- Chrono24 analyses secondary market value trends for luxury watches over the past five years
- Luxury timepieces show average value appreciation of 22.85 %
- Watches from Audemars Piguet, Vacheron Constantin, and Cartier demonstrate highest average value gains, with selected models more than doubling in value
Luxury timepieces from brands such as Rolex, Audemars Piguet, and Cartier have long transcended their role as elegant accessories to become legitimate investment assets. While the secondary market for luxury watches has consolidated since its peak in spring 2022, it still demonstrates an gain of 22.85 % over the past five years. These findings emerge from an analysis of the ChronoPulse Watch Index by Chrono24, the world’s leading online marketplace for luxury timepieces. Chrono24’s analysts specifically examined which brands and models have demonstrated the strongest long-term value appreciation.
Brands recording highest price appreciation
Among the 13 most coveted watch brands, ten have registered value increases over the past five years. Audemars Piguet leads this elite group, with secondary market prices surging by an average of 64.85 % between October 2019 and October 2024. For context: During the same period, Germany’s DAX index gained approximately 54 %, while shares in LVMH, the world’s largest luxury goods conglomerate, rose by around 55 %.
Another watchmaker achieved comparable performance: Timepieces from Vacheron Constantin appreciated by 52.27 % in value over the past five years. The top five brands showing the strongest value development over the last five years is completed by Cartier (+39.06 %), Patek Philippe (+33.59 %), and Omega (+27.81 %). Market leader Rolex follows in sixth position (+27.59 %).
Timepieces from Breitling (2.21 %) and IWC (1.45 %) remained virtually stable in price. Watches from Hublot (-2.99 %), Rolex’s sister brand Tudor (-9.54 %), and Panerai (-16.88 %) have actually depreciated over the past five years.
"Following the unprecedented surge during the COVID-19 pandemic, the secondary market for luxury watches has now returned to normalcy. While sudden value spikes for individual models have become rare, the market is now less influenced by speculators seeking quick profits. Instead, genuine watch enthusiasts have returned to prominence, appreciating what we call the 'double return' of a timepiece: On one hand, our analysis demonstrates that luxury watches can deliver solid returns over the long term despite current market fluctuations. On the other hand, at its best, a watch not only appreciates in value but also elevates its wearer's spirits with every glance at their wrist," explains Balazs Ferenczi, Head of Brand Engagement at Chrono24.
Most Profitable Watch Models: Cartier Claims Four Spots in Top Ten
When examining the most profitable watch models, one brand distinctly stands out: Cartier. The French luxury house appears four times in the top ten, securing positions one, two, and four. While Vacheron Constantin features three models and Audemars Piguet two models in the top ten, Patek Philippe doesn't appear until position 12, with Rolex following at position 17:
Market Expert Identifies Two Current Trends in Luxury Watch Secondary Market
Balazs Ferenczi elaborates: "The secondary market for luxury watches is currently characterized by two primary trends: First, there are the coveted steel sports watches, exemplified by the Audemars Piguet Royal Oak or the Patek Philippe Nautilus. During the Covid pandemic, these models experienced extraordinary value appreciation due to limited production capacity and soaring demand, and still command multiples of their retail prices. However, secondary market values for these models have softened somewhat over the past two years.
Conversely, design-oriented 'dress watches' with non-round cases have gained considerable momentum in recent years – notably the Cartier Santos or the Jaeger-LeCoultre Reverso. Previously undervalued in the secondary market, these models have attracted increasing numbers of collectors and enthusiasts seeking alternatives to the typically hyped sports watches. The emergence of 'Quiet Luxury' has further energized this segment. Consequently, models like the Cartier Santos now command more than double their value from five years ago.
The next five years will be particularly fascinating as we track the price development of the recently introduced Patek Philippe Cubitus – a model that bridges both aforementioned worlds. The timepiece has sparked considerable debate on social media. Time will tell whether the sceptics prevail or if the model demonstrates positive price development in the secondary market.”