Luxury watches are sometimes described as investments. The reality is more nuanced: some watches hold their value remarkably well and some have appreciated substantially; many others depreciate from retail in the same way most consumer goods do. Understanding the distinction matters whether you are buying, selling, or simply curious about what you own.
What actually drives luxury watch resale value
Before looking at specific brands, it is worth understanding the underlying factors that determine secondary market performance. These apply across all luxury watches.
Supply constraints
The watches that hold value best are almost always those where supply is constrained relative to demand. Rolex produces fewer sports watches (Submariner, Daytona, GMT-Master II) than the market demands. Patek Philippe produces limited quantities. A. Lange & Söhne makes very few watches. When demand consistently exceeds supply, the secondary market price rises above retail — and continues to hold when the owner comes to sell.
Brand desirability and recognition
Resale value correlates directly with how widely the watch is recognised and desired by buyers. Rolex is recognised worldwide. Patek Philippe is recognised by serious collectors. A luxury watch from a less recognised brand — even one producing technically excellent timepieces — may struggle to achieve a secondary market price that reflects its quality.
Timeless design versus trend
Watches with timeless designs sell more easily than those tied to a particular period aesthetic. The Rolex Submariner has been instantly recognisable for 70 years. Fashion-led designs from the same era are worth a fraction of what they cost new.
Condition and originality
A watch in original, unpolished condition with all original components is always worth more than a polished or modified example. This applies across all brands and all periods. Collectors pay premiums for originality; a polish or replacement part removes that premium permanently.
Completeness
Box and papers, service documentation, and original accessories increase value. For modern watches from the past 20 years, buyers expect these items to be available and discount watches without them.
Brand-by-brand resale value guide
Sports references
Submariner, Daytona, GMT-Master II, Sea-Dweller. Typically retain 90–130%+ of retail. Some discontinued references trade well above RRP.
Dress references
Datejust, Day-Date, Cellini. Retain 60–85% of retail depending on metal, condition, and year. Gold models hold better than steel dress watches.
Sports & complications
Nautilus 5711, Aquanaut 5167, grand complications. Many trade significantly above retail. Among the best-performing watches in the secondary market.
Royal Oak
Royal Oak 15202, 15400, 15500 series hold and exceed retail for steel references. Offshore also holds well. Less iconic models less so.
Speedmaster Professional
Full set modern Moonwatch holds 70–90% of retail. Pre-Moon references appreciate. Standard Seamaster is liquid but typically 50–75% of retail.
Pilot / Portugieser
IWC retains value less consistently than Rolex or Patek. Pilot's Watch models hold reasonably (55–75%); fashion models less so. Limited editions can outperform.
Reverso / Master
Strong heritage brand but secondary market is thinner than Rolex. Reverso holds value relatively well. Most JLC retains 45–70% of retail.
Santos / Tank / Ballon Bleu
Cartier is widely recognised but the secondary market reflects this — wide supply of common references. Typically 50–75% of retail. Vintage Cartier can outperform significantly.
Carrera / Monaco / Aquaracer
Entry-point luxury. Retains 40–65% of retail for modern references. Vintage Heuer (pre-1986) can command significant premiums among collectors.
Lange 1 / Zeitwerk
Extremely limited production, specialist collector appeal. Secondary market is narrow but prices hold well. Typical retention: 80–100%+ for most references.
Big Bang / Classic Fusion
Hublot has strong retail presence but secondary prices reflect wide supply. Limited editions and carbon/exotic material references hold better than standard models.
Navitimer / Superocean
Good brand recognition, liquid secondary market. Typically retains 50–70% of retail. Vintage Breitling — particularly early Navitimer and Cosmonaute — commands collector interest.
Watches that have appreciated in value
A small number of references have not just held value but grown substantially above their original retail price. These tend to share specific characteristics:
- Discontinued production — when Rolex discontinued the 116520 steel Daytona, prices rose immediately and have remained elevated. The same happened with the Patek Nautilus 5711.
- Cultural significance — the Omega Speedmaster's association with the Apollo missions created lasting demand. The Rolex Submariner worn by Steve McQueen and James Bond created collector archetypes.
- Material scarcity — watches with exotic dials (meteorite, enamel, gem-set), unusual case materials, or limited-run colour variants often trade well above retail.
- Vintage originality — a vintage Rolex Daytona with an original "Paul Newman" dial is in a completely different market from a standard vintage Daytona. Condition and originality at the extreme end create extreme premiums.
These exceptional performers represent a small percentage of all luxury watches sold. The majority of luxury watches depreciate from retail. If you are buying primarily as an investment, understand that you are making a speculative bet on future demand for specific references — not a guaranteed return.
The UK market in 2026
After the unusual spike in luxury watch prices between 2020 and 2022 — driven partly by pandemic-related shifts in spending and a surge in speculative buying — the market has normalised. Most Rolex sports references now trade at or modestly above RRP rather than the significant premiums of 2021–2022. Patek Philippe remains strong. The wider luxury watch market has returned to pre-pandemic performance patterns.
For sellers, this means prices for desirable references are still very healthy by historical standards — but the frenzy of 2021–2022 is not the baseline. Sellers who bought at peak prices in 2022 may find the market has adjusted against them. Sellers of watches purchased before 2020 or held long-term are generally in a strong position.