Jack Baruth was born in Brooklyn, New York, and lives in Ohio. He is a pro-am race car driver and a former columnist for Road and Track and Hagerty magazines who writes the Avoidable Contact Forever newsletter.
There have been expensive wristwatches for as long as there have been wristwatches of any kind, but it took the arrival of the smartphone and various other digital assistants to light a fire under the “luxury timepiece” business. There’s some justification for it, actually.
The market proved able to support inanities like watch-rental schemes — just $1,000 a month or more to borrow and wear someone else’s Rolex — and investment vehicles that held Pateks instead of preferred shares. It was a party with no end, a rising tide that lifted even the leakiest of boats from third-rate brands such as Tag Heuer and Ulysse Nardin … until it wasn’t.
Morgan Stanley, which tracks prices of “investment-grade” watches from Rolex and other brands, announced in an October research report that prices in the secondhand market have dropped as much as 20% year over year. That puts prices back where they were at the beginning of 2021, but nobody thinks this will be the end of the bloodletting. Another year like this, and used luxury watches will sell for their approximate MSRP new.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Robbers climb through hole in wall stealing thousands from store in BrooklynAccording to police, they climbed in and out of a hole they made in the wall, stealing thousands of dollars in cash and lottery tickets from a convenience store.
Leer más »
Brooklyn man suspended from job by his Jewish dad after ripping posters of Hamas hostagesToday's Video Headlines: 10/25/23
Leer más »
NYPD: Burglars break into Brooklyn smoke shop 5 times through hole in wallPolice are searching for two people they say broke into a Brooklyn smoke shop through a hole in a wall five times in the past month.
Leer más »
Brooklyn first responder shares story of retrieving bodies after Hamas' attack in IsraelYanke Landau was tasked with bagging bodies after the massacre on Oct. 7.
Leer más »
IMPACCT Brooklyn’s Bernell K. Grier: pushing for community empowermentIMPACCT Brooklyn's Bernell K. Grier remembers her elders telling her, back in 1969, that Harlem was ripe for gentrification.
Leer más »