Time is Money: A look at Luxury Watch Investing

If you've ever looked at your watch and thought, "This should be making me money," you're not alone. Luxury watches are no longer just status symbols—they’re alternative assets that, in many cases, have outperformed traditional investments like the S&P 500. From the bulletproof value retention of Rolex to the skyrocketing appreciation of Patek Philippe, the watch market is one of the most intriguing (and stylish) ways to build wealth.

The Market: Luxury Watches as an Asset Class

The luxury watch market is valued at $31.58 billion in 2024 and is projected to hit $42.39 billion by 2029, growing at a 6.3% CAGR. Market fluctuations exist, but over time, the best pieces tend to hold or increase in value. What makes watches stand out?

• Scarcity & Exclusivity: Unlike stocks, where companies can issue more shares, watch brands like Rolex and Patek Philippe strictly control production, ensuring long-term demand. This artificial scarcity fuels desirability and allows certain models to appreciate at astonishing rates.
• Cultural & Collectible Value: Watches, especially those with provenance, become legendary over time (think Paul Newman’s Rolex Daytona or Steve McQueen’s Heuer Monaco). Iconic pieces linked to celebrities, historical events, or special editions command top dollar in the auction market.
• Hedge Against Inflation: As tangible assets, high-end timepieces tend to retain purchasing power in volatile economic environments. While fiat currencies depreciate, a well-chosen watch portfolio can preserve and even grow wealth.
• Strong Secondary Market: The pre-owned market is booming, expected to surpass $30 billion in the coming years. The rise of online platforms such as Chrono24, WatchBox, and Sotheby’s digital auctions has created an ecosystem where transparency and liquidity are better than ever.

The secondary market is up 62.7% since 2017 (as seen in the chart below) but we've had a significant correction since 2022. No one can say when we will bottom, but there are certainly some heavy discounts compared to a few years ago.

Top Brands & Models That Dominate the Market

While the entire luxury watch industry has a following, some brands and models stand out for their historical price appreciation, liquidity, and desirability:

🏆 The Big Three: Rolex, Patek Philippe, Audemars Piguet

1. Rolex Daytona – The undisputed king of liquidity. Certain references, like the Paul Newman Daytona, have sold for over $17 million at auction. Even modern Daytona models command well above retail pricing on the secondary market. Rolex’s meticulous marketing strategy, combined with its limited supply, ensures that demand for the Daytona remains sky-high year after year.
2. Patek Philippe Nautilus (Ref. 5711) – Discontinued, yet still one of the most sought-after watches in the world, appreciating by over 200% in the last decade. Patek's philosophy of exclusivity and quality craftsmanship makes every release a highly anticipated event, further boosting the brand’s status among collectors.
3. Audemars Piguet Royal Oak Jumbo (Ref. 15202ST) – A legendary Gerald Genta design that has consistently grown in value. The Royal Oak revolutionized the luxury sports watch category, and with AP discontinuing the 15202, its collectibility has surged even more.

💎 Outliers & Emerging Contenders

• Richard Mille RM 011 – Popular in sports and celebrity circles, often fetching 6-7 figure resale prices. Richard Mille watches are known for their futuristic design, lightweight materials, and extreme durability. The RM 011, with its tonneau-shaped case, skeletonized dial, and flyback chronograph, is a favorite among elite athletes and billionaires. While some dismiss them as overpriced hype, their secondary market performance suggests otherwise—certain models have appreciated by over 300% since their release.
• Cartier Tank & Santos – Less hype, but steady appreciation and classic design. Cartier’s history in horology goes back over a century, and their iconic dress watches have remained in style across generations. While they may not spike in value like a Patek Nautilus, they provide stable, incremental appreciation over time, making them solid long-term holds.

F.P. Journe – Boutique, low-production independent brand with cult-like demand. Journe’s focus on traditional watchmaking and innovation in movement design has earned it a loyal following, with certain models doubling in value within a few years.

Market Trends: What’s Happening in 2024 & Beyond?

🚀 Correction = Buying Opportunity: After an insane bull run in 2021-2022, the watch market cooled in 2023-24, with some models dropping 25-40% from peak values. Smart money sees this as a great entry point. Historically, corrections like this have paved the way for long-term appreciation once demand stabilizes.

🎯 Shift to Serious Collectors: The days of speculative “flipping” are fading, with the market now favoring true enthusiasts & long-term holders【30†source】. This shift means that investment-grade watches will likely remain in high demand, while purely hype-driven models may struggle.

📈 Pre-Owned Growth: The resale market, bolstered by platforms like Chrono24 and WatchBox, is thriving, with high transparency and authentication services. As more investors look for alternative assets, watches have become an attractive option due to their liquidity.

🔗 Tech Meets Horology: Augmented reality try-ons, blockchain authentication, and digital resale platforms are revolutionizing how people buy and sell luxury watches. The rise of tokenized fractional ownership could open up the market to a wider audience, similar to what we’ve seen in fine art and real estate.

Lesser-Known but Potentially Lucrative Investments

If Rolex and Patek are the blue-chip stocks, these are the growth stocks:

• Grand Seiko (Spring Drive & Limited Editions) – Gaining serious respect among collectors, Grand Seiko offers exceptional craftsmanship and accuracy, often outperforming Swiss brands at the same price point. Certain limited editions, like the Snowflake, have appreciated steadily.
• H. Moser & Cie (Streamliner, Endeavour) – Independent Swiss brand making waves. Moser’s minimalist dials and unique materials, such as their “Funky Blue” fumé dial, have earned them a strong following.
• Vacheron Constantin Overseas – The underappreciated “3rd wheel” of the Holy Trinity that might be undervalued. With Nautilus and Royal Oak prices surging, Vacheron’s Overseas line offers a more attainable entry point with similar prestige and craftsmanship.
• Bulgari Octo Finissimo – Ultra-thin masterpiece that is quietly growing in prestige. With several world-record-breaking thinness models, Bulgari is cementing itself as a serious player in haute horology.

Final Thoughts: Why Time is Money

Luxury watches blend art, history, and investment potential in a way few other assets can. Whether you’re in it for the long haul or just want to own something tangible that appreciates, the world of horology offers opportunities far beyond just telling time.

So, if you've ever considered putting your money into something more exciting than index funds, you might want to start looking at what’s on your wrist.

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https://www.watchesworld.com/2025-luxury-watch-trends-whats-next-for-horology/

Stay tuned: In our next deep dive, we’ll explore how watches compare to other collectibles like rare wines, art, and cars. Don’t miss it! Subscribe now.