Prices for the most sought-after used watch models from top Swiss brands Rolex, Patek Philippe and Audemars Piguet fell again in 2024, hitting fresh three-year lows.

Let’s be real: Rolex could price its steel watches a lot higher than it does. Demand continues to far outpace supply when it comes to the brand’s steel sports models, and prices on the secondary market have long remained above the asking price from the brand.

Preowned Rolex, Patek Philippe, and Audemars Piguet watch prices fell to a three-year low in 2024, data from the Bloomberg Subdial Watch Index says.

Rolex watches, which aren’t known for their affordability, are getting even more expensive this year with the soaring price of gold to blame.