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I suspect luxury goods in general are going to drop further this year, and keep going down into next year.
A local AD had the best year in history, last year, during the pandemic. They attributed the great year(s) to COVID, specifically that people had money to burn and not much to spend it on - given travel limitations. So disposable income normally spent on luxury travel was redirected to jewelry. While travel isn't back where it's used to be, its certainly bounced back.
On top of that, the pressures on global supply chains seem to be easing somewhat, which is going to mean supply becomes less constrained than it has over the past couple of years.
And then of course we have inflation, which is also going to put a little but of downward pressure on demand for luxury goods. Maybe not as much as the other factors re: Patek, but certainly some impact will be seen.
And then there's the impending recession....
So - in short, I suspect we'll continue to see a softening of demand which should put downward pressure on Patek and other luxury goods pricing.
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