Prices for the most popular higher-end watches from Rolex and Patek Philippe kept falling over the past month, even as mid-tier timepieces from brands like Cartier outperformed.

The Bloomberg Subdial Watch Index, which tracks prices for the 50 most traded watches on the secondary market by value, declined by 1.1% in a month.

After an unprecedented surge during the pandemic, prices for the most hyped pre-owned models from Rolex, Patek and Audemars Piguet began dropping sharply in March 2022 due to higher interest rates, slowing economies and the crash in cryptocurrency values.

The index, which gives insight into demand for the most popular luxury used watches, has fallen about 14% in a year.

The Rolex Daytona 16520, with a steel tachymeter bezel, was the best performer over 30 days, gaining 0.5% to trade at an average price of $30,976. But another Daytona, the 116528 in yellow gold, was the worst performer, falling 7% in a month to an average value of $41,841.

Despite falling values, current trading volumes remain elevated and the pace of price declines is slowing, according to Subdial, a UK-based used watch dealer and trading platform.

Even as prices for the big three Swiss brands continue to fall, some lower priced marques are showing signs of strength and stability.

An index compiled by Subdial comprising 25 of the most popular and frequently bought Cartier watches has declined 2.5% since the start of the year, but gained 1.6% in the last month. The performance of the Subdial Cartier Index, with watch prices averaging about £5,000 ($6,338.8), compares to a 7.4% drop for the Bloomberg Subdial Watch Index since the start of the year.

Cartier is owned by Swiss luxury goods conglomerate Richemont.

Used watches from Rolex, Patek, and AP in the Bloomberg Subdial Watch Index generally trade above their retail price. By contrast, the watches in the Cartier index are more readily available to buy new in stores and sell for below their retail price on the secondary market, according to Subdial.

This story was produced with the assistance of Bloomberg Automation