Pre-Owned Watch Prices Are Rising Again: What Buyers and Sellers Need to Know

After two long years of falling prices, the pre-owned luxury watch market has turned a corner. The numbers that collectors and dealers watch most closely are pointing up again, and in some corners of the market they are pointing up quickly.

What the data says

• The WatchCharts Overall Market Index stood at 38,518 at the end of September 2026, up 8.3% over twelve months.
• Patek Philippe leads the major brands, with its WatchCharts index up roughly 17% year on year. Audemars Piguet is up about 8.5% and Rolex about 5.6%.
• Morgan Stanley’s research with WatchCharts found secondary prices rose 1.9% in the first quarter of 2026 alone.
• Gray market pricing reached its highest level since late 2023, according to Resell Calendar’s tracking.

The pace has calmed recently. The overall index gained 0.4% in August and slipped 0.2% in September, which looks more like a market catching its breath than one reversing.

Why prices are climbing

Retail keeps going up. Brands have raised list prices repeatedly since 2025, driven by record gold prices and a strong Swiss franc. When a new Submariner or Royal Oak costs more at the boutique, the pre-owned equivalent looks like better value and buyers move to it.

Tariffs are pushing buyers to pre-owned. US import tariffs on Swiss watches remain a moving target. Swiss exports to the US fell 19.4% in August 2026 even as total Swiss exports rose 9.1%. Watches already in the country avoid that uncertainty, which supports secondary prices.

Discontinuations and scarcity. Patek’s Nautilus and Aquanaut references have climbed after discontinuation, and strong auction results, including Phillips’ record season, keep confidence high at the top of the market.

Not everything is rising

The recovery is concentrated in the big three and a handful of hot references. Many dress watches from brands such as Jaeger-LeCoultre, Piaget and Blancpain have softened, and complicated Patek Calatravas have lagged their sports siblings. Brand alone is not a guarantee.

What this means for you

• Buying: the window of deep discounts from 2023 and 2024 is closing on the most popular steel sports models. If one is on your list, waiting may cost more.
• Selling: this is a better moment than any time in the last two years, especially for Patek and AP sports pieces.
• Either way: check recent sold prices, not asking prices, and get the watch authenticated before money changes hands.

Looking for a specific reference or want to know what yours is worth? Our team can help with sourcing and appraisal.

Sources: WatchCharts Market Index; Forbes, May 2026; Resell Calendar; LE Watch Buyers; H-Rock Luxury.