An Italian version of this article is also available on the Orologi “Le Misure del Tempo” website, at this link link.

Having analyzed the performance of major brands in the first half of 2025, it is now time to turn our gaze to the secondary market, which is increasingly indicative of the real perceived value of luxury watches.

WA50

The WA50 index, which monitors the performance of the 50 most traded models, shows a generally stable market. Despite the absence of major surges, there is a slight recovery in the spring, caused by Watches & Wonders, followed by a settling in early summer.

In June 2025 the index touched 664, registering a live decline of -4.3% from January 2025 when it was 694.

The decline is across the board across all brands, starting with the sovereigns of the market, namely: Rolex, Patek, and Audemars.

Rolex

The Rolex35 index shows solid resilience, with stable average prices and steady interest in the most popular models. There were no surprises, but the brand continues to confirm itself as a certainty in the secondary market.

After a more timid start to the year, from April the index began to rise to 750 in June, realizing a +3.7% compared to the beginning of the year.

In order to analyze this brand more specifically, we chose to look at the performance of the Daytona 116500LN-0002, one of the maison's most iconic models, as well as a protagonist in the secondary market in recent years.

The performance of this model in the first months of the year mirrors what happened in WA50, with the price gaining €1.665 between May-April. In the last month the performance dropped slightly, but the trend is still positive with +5.84% in the first 6 months of 2025.

The Daytona 116500LN-0002 is also one of the most popular references in the market. This slide represents the status of active listings as of June 2025, an impressive 449. The lowest bid is just above €20k, and the range with the most bids is around €23k-€24k.

The price also varies depending on the condition of the watch and the presence of equipment; in this slide we have summarized how the value changes based on these characteristics as of June 2025.

Audemars Piguet

In contrast, the AUDEMARSPIGUET35 index reveals a different dynamic, with a final value of 649 points as of June 2025. The curve shows a more volatile trend, characterized by an initial peak followed by a more pronounced downward trend than Rolex.

In this case the model analyzed is the iconic Royal Oak, the 15202 ST.

Price trends during 2025 reveal a clearly positive and steady trend. The market value showed gradual but sustained growth, rising from €57,571 in January to reach €58,261 in May. From that peak the price then fell in June, marking a slightly negative performance of just under -2%.

The market for active listings has very diverse characteristics that tell a complex story. In June, the median bid price stands at €59,284, while the most populated range, between €53,000 and €55,000, accounts for 22% of total listings. The overall price range is remarkably wide, ranging from as low as €40,900 to over €120,000. This variety probably reflects the different conditions of the watches, the accessories included, and the possible model variants on the market.

A particularly interesting aspect emerges from the analysis of the impact that conditions and accessories have on the final value. The data clearly show how these factors significantly influence the quotations. A new example with all original accessories reaches €56k, while the presence of the original box alone reduces the value to €51k. The situation becomes even more evident when observing how a watch without accessories in like-new condition can drop as low as €48k.

Patek Philippe

The PATEKPHILIPPE35 index shows good stability. The graph shows a relatively stable situation with the value standing at 671 points as of June 2025. The curve shows slight fluctuations during the period analyzed and is basically superimposed on that of Audemars. The most sought-after models continue to maintain high prices, supported by strong demand among collectors and investors.

We could not close without talking about the Nautilus, the 5711/1A.

Price trends during 2025 show particularly robust and steady growth. The market value started from €101,838 in January to reach €99,280 in June, registering a decline of about -2.5% in six months. What is most striking is the regularity of this decrease, which showed particularly noticeable accelerations between March and April, suggesting times of sharp declines on the part of the market.

The active listing market reveals characteristics that confirm the premium positioning of this watch. The median bid price stands at €102,696, significantly higher than the Royal Oak, while the most populated range is concentrated between €100,000 and €105,000, still accounting for 22% of the total.

The impact of condition and accessories is even more pronounced in this high price range. A new example with all accessories can reach €99,280, while the difference between a complete watch and one without accessories can exceed €21k.

Final Thoughts

The first half of 2025 confirms the maturity of the secondary market for luxury watches. After years of sustained growth, the sector now shows more moderate and differentiated trends between brands. The overall stability of the WA50 index, with limited fluctuations, reflects a market that has achieved a balance between supply and demand.

