The Resurgence of the Pre-Owned Luxury Watch Market

The global pre-owned luxury watch market is witnessing a remarkable turnaround, with price declines for iconic brands like Rolex, Patek Philippe, Cartier, and Omega slowing to their lowest rates since early 2022. This stabilization could signal a pivotal moment for a sector that has endured 13 consecutive quarters of price corrections following its post-pandemic peak.

A Positive Shift in Market Dynamics

According to a recent report by Morgan Stanley and WatchCharts, average prices across the pre-owned luxury watch market fell by just 0.3% from April to June 2025. This marks a significant improvement compared to the 0.4% decline observed in the first quarter of the year, indicating a renewed interest among buyers in investing in pre-owned models from highly coveted luxury brands. The slowest rate of decline in over three years suggests that the market may be stabilizing, offering a glimmer of hope for collectors and investors alike.

Cartier: A Standout Performer

Among the luxury brands, Cartier has emerged as a standout performer in the second quarter of 2025. Prices for Cartier watches appreciated by an impressive 6.14%, driven primarily by strong demand for its Santos collection, particularly vintage and steel models. Over a five-year period, Cartier has experienced a remarkable 39.06% appreciation, reflecting sustained market confidence and a growing collector focus on classic dress watches. This resurgence highlights the brand’s enduring appeal and the increasing value placed on its heritage.

Patek Philippe and Rolex: Mixed Results

Patek Philippe also demonstrated resilience, with prices rising by 1.1% during the same period. This growth was fueled by a rebound in the prices of its Nautilus models and the continued strong performance of the Aquanaut timepieces. In contrast, Rolex prices saw a slight decline of 0.3%, while Audemars Piguet experienced a more significant drop of 1.3%. Despite these fluctuations, both Rolex and Patek Philippe were among the best performers in the first quarter of 2025, indicating a complex but promising landscape for these luxury brands.

The Stability of Omega and Mid-Tier Brands

The report also noted a normalization of supply levels for pre-owned Rolex watches, alongside a recovery in absorption rates. Demand for mid-tier brands such as Omega and IWC has surged, nearing record highs in the second quarter. Omega, for instance, experienced only a 0.78% decrease in pre-owned prices in mid-2024, showcasing relative stability in a fluctuating market. This trend underscores the growing interest in mid-tier luxury watches, which are increasingly seen as viable investment options.

Challenges in the Broader Market

Despite these positive indicators, the broader pre-owned Swiss watch market still faces challenges. Of the 35 tracked brands, 29 experienced negative quarter-over-quarter performance, with 25 brands seeing an average price decline of at least 1%. Brands like Hublot and TAG Heuer reported more significant drops, highlighting the uneven recovery across the luxury watch sector.

Market Growth Projections

The pre-owned luxury watch market, valued at approximately $24.38 billion in 2023, is projected to reach $45.01 billion by 2030, growing at a compound annual growth rate (CAGR) of 9.2% from 2024 to 2030. North America currently leads the market, accounting for 34.2% of total revenue, while the Asia Pacific region is expected to exhibit the highest CAGR of 10.9% during the forecast period. Automatic pre-owned luxury watches continue to dominate the market, holding a 66.2% revenue share in 2023.

Strategic Entry Points for Investors

Industry experts suggest that the slight market cooling observed in 2024, following the price surge of 2022-2023, presents a strategic entry point for investors. The long-term value of heritage luxury watch models, combined with strong brand equity and controlled supply, is expected to ensure continued investment potential. As the market stabilizes, discerning buyers may find opportunities to acquire coveted timepieces at more favorable prices.

Conclusion

The pre-owned luxury watch market is at a crossroads, with signs of stabilization and renewed interest among buyers. While challenges remain, the standout performances of brands like Cartier and Patek Philippe, alongside the resilience of mid-tier brands like Omega, suggest a promising future for collectors and investors. As the market evolves, it will be fascinating to see how these dynamics shape the landscape of luxury watch collecting in the years to come.