In this story8 chapters
Most luxury watches lose value the moment they leave the boutique. A handful of brands, and a shorter list of references, do the opposite. These are the five makers that hold their value best in 2026, with the prices that prove it.
The state of the market
The secondary watch market peaked in April 2022 and then fell hard. WatchCharts’ data shows the average Rolex resale price reached about $17,206 in March 2022, against roughly $7,185 before the pandemic. It has spent three years finding its level.
That level now looks like a floor. Morgan Stanley and WatchCharts record a fifth straight quarterly gain in Q3 2026, taking the market up 8.3% on a year earlier. It is still about 29% below the peak. Knight Frank’s Luxury Investment Index had watches up 5.1% in 2025, the best performer outside Impressionist art. This is a recovery, led by the brands below.
Interactive · The ledger
Boutique price against market price
What the references that hold value cost new, and what they sell for on the secondary market.
| Reference | Retail | Market | Premium |
|---|---|---|---|
| Patek Philippe Aquanaut 5167A WatchCharts, Oct 2026 | US$27,255 | US$69,700 | +156% |
| Patek Philippe Nautilus 5811/1G WatchCharts, Oct 2026 | US$82,021 | US$175,000 | +113% |
| Rolex Daytona 126500LN Loupe, Apr 2026 | US$16,900 | US$34,783 | +106% |
| Audemars Piguet Royal Oak 16202ST Loupe; retail as listed by dealers | US$40,100 | US$76,040 | +90% |
| Rolex Submariner Date 126610LN WatchCharts, Sep 2026 | US$11,350 | US$13,732 | +21% |
| Omega Speedmaster Moonwatch Professional Dealer listings, Aug 2026; pre-owned $5,000–6,500 | US$6,800 | US$5,750 | −15% |
1. Patek Philippe
Patek is the strongest brand on the secondary market. Its watches traded at an average of 15.4% above retail in June 2026, and its market index rose 12.1% in 2025, led by the Aquanaut 5167A and the Nautilus. The Aquanaut 5167A lists at $27,255 and changes hands near $69,700. The Nautilus 5811/1G, the white-gold successor to the discontinued 5711, lists at about $82,000 and trades near $175,000.
Scarcity explains it. Patek made around 72,000 watches in 2025, by Morgan Stanley’s estimate. It is family-owned and plans in generations. One caution: Patek raised US prices by 22.4% during 2025 and cut them by about 8% in early 2026, which narrowed premiums on some references.
2. Rolex
Rolex is the market’s reserve currency. It makes about 1.15 million watches a year, a third of Swiss watch sales by value, yet its steel sports models still trade above retail. Its watches averaged 9.8% above list in June 2026.
The Daytona 126500LN is the benchmark. It lists at $16,900 in the US and £14,050 in the UK, and trades at about $34,800. The Submariner Date 126610LN is a more modest store of value, at about $13,700 against a list price of $11,350. Rolex’s own certified pre-owned programme now sells over half a billion dollars a year, which supports prices across the market.
3. Audemars Piguet
The Royal Oak carries Audemars Piguet. The “Jumbo” 16202ST, the purest version of Gérald Genta’s 1972 design, lists at about $40,100 and trades near $76,000. Across the brand the average premium is slimmer, about 3% above retail in June 2026, because AP’s wider catalogue trades below list. Buy the Royal Oak, specifically.
AP made about 53,000 watches in 2025, with sales of around CHF 2.6bn, slightly above Patek.
On the marketNeptune, Interiors by MouawadRiyadh, Saudi ArabiaFrom £609,000See the development4. Richard Mille
Richard Mille is the outlier. It made fewer than 6,000 watches in 2025, at an average price near CHF 294,000, and its sales of around CHF 1.75bn make it one of the six largest Swiss brands by value. Entry models start at around $120,000. Its watches hold value through rarity and allocation: buyers wait years for the most wanted references.
The secondary market is thinner and less transparent than Rolex or Patek, so prices vary widely from one sale to the next. It is a brand for collectors with patience and good dealers.
5. Omega
Omega belongs on the list for a different reason. It is the best value entry into serious watchmaking, not an appreciating asset. The Speedmaster Moonwatch Professional lists at £6,600 in the UK, and pre-owned examples sell for $5,000–6,500 in the US. It holds value well against its peers, and its NASA history keeps demand steady. Buy it to wear.
How to buy a watch that holds its value
- Buy the reference, not the brand. Steel sports models carry the premiums.
- Keep the box and papers. Complete sets sell for more.
- Buy from reputable sources. Authorised dealers, certified pre-owned programmes and established auction houses.
- Budget for servicing. A full service every five to ten years, and insurance every year.
- Think in decades. Dealer margins and the 2022 correction both punish short holding periods.
The wider view
Watches are a passion asset. They are portable, private and personal, and the best of them have held value through a hard market. They pay no income, though, and their prices move with sentiment. For capital that should grow and pay, property remains the core holding. For what to wear on the day you sign, see the ledger above.