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Following our in-depth look at early 2025 trends and export dynamics, we now turn our attention to the half‑year results of two major players: Swatch Group and Richemont. These new disclosures shed light on how each group is navigating lingering market turbulence, currency pressures, and shifting regional consumption patterns.

Swatch Group: Strength in the U.S., Weakness in China

Swatch Group’s H1 2025 results delivered a stark contrast: net sales fell by -7.1% year‑on‑year to CHF 3.06 billion, while operating margin shrank from 5.9% to 2.2%, dragging net profit down from CHF 147 million to CHF 17 million. The downturn reflects a clear drop in Chinese demand, including Hong Kong and Macau, offset only partially by solid growth elsewhere.

China’s share of global sales has slid from 33% to 24% over the past 18 months, a significant reversal from pre‑pandemic levels when Chinese demand accounted for roughly half of group revenues.
Meanwhile, North America showed robust performance: Omega, Longines, Rado, Tissot, Hamilton, and Swatch all posted sales gains between 10% and 30%, supported also by growth in India, Turkey, the Middle East, and Australia.

Richemont: Jewelry Soars, Watches Lag

Richemont posted 6% constant‑currency sales growth (to €5.4 billion) for Q1 FY 2025, yet sector details reveal contrasting trends.

The Specialist Watchmakers division, which includes Panerai, IWC, Jaeger‑LeCoultre, and Vacheron Constantin, saw sales fall by -7% year‑on‑year, with declines centered in China, Hong Kong, Macau, and Japan. The yen’s strength against the euro and dollar further weighed on results in Japan.

By contrast, the Jewellery Division, with key brands Cartier, Van Cleef & Arpels, Buccellati, and Vhernier, grew by 11%, helped by Cartier’s strong performance (comprising approx. 47% of Richemont’s watch-related revenue when included).
Geographically, the Americas and Middle East & Africa posted 17% YoY growth, Europe 11%, Asia Pacific remained flat, and Japan declined by 15%.

All distribution channels, retail, wholesale, and online, recorded balanced 6% growth, signaling sustained demand albeit with shifted regional dynamics.

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The first six months of 2025 have confirmed that the Swiss watch industry is undergoing a phase of transition. The signals are mixed: on the one hand, the industry has shown adaptability in an unstable global context; on the other, external shocks—such as tariffs, currency fluctuations, and the Chinese slowdown—have put pressure on exports and financial performance, forcing major groups to reassess their strategies and pricing.

The turning point came between March and April, when the United States announced new tariffs on imports of European luxury goods, including Swiss watches. The Swiss franc, already strong at the beginning of the year, further appreciated against the dollar, squeezing margins for manufacturers. At the same time, the price of gold reached new highs, increasing production costs for the most prestigious models. This combination of factors created a climate of uncertainty that impacted the logistical and commercial decisions of all players in the sector.

Exports: Acceleration and Deceleration

In the first quarter, Swiss exports maintained a cautious yet positive trend (+1.5% year-on-year in March). However, April recorded the most significant spike: +18.2% compared to the same month in 2024, with shipments to the United States rising by 149%. This exceptional figure is not a sign of booming demand, but rather the result of a tactical move, so-called front-loading, in anticipation of the tariffs coming into effect.

The reaction was immediate: in May, overall exports fell by 9.5% year-on-year, with a 25.3% drop specifically in the U.S. market. This decline weighed down the five-month performance: total growth slowed to a modest +1%, and the total number of watches exported fell to the lowest levels since 2020.

Financial Performance of Major Luxury Groups

The financial results of the major luxury groups clearly reflect these dynamics, though with varying intensity.

LVMH, in its Q1 report published on April 14, posted an overall revenue decline of 2–3% compared to 2024, but showed resilience in its Watches and Jewelry division, which grew by 1%, driven by TAG Heuer, Bulgari, and Tiffany. Conversely, the Fashion and Leather Goods segment fell by 4%, due to weak demand in the United States and Asia. This suggests that the watch segment, while not immune, has shown stronger defensive capabilities.

Richemont, which closed its fiscal year in March and published results in early May, reported stable sales at constant exchange rates and a slight 1% decline at current exchange rates. Europe and the Middle East supported the results, while China underperformed. High-end brands such as Vacheron Constantin and A. Lange & Söhne held up well, while brands like IWC and Panerai were affected by a slowdown in wholesale channels. Direct-to-consumer sales, however, continued to perform positively.

Finally, Rolex, despite not publishing official financial data, announced a 3% price increase in the U.S. at the beginning of May. The price adjustment focused on gold models, aiming to absorb rising costs and anticipate the impact of tariffs. This emblematic move shows that even the most robust brand cannot ignore external pressures.

Final Thoughts

The first half of 2025 has tested the Swiss watch industry. The artificial spike in exports in April did not conceal the structural difficulties of a fragmented and evolving global market. But the real challenge lies in the second half of the year, when it will become clear whether the countermeasures are sufficient to preserve profitability and volumes, or if the sector will need to fundamentally rethink its growth strategies.

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Watches of Switzerland has closed its fiscal year 2025 with solid revenue growth, although signs of margin pressure and a cautious outlook for the coming year have emerged. These results offer insights into the current dynamics of the luxury watch sector, which remains resilient but is increasingly affected by external factors such as tariffs, inflation, and shifting consumer demand.

Steady Revenue Growth Amid Margin Challenges

For the period ending late April 2025, the group reported an 8% increase in revenue, reaching a new record of approximately £1.65 billion. Adjusted operating profit rose by about 12%, but pre-tax profit saw a notable decline due to higher financial costs, increased property investments, and impairments on some assets.

The most significant point concerns the outlook for 2026. Management has revised downward its forecast for the next year, expecting the adjusted operating margin, which is the percentage of profit generated from core business activities before interest and taxes to decline by up to 1 percentage point compared to 2025. To put this into perspective, the adjusted operating margin was around 9.1% in 2025, while for 2026 it is expected to fall to about 8.1% or remain roughly flat. This revision is mainly due to the impact of new US import tariffs, which have forced brand partners to increase retail prices to preserve profitability, a strategy that could affect demand.

At the same time, the company, which generates nearly half of its annual revenue in the United States, also forecast revenue growth of 6%-10% for the year ending April 2026. This guidance assumes that the current 10% US tariff on Swiss imports will remain in place beyond the existing pause on higher levies. This outlook reflects cautious optimism amid ongoing tariff uncertainty and broader macroeconomic challenges.

US and UK Markets

The US remains the group’s main growth driver, with sales rising over 15% year-on-year and surpassing the $1 billion mark for the first time. The acquisition of the jewelry brand Roberto Coin has played a significant role in this performance.

However, part of this growth was influenced by a “frontloading” effect, where distributors accelerated orders ahead of the tariff implementation, creating a temporary spike that could result in slower sales in the second half of the year.

The UK market saw more modest growth of around 2%, benefiting from greater stability after recent challenges. Investments in new boutiques, such as the flagship Rolex store on Old Bond Street, and expansions of mono-brand showrooms have improved competitive positioning. Yet, market maturity and lower tourism continue to restrict expansion potential.

Market Reaction and Future Outlook

Following the earnings release, Watches of Switzerland shares dropped approximately 8%, reflecting investor concerns about margin pressures and macroeconomic uncertainties. Despite management’s positive outlook on its business model and growth pipeline, a cautious approach has been adopted, emphasizing close monitoring of external risks.

Final Thoughts

The Watches of Switzerland results provide a clear picture of the luxury watch sector’s current state. Demand remains present, especially in North America, but is increasingly pressured by external factors like tariffs and geopolitical instability. Brands are raising prices to protect margins, but this approach may limit future growth. Meanwhile, independent retailers face a challenging balance between growing vertical integration by brands and consumers becoming more selective and price-sensitive. The next fiscal year looks demanding, with the group focusing on selective showroom openings, strengthening its branded jewelry segment, and carefully managing volumes and profitability in a market where pricing power is no longer guaranteed and volatility remains high.

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Hublot has unveiled a new special edition of its Classic Fusion line, this time born from a collaboration with Italian football club Como 1907. The result is the Classic Fusion Chronograph Black Ceramic – Como 1907 Limited Edition, a watch that merges sporting aesthetics with technical materials and a strong sense of local identity. Only 50 individually numbered pieces will be produced, appealing to collectors and enthusiasts alike.

Black Ceramic and Gold Accents: A Refined Balance of Innovation and Heritage

The new Classic Fusion features a 42 mm case made from satin-finished and polished black ceramic, a material now firmly rooted in Hublot’s manufacturing DNA thanks to its scratch resistance and lightweight properties. The gold-plated hands provide a classical counterpoint to the technical material, while the blue soleil dial reflects Como 1907’s team colors. The club’s crest appears in the chronograph subdial at 3 o'clock, an understated but meaningful detail.

On the back, a sapphire crystal caseback reveals the automatic chronograph movement in action, complete with a rotor engraved with the Como 1907 logo. The watch is marked with the inscriptions “HUBLOT,” “CLASSIC FUSION,” “SPECIAL EDITION,” and the individual number (XX/50) around the edge of the caseback. A black rubber and alligator leather strap with blue stitching and a black-plated stainless steel deployant clasp complete the package, emphasizing both luxury and wearability.

Hublot and Football: A Long-Standing Strategy

This partnership with Como 1907 fits seamlessly into Hublot’s long-established strategy of aligning with the world of football. Hublot was the first luxury watch brand to invest in football sponsorship, serving as the official timekeeper for global events like the FIFA World Cup, UEFA EURO and a number of elite clubs and national teams.

Past collaborations have included football giants such as Juventus, Chelsea, Paris Saint-Germain, and various football teams.

With Como 1907, Hublot turns its attention to an emerging club with deep Italian roots and international ambitions. This move aligns with the increasing relevance of “local-first” storytelling in the luxury market, where brands aim to connect with communities as well as collectors.

Sponsored content: this article is part of a paid editorial collaboration.

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After a cautious start to the year, Swiss watch exports surged unexpectedly in April, only to slow down sharply the following month. This two-speed movement seems to reflect a tactical response to external factors rather than a structural shift in global demand.

The U.S. market, in particular, played a central role: it alone drove a record spike in export volumes in April, followed by a significant correction in May.

April Boom: +18% Globally, +149% to the United States

According to data released by the Federation of the Swiss Watch Industry (FH), global exports of Swiss watches rose by +18.2% in April year-over-year, reaching CHF 2.5 billion.

The main driver of this growth was the U.S. market, which saw an extraordinary increase of +149% compared to April 2024. A figure well outside the norm, which caught the attention of analysts—but one that appears to be the result of frontloading (i.e., bringing orders forward to avoid future costs) rather than an actual surge in end-consumer demand.

The announcement of possible import tariffs on Swiss watches in the United States—initially proposed at 31% and later reduced to 10%—prompted American distributors and retailers to fast-track orders in anticipation of price hikes. In response, watch brands ramped up shipments in a widespread attempt to secure inventory before the new tariff regime came into effect.

May: -9.5% Correction, Led by a Sharp Drop in U.S. Orders

As often happens in such cases, April’s rush was followed by a period of normalization. In May, total Swiss watch exports fell by -9.5% year-over-year, settling at around CHF 2.1 billion.

The most significant slowdown came from the United States, where exports dropped by -25.3% compared to May 2024. A figure that confirms the previous month’s growth was both exceptional and temporary.

The American rebound also masked a more complex underlying picture. Already in April, many Asian and European markets were showing signs of weakness. In May, Hong Kong, mainland China, Japan, and the United Kingdom all posted negative results, with declines ranging from -10% to -17%.

Nevertheless, the cumulative data from January to May remains positive, with an overall increase of +1.1% compared to the same period in 2024. However, excluding the anomalous April spike, year-to-date growth would be close to flat.

Several external factors continue to complicate the outlook. The strengthening of the Swiss franc is weighing on exports, while ongoing uncertainty around trade policy between the U.S. and Europe is affecting pricing and distribution strategies across major brands.

The industry now seems torn between protecting margins and sustaining demand, in a context where consumer behavior is increasingly sensitive to fiscal changes and price fluctuations.

Final Thoughts

The U.S. market remains a cornerstone for Swiss watchmaking, yet it is highly susceptible to external dynamics. April’s spike helped brands close the first four months of the year with unexpectedly solid performance. However, the drop in May shifts focus back to a fragile environment, where tactical decisions can shape figures more than long-term trends.

The second half of the year will be crucial in determining whether the industry can convert frontloaded demand into steady sales—or whether volatility will continue to dominate.

Geopolitical tensions could also emerge as a new variable in shaping the months ahead.

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Unveiled unexpectedly at Watches & Wonders 2022, the Rolex GMT-Master II 126720VTNR immediately drew attention for its distinctive green and black “Sprite” bezel and unusual left-handed crown and date configuration. This unconventional design divided opinions but undoubtedly added a unique twist to the GMT-Master II lineup.

Throughout 2024, the secondary market showed a gradual cooling-off for this reference. However, in 2025, we observed a slight rebound—possibly driven by the release of a new variant introduced at Watches & Wonders 2025. This new model maintains the left-handed configuration but features a fully green dial, replacing the standard black. Here's a detailed look at how the market for the 126720VTNR evolved over the past year.

Secondary Market Performance

Over the past 12 months, the market price for the GMT-Master II 126720VTNR dropped from €19,972 to €15,683, reflecting a -21.47% decrease. The lowest price recorded was €15,280, while the peak remained at the initial €19,972.

Despite this drop, the model is still trading at a 39.41% premium over the official retail price, which stands at €11,250. This suggests that while demand has cooled, the watch still holds solid value on the secondary market.

Cumulated Listings

The number of unsold listings has been steadily increasing, signaling that supply currently exceeds demand. Between summer 2024 and June 2025, listings nearly doubled, growing from about 1,100 to over 1,950.

Listings and Sold

To better understand the gradual increase of unsold watches in the market, it is useful to analyze how many watches are offered for sale and how many are sold each month.

The chart shows a significant drop in both listings and sales during January and February 2025. However, starting from March 2025, listings surge again, and sales begin to pick up, though they remain below 2024 levels.

This timing coincides with the debut of the new left-handed GMT-Master II with a green dial. The new release likely reignited interest in the GMT lineup, prompting some collectors to buy or sell the current 126720VTNR ahead of any potential price realignment between the two references.

Final Thoughts

The GMT-Master II 126720VTNR is now in a stabilizing phase after the initial boom and subsequent price drop. The introduction of a new similar model in 2025 could lead to two alternative scenarios: a revaluation of the current reference as the first “Sprite” edition, or a gradual replacement of public interest in the new variant.

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The Cartier Santos is one of the most iconic timepieces in watchmaking history. Originally introduced in 1904 as one of the first wristwatches ever made, it was designed for the Brazilian aviator Alberto Santos-Dumont.

Over the decades, it has evolved while maintaining its distinctive square case, visible screws, and elegant Art Deco inspiration. The reference WSSA0030 represents a modern iteration, combining classic design with a contemporary blue dial and a stainless steel bracelet.

Secondary Market Performance

As of June 2025, the Cartier Santos WSSA0030 is trading at an average of €6,309. One year ago, the watch opened the observed period with a value of €6,468, which corresponds to a modest decline of -2.46%, or €159 in absolute terms.

Over the course of the year, prices fluctuated within a relatively narrow range, with a minimum of €6,108 and a peak of €6,541. This price stability, especially compared to more speculative models—reflects a healthy, albeit slowing, demand.

What stands out most is the current gap from the retail price: €7,900. The average market price represents a -20.14% discount versus retail, a clear indication that the reference, while stable, is not commanding a premium in the pre-owned space.

This negative trend can be partly attributed to the relative ease of purchasing the watch directly from official Cartier boutiques.

Cumulated Listings

One key indicator of market sentiment is the growing volume of unsold listings.

Thanks to our database, we can analyze all the listings posted on major marketplaces. During the examined period, we observed a significant increase in the number of models listed for sale.

From June 2024 to June 2025, the number of available pieces has nearly tripled, rising steadily to just under 500 units. This surge in supply, unmatched by a proportional increase in demand, suggests that more owners are trying to offload the model than there are buyers.

Listings and Sold

To better understand the dynamics of the market, it is useful to analyze how many watches are put up for sale each month and how many are actually sold.

The monthly breakdown of listings and successful sales reinforces the imbalance highlighted in the volume chart. While the number of listings peaked in November and March with 95 and 87 units respectively, the number of watches sold has been consistently lower than the newly listed ones.

For instance, only 70 units were sold in November, when listings were at their highes, and sales have sharply declined in recent months. In May, 67 new listings were posted, but only 13 units were sold. In June, sales dropped to just one.

This widening gap between listings and sales reflects a saturation of the market. The growing inventory combined with declining sales