An index of prices for used Rolex watches eked out a small gain last month in a sign of stabilisation for pre-owned timepieces after more than a year-and-a-half of steep declines.

The Bloomberg Subdial Watch Index, which tracks the 50 most traded Swiss watches by transaction value, was flat in December, while an index of Rolex models gained about 0.7 percent.

It’s a sign that prices for second-hand luxury timepieces may stop dropping. They surged during the pandemic as cash-flush consumers stuck at home snapped up hyped-up models from Rolex, Patek Philippe and Audemars Piguet online. Prices began falling sharply in April, 2022 as interest rates rose and cryptocurrency values dropped. The Bloomberg Subdial Watch Index hit fresh two-year lows in November.

Now, with US interest rates expected to begin declining this year, used luxury watch prices, particularly Rolex, may be stabilising. The Subdial Rolex Index has gained 1 percent in the previous two months while the overall index, which also contains models from Patek Philippe and Audemars Piguet, was unchanged over the same period.

The index is still down about 7 percent over the past 12 months and about 30 percent in two years.

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