Apart from the Dow Jones Index plummeting like a lead ballon, over the last 48 hours ( -1600 points ) .....it’s biggest single fall, in its History The FTSE 100 fell 193.58 points or 2.64% to 7141.40, its biggest daily percentage decline since the Brexit vote Germany’s Dax dropped 2.32% to 12,392.66 France’s Cac closed down 2.35% at 5161.81 Italy’s FTSE MIB fell 2.08% to 22,347.01 Spain’s Ibex ended 2.53% lower at 9810.0 In Greece, the Athens market lost 1.74% to 838.80 Apparently there seems to be a ‘Market Correction’ in play…the era of “cheap money” is over ? Will this ‘correction’ also extend to vintage watches, & individual Dealers / Seller’s expectation of realising some frankly very ambitious prices, for popular marques / variants ?…… The Party may not be over……but have the Taxis been called ?
when the credit crunch first kicked in Land Rover knocked £10k off the retail price of a new Range Rover almost overnight, classic cars and other luxurys soon followed...........
Dow is biggest single fall in number only, not in percent. Back almost 400 points today, although a bit up and down. I cannot speak to the markets in countries other then the US, but the continuous run upward for the last 13 months was going to result in some sort of a sell-off at some point. The first day it dropped convinced people to take some profit from their big gains, so the sell-off increased on Monday. Now people are coming back in and buying again now that some of the solid companies are selling for more reasonable prices. I think it will take a handful of bad earnings reports from some of the big companies the overall upward trend reverses. FWIW, my stock portfolio was still worth more after the big sell-off yesterday then it was on January 1, and it is way above Nov 2016. I think we will return to a lot of sideways volatility here for a while, and the big rise upward will lose a lot of steam. But there is still money to be made with sideways movement.
I remember 2008/9 and my local AD was having a fire-sale, they couldn't give watches away. I picked up this JLC with a nice 60% discount - happy days! The last 3 or 4 years they don't even have a sale, so a correction in the new watch market would be very welcome.