Luxury waitlists shorten as resale values fall

Resale values for luxury items like Birkin bags and Rolex watches are declining, indicating a slowdown for even the most sought-after brands. This trend suggests that the scarcity model, which relies on limited supply to drive demand, is becoming less effective. Brands like Hermès and Patek Philippe are seeing their resale premiums shrink. The market is normalizing after pandemic-driven speculation, with increased supply on the secondhand market and rising primary market prices contributing to the shift.