set minute hand.
Royal Oak Perpetual Calendar Openworked "Cactus Jack"
The latest model in these highlights could not fail to be one of the most talked about models of recent days, the Royal Oak in collaboration with rapper Travis Scott.
In addition to the model made in 200 pieces (Ref. 26585CM.OO.D301VE.01) costing $201,000 (about €185,000), at the launch event of the collaboration Travis wore what is most likely a one-of-a-kind piece embellished with a rose gold bezel inside which diamonds are set in order to create the classic "Rainbow" effect.
Top 3 Performing Releases of 2023
Among the many watches that landed on the secondary market during 2023 these 3 timepieces impressed the most in terms of recored listings. All released this year, they rank among the 2023 novelties with the highest premiums on their retail prices.
Daytona ‘Le Mans’
When this model came out this summer it generated a very considerable hype. However, it is not surprising, when Rolex introduces something new, especially if it is the Daytona the comments from all the enthusiasts are wasted.
However, as I wrote in the article below, the great success of this model comes from the presence of a reverse-panda dial in the style of Paul Newman's Rolex, a clear reference to the Daytona 6263 of a time among the most iconic ever.
Because of this and its exclusivity, this model is offered on the market at figures around $220,000, which is a good +328% over its list price of $51,400.
Audemars Piguet Royal Oak Perpetual Calendar
Another model that generated very strong interest on the secondary market was this Royak Oak Perpetual Calendar Openworked in 18K white gold and covered with diamonds, in short everything that the market demands today packed into one watch.
Obviously this novelty could only register significant values on the secondary market, the first bid prices are around $625,000, up +65.125% from the list price which was $378,500.
Rolex Day-Date 36 ‘Puzzle’ 128235
Last, I could not fail to include the much-discussed Day-Date Puzzle.
The motif is inspired by a jigsaw puzzle with colorful pieces set against a monochrome (in this case orange) background, each representing one of life's key moments. The small window at 3 o'clock reveals one of 31 exclusive emoji each day instead of the date.
Again we are talking about an offer price of $212,000 is 244% higher than the list price which is $61,500.
In this table I have collected the 3 top performers with their prices.
Worst 3 Performing Releases of 2023
Given the downward pressure in the market, not all new watches gained the same interest and for some references the first prices recorded in the secondary market in 2023 were lower than their respective retail prices. In this case the selected models did not all come out in 2023 but all appeared on the market for the first time during this year.
Patek Philippe Grand Complications 5240G-001
This is not the age of elegant watches, not even if they have one of the most fashionable color schemes of the latest period.
This 5240G is one of the most complicated watches the house offers; in addition to a perpetual calendar, it features a split-seconds chronograph, all encased in a white gold case.
Initial offer prices, however, are around $315,810, or about -15% from its list price. The market unfortunately does not seem to appreciate enough a model that represents the essence of watchmaking. Maybe things will change in the future.
Audemars Piguet Code 11.59 26396NR
Audemars Piguet is working hard on this collection, one of the last ones launched by the brand. It often proposes new materials, new dials, and new complications such as in this case the flying tourbillon.
However, it is a long process before becoming established among enthusiasts and in the market. For the time being, this example is being sold at -29% from its list price.
Richard Mille RM UP-01 ‘Ferrari’
Concluding this selection of watches is perhaps the model that most surprisingly is offered under its own retail, to be precise at $1,550,000 or -21%.
This is somewhat of a surprise because it is still the thinnest watch in the world and it is at least peculiar that it is being sold below its own retail, however high it is.
Add to that the fact that it is a limited edition of only 170 pieces, and this only makes the situation even stranger. The explanation I can give myself is only one: enthusiasts at the moment are not liking this design. We will see in the future whether this might change.
In this table I have collected the 3 worst performers with their prices.
The data analyzed mark a clear direction of the trajectory the market has taken, more or less in line with that of past years. However, 2023 was mostly the year of diamonds; the market literally went crazy for watches set with precious stones, a trend that was perhaps the most bursting at the seams this year.
We'll see what 2024 has in store for us, we at WatchAnalytics can't wait to tell you about it!
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