Summer shows no signs of slowing down – it’s been a busy few weeks in the watch industry. Secondary market prices have posted gains for three consecutive quarters, the first sustained climb since 2022, suggesting the market may finally be stabilizing after the post-pandemic boom and correction. In the auction world, a veteran executive has made a high-profile move from Phillips to Sotheby’s, and Christie’s has just claimed the record for the most expensive Cartier wristwatch ever sold – a title that changed hands twice in the span of a few weeks. Here’s a round-up of some of the latest business stories from around the industry.
Secondary Market Watch Prices On A Winning Streak
After years of declines, prices on the secondary watch market are stabilizing and have posted gains of more than 1% for three consecutive quarters, according to an analyst report from Morgan Stanley and WatchCharts. An index of pre-owned watch prices compiled by WatchCharts rose 1.9% in the first three months of the year from the previous quarter, led by gains from a wide swath of brands including Longines, Patek Philippe, and Zenith, the data shows.
It’s the first time since 2022 that prices have climbed significantly for an extended period. The results suggest a broad recovery in secondary market values, driven by rising primary market prices, tariffs on watches entering the U.S., and increased confidence and interest in the pre-owned premium watch market.
The gains were broad-based, with 25 of 35 tracked brands showing increases during the period from January to March. All of the major Swiss groups showed gains during the quarter, with Richemont brand prices rising 1.2%, led by Panerai, Vacheron Constantin, and Cartier. Swatch Group prices climbed 1.5%, including Longines, Blancpain, and Omega, and LVMH brands, including Zenith and TAG Heuer, rose. Among Swiss groups, Rolex, which also owns the Tudor brand, posted the biggest gains with a 1.7% increase.
Measured by year-over-year quarterly performance, Patek Philippe was the strongest brand performer, with prices on the secondary market up 17% from a year ago, while Tudor, Cartier, Grand Seiko, Rolex, and Omega rounded out the top five-performing brands.
Marks Jumps To Sotheby’s
Sotheby’s is bolstering its watches division by adding industry veteran James Marks to the newly created position of Global Head of Private Sales & Retail, Watches. Marks, who was previously with Phillips for six years, serving as deputy chairman of watches and international head of Phillips Perpetual, will remain based in Geneva, Sotheby’s says. The former investment banker, who also served as the CEO of Biver Watches from 2024 until last year, will oversee Sotheby’s expansion in watches with a focus on scaling its fixed-price and private sales offering,” Sotheby’s says.
James Marks
Photo courtesy Sotheby’s
Public auction results at the major houses have been strong this year, with record sales recorded at Sotheby’s, Christie’s, and Phillips. Yet all three have been increasing private sales and transactions through retail channels such as the Phillips Perpetual platform. Auction house executives, in private conversations, have said there is a growing client base of buyers and sellers that prefers to transact privately and keep sale prices out of public view.
Marks’ arrival heralds the latest in a series of recent changes at Sotheby’s watch division, which saw Geoff Hess named global head of watches and Sam Hines return to the auction house as chairman of watches in 2024.
Christie’s Beats Cartier Watch Record Set Just Weeks Before With $2 Million Crash
The record setting London Crash from 1990.
Christie’s snatched the title of selling the most expensive Cartier wristwatch at auction, with a rare 18K gold Cartier “London Crash” from 1990 that fetched $2,024,956 at Christie’s Geneva Important Watches sale in May. The watch, with case no. 80298 and London hallmarks for 1990, beat out the previous record holder, another Cartier Crash, this one from 1987, that sold for about $1.99 million through Sotheby’s in Hong Kong just a few weeks before.
“Cartier Crash wristwatches that were made before 1991 are extremely special, and the market has changed,” Remi Guillemin, Christie’s head of watches for the Americas and Europe, says in an interview following the sale. “The market really appreciates today things that are artisanal, and this is what this watch is really about,” he adds.
EveryWatch Starts Sales Advisory Service
Global watch and auction data platform EveryWatch is launching a watch-selling advisory service. “Selling a luxury watch privately is harder than it should be,” says Giovanni Prigigallo, EveryWatch co-founder. EveryWatch says sellers will be advised on the best asking price, based on the company’s proprietary data, and on whether to sell a watch privately or at auction to achieve the best possible result.
The company, whose investors include noted collector and author Auro Montanari (aka John Goldberger on Instagram), says sellers won’t be charged fees for the service, as they will be matched with pre-vetted dealers and potential buyers who pay a fixed platform fee upon successful completion of a transaction.
