This pre-loved Rolex model worn by Paul Newman is topping the secondary watch market

Pre-owned Rolex Daytona watches are outperforming the market, with prices for the model gaining 4 per cent in the past month

American actor Paul Newman in 1965, who made the Rolex Daytona famous. Picture: Getty

Pre-owned Rolex Daytona watches are outperforming the secondary market and some of the most in-demand timepieces from rivals, according to an index launched Tuesday by Bloomberg and trading platform Subdial.

Prices for the most recent Daytona model have gained 4 per cent since 27 March, when Rolex discontinued it and unveiled a new version of the timepiece made famous by actor and racing car enthusiast Paul Newman.

This is ahead of the overall market as well as sought-after timepieces from Patek Philippe and Audemars Piguet, the Bloomberg Subdial Watch Index shows.

The index tracks prices for the 50 most traded pre-owned luxury watches by US dollar value, providing an insight into the strength of demand in the secondary market.

Prices for discontinued luxury watch models often increase in value because they represent a now limited supply of product.

A 1968 Rolex Reference 6241 Daytona Paul Newman ‘John Player Special’. Picture: Getty

As prices for the Daytona model have risen, the value of Patek Philippe’s discontinued and highly sought-after 5711 Nautilus have dropped 2.2 per cent during the same period. Prices for the most traded version of the Audemars Piguet Royal Oak have also fallen about 1.1 per cent.

The overall index for the top 50 most traded luxury watches is unchanged during the same period.

“The pre-owned watch market is returning to strength, with Rolex leading the way,” said Christy Davis, a co-founder of Subdial, an online used luxury watch retailer and trading platform based in London.

Prices for the most recent Rolex Daytona have jumped with the discontinuation of the model “with the number of pieces in circulation now firmly capped”, he said.

After an unprecedented surge in value during the pandemic, prices on the secondary watch market have been falling steadily for the past year. The Bloomberg Subdial Watch Index has dropped about 32 per cent in 12 months while the Daytona’s value has declined about 30 per cent.

Since the start of this year, the Daytona is down about 14 per cent while the overall market has dropped nearly 19 per cent.