(rapaport.com) - Luxury brands are having a moment, but a new Apple product is providing tough competition for the cheaper segment. Luxury timepieces with export prices above CHF 3,000 ($3,200) were the best-performing watch segment in January, according to data from the Federation of the Swiss Watch Industry. Watches over $10,000 are even in more demand, Swiss watch industry insiders added. The news is less positive for cheaper watches. Barring unexpected events, this robust growth in luxury watches is expected to continue through the rest of the year. Meanwhile, for the pre-owned market, the incredible surge caused by speculative buyers and sellers is gone. Major pre-owned watch dealers are cutting staff and lowering prices to face this new reality.
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