Rolex watches lost an average 5% of their value, contrasting with the recent news the brand will increase its pricing for new watches by up to 14% in 2025, owing to the cost of gold. Meanwhile, Audemars Piguet watches are down 7.5%, while Patek Philippe models dropped by 4%.

And it wasn't just a few days ago that Rolex turned around and upped its prices. And we talk to you about this. And yet we've got the second hand market, the U.S. market falling. Can you kind of put these two stories together for me?

We’re at the start of a new year, and you know what that means: It’s time for Rolex’s big annual price increase. The Crown typically raises prices on its watches at the start of each year to keep pace with inflation and maintain its models’ place in the luxury market.