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Investing in luxury watches from brands such as Rolex, Patek Philippe and Audemars Piguet turned out to be more profitable than some stocks, reports Mail.ru with reference to data from the Boston Consulting Group and WatchBox, a luxury watch reselling platform.
Luxury watches have performed well compared to traditional investments, especially in the long run, even as prices decline in 2022 due to the fall in the stock and cryptocurrency markets.
The used luxury watch market was worth 24 billion USD last year and is projected to reach 85 billion USD by the end of 2023, even more than the market for new watches in this segment.
Used as well as new luxury watches are one of the alternative types of investments that have been gaining popularity in recent years due to the volatility of the stock markets and the depreciation of cryptocurrencies. Also, people are increasingly choosing to invest in art, collectible alcohol and vintage cars.