Used Rolexes, Pateks Are Bright Spot in Struggling Watch World

The pre-owned luxury watch market, tracked by the Bloomberg Subdial Watch Index, recorded its strongest performance since early 2022, gaining 5.3% in the first half of 2025 and extending its recovery into Q3. This rebound, driven by top performers like Rolex's gold Daytona 116508 and Patek Philippe's Aquanaut 5167A, stands out as a bright spot amidst an otherwise challenging landscape for high-end timepieces.

Analysis

The pre-owned luxury watch market is exhibiting a significant recovery, serving as a notable counter-trend to the broader weakness in the high-end timepiece sector. The Bloomberg Subdial Watch Index, a key benchmark tracking the 50 most-traded models, registered a 5.3% gain in the first half of 2025, marking its strongest performance since early 2022. This positive momentum has extended into the third quarter, indicating a potential stabilization or bottoming for this asset class. The rally is not broad-based but rather concentrated in highly coveted models, such as the Rolex gold Daytona 116508 and the Patek Philippe Aquanaut 5167A. This bifurcation suggests that while the overall watch world may be struggling, resilient demand for specific, investment-grade timepieces from top-tier brands is driving a distinct recovery in the secondary market.

Key Decisions for Investors

• Investors with an allocation to alternative assets should consider the top-tier secondary watch market as a potential source of alpha, given the clear price momentum and positive performance data since the start of the year.
• Monitor the divergence between the recovering pre-owned market and the struggling primary market, as this may signal a durable shift in consumer behavior towards assets with proven value retention.
• While the trend is positive, portfolio managers should note that this is a niche market; positions should be sized appropriately, and due diligence must be conducted on the liquidity and authenticity of specific models like the top-performing Rolex and Patek Philippe references.