Some mid-tier priced luxury watches including models by Omega and Cartier outperformed as prices for the most popular and higher-end Rolex, Patek Philippe and Audemars Piguet models kept falling on the secondary market.

The Bloomberg Subdial Watch Index fell 1.4 percent in a month and is now down 16 percent over the past year. The index tracks the 50 most traded watches on the secondary market by value and consists mainly of Rolex, Patek and AP models. Higher interest rates, shaky economic growth and the collapse of cryptocurrency values have combined to push up the supply of used luxury timepieces and push down prices after a surge in 2021.

Yet some mid-priced watches from brands also including TAG Heuer and Tudor are bucking the trend, according to data from Subdial, a UK-based used watch dealer and trading platform.

The value of a group of five selected watches has gained 17 percent in a year. The price rise shows collectors and enthusiasts are looking for rare undervalued timepieces and, in some cases, smaller-sized watches.

The 36-millimeter diameter Omega Seamaster dive watch now fetches about $5,253. Subdial co-founder Christy Davis said the model is gaining because it captures both the trend toward more discreet luxury goods and smaller sizes.

The Santos Galbee, much smaller than the average watch at just 28 millimeters and trading at about $5,060, also speaks to the trend and is part of the rise in popularity of so-called “neo-vintage” watches from the 1990s, he said.

The top performing watch in the Bloomberg Subdial Watch Index in the past 30 days is also a smaller watch. The Rolex Datejust 36 outperformed other models made by Switzerland’s largest watch brand, gaining about 3.4 percent in a month and is trading at around $10,200.

The worst performer is the Rolex Daytona in steel and gold, which has declined about 7 percent to about $18,150.

Analysts at Morgan Stanley published a report earlier this week showing that while the most in-demand watches from Rolex, Patek and AP continue to trade above retail on the secondary market, prices are expected to continue falling in the third quarter due to elevated supply levels.

By Andy Hoffman

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