The market for pre-owned timepieces witnessed a notable recovery in the fourth quarter of 2025, indicating the first widespread quarterly price growth in several years. A comprehensive analysis by investment bank Morgan Stanley, leveraging data from WatchCharts, revealed a 1.9% increase in prices for used watches, with 21 out of 35 monitored brands showing appreciation. This resurgence signifies a break from a three-year period of consistent quarterly decline. Although major conglomerates such as Richemont, Swatch Group, and LVMH saw gains, the strength of the secondary market continued to be predominantly propelled by the elite private brands: Rolex, Patek Philippe, and Audemars Piguet. The report also attributed these price escalations to "aggressive" retail price adjustments by leading brands. However, for most brands, maintaining their original retail value remains a hurdle, with only the aforementioned "Big Three" consistently trading above their retail price points, while others typically fall short by 30% or more.
Details of the Market Recovery
In the final quarter of 2025, the secondhand watch market experienced a significant upturn, as detailed in a report by Morgan Stanley and WatchCharts. This marks a pivotal moment, with prices for pre-owned timepieces collectively rising by 1.9% quarter-over-quarter. Impressively, 21 of the 35 brands meticulously tracked by WatchCharts registered positive gains, breaking a prolonged period of market stagnation.
Among the top performers, Geneva-based Patek Philippe led the charge with a substantial 7.6% quarterly increase, driven by the strong demand for its Aquanaut, Cubitus, and Nautilus collections. Audemars Piguet also saw a rebound, with its secondary market prices climbing by 1.8%, while Rolex prices maintained a steady, flat performance. These three luxury giants continue to be the primary engines of strength in the secondary watch market.
Within the major watch groups, Richemont's Cartier emerged as the standout performer, achieving a 2.3% increase in secondary market prices. LVMH's TAG Heuer also posted a respectable 1.1% rise, leading its group's Swiss watch brands. Swatch Group's Longines brand recorded an impressive 4.9% surge, while Tudor, a sister brand to Rolex, saw a 3.9% increase, primarily due to the enduring popularity of its Black Bay series.
The WatchCharts Overall Market Index, which monitors the performance of 300 watches from 10 prominent brands, weighted by annual transaction value in U.S. dollars, demonstrated a significant 4.9% increase in 2025. This positive trend follows declines of -6.1% in 2024 and -10.7% in 2023. After a relatively flat first half of 2025, prices rose by 2.3% in the third quarter and an additional 1.9% in the final three months of the year. This growth was largely attributed to the "Big Three" (Patek Philippe, Rolex, Audemars Piguet), alongside strong contributions from mid-tier brands like Omega (2.4% year-over-year) and Cartier (3.4% year-over-year). Patek Philippe (12.1%) and Rolex (4.6%) were at the forefront of year-over-year performance, even as prices for 28 of the 35 tracked brands experienced declines.
This recovery is particularly noteworthy as retail watch prices saw an average increase of 7% in January, with brands such as Rolex and Audemars Piguet implementing price adjustments. Factors contributing to these increases include the robust value of the Swiss franc against other currencies and the escalating price of gold, a crucial component in high-end watch manufacturing. Morgan Stanley analysts, led by Edouard Aubin, anticipate that secondary demand will remain strong in 2026, with price performance continuing to improve across a broader spectrum of brands, indicating a shift towards more pragmatic consumption rather than speculative buying in the secondary market.
This recent upswing in the pre-owned watch market underscores its growing importance and potential to rival the primary retail market within the next decade. The data suggests a maturing market where consumers are increasingly seeking value, especially as primary market prices continue to climb. This trend presents both opportunities and challenges for watch brands, requiring them to strategically navigate pricing and market positioning to maintain brand equity and appeal to a discerning consumer base. The sustained performance of the "Big Three" highlights their enduring desirability and investment appeal, while the gains by mid-tier brands indicate a broader market appreciation. This shift could reshape how both consumers and brands perceive and interact with the watch market in the coming years.