After surging in 2021 and during the first quarter of 2022, an index of the most popular models from Daytona chronograph maker Rolex tracked by WatchCharts has fallen by 21 percent since the market peak in April. Prices for the most popular Nautilus-maker Patek Philippe references are down an average of 19 percent on the secondary market while those for Audemars Piguet, the maker of the Royal Oak, have declined 15 percent since the peak. Prices will likely keep falling due to a "dramatic" increase in supply, Morgan Stanley analysts including Edouard Aubin said in the report. "We have noticed a significant increase of watch inventory in the secondary watch market year to date as a result of secondhand watch dealers and individual watch investors off-loading their stocks," Morgan Stanley said.