The Second Hand Market
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This topic on the "return of semblance" to watch prices is being hashed around.
It's a fact that watch prices have dropped and are dropping, and "some" semblance has returned. However, I have read comments on watch forums by enthusiasts who are taking this as a sign that the sky is falling and all those long-sought-after PPs, APs, Daytonas, etc. are somehow miraculously going to land in ADs' cases any day now, filling them to the brim and be sold at MSRP. I might be proven wrong, but I don't think that this is going to happen soon, if ever. This is wishful thinking IMHO. While the prices have dropped, as mentioned, so far the drop in watch prices is less than the drop in prices of cryptocurrencies and stocks.
Watches like Daytonas will still be sought after and be sold at premiums and be hard to obtain at ADs at MSRP, like always. People who want a Rolex or AP or PP or whatever are not only flippers and investors, of course. In our globalized market these days, there are now people all over the world who seek luxury watches as watch enthusiasts. In addition, watch consumers account for more than the first world market (USA/Europe) as in the past. While prices are falling to some degree for popular models, demand and prices also will remain high to some degree, so we will see prices bottom out at some point at levels that still are higher than MSRP. (If a global financial crisis/recession happens, then all bets are off.)
Nevertheless, I do wonder how this situation will play out over time.