Swatch chaos speaks to money in luxury watch market

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Swatch closed stores across the world this weekend after a limited-edition watch brought crowds, violence and vandalism. The Royal Pop timepieces, made in collaboration with Audemars Piguet, appear to be drawing more flippers than horologists. They are on sale for £335, but have already been put on eBay for £5,000. Audemars Piguet watches typically retail for more than £15,000. Police fired teargas at a Swatch shop in Paris, while dogs were used in Battersea power station and Westfield in London. Watch flipping has surged in popularity since the pandemic, with the luxury watch market index rising more than 10% last year. Swatch has tried to calm the chaos by telling would-be buyers that the Royal Pop collection will “remain available for several months”. But those who want to make a quick bit of cash are unlikely to listen.