Prices paid for the holy trinity of Swiss watches — Rolex, Patek Philippe, and Audemars Piguet — fell 4.9%, 6.5%, and 7.4%, respectively. This follows a rough 2023 when Rolex prices fell 8.2%.

Unknown is the profit. What is clear is that the Swiss watch industry, with Rolex as its beacon, has had highly successful years. A substantial share of profits is also likely to come from the ...