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Rolex, Patek Philippe, and AP Outperform in Cooling Watch Market April 25, 2025 (0 comments)

New York, NY--The secondary watch market recorded its slowest pace of price declines since 2022 during the first quarter of 2025, according to a report by Morgan Stanley and WatchCharts, cited by Hodinkee.

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The report stated that an index tracking Rolex prices rose by 0.3% during the quarter, while overall secondary market prices fell by -0.4%. This marks the slowest quarterly decline since the second quarter of 2022.

The report indicated that demand remains steady, concentrated around Rolex, Patek Philippe, and Audemars Piguet, with Swatch Group’s Omega and Richemont’s Cartier also showing relative strength.

Morgan Stanley analysts noted an improvement in market indicators for the "Big Three" brands and highlighted a correction in Rolex supply levels, according to Hodinkee.

The price data predates the announcement of U.S. tariffs on imported goods, which initially included a potential 31% levy on Swiss watches before being paused for 90 days. A 10% tariff remains in effect. According to the report, Swiss officials are negotiating to mitigate the impact.

The report stated that volatile market conditions could favor brands like Rolex, Cartier, Audemars Piguet, and Patek Philippe, which tend to hold value better. Brands such as IWC and A. Lange & Söhne could improve as buyers focus more on residual value.

Availability at retail is improving. About 53% of Rolex models tracked by WatchCharts now trade above retail, down from about 68% a year ago. Audemars Piguet models trading above retail rose to 67%, while Patek Philippe’s share dropped to 38%, according to the report cited by Hodinkee.

The report noted that Rolex, Patek Philippe, and Audemars Piguet continue to lead the secondary market in terms of transaction value.

Learn more in this report by Hodinkee.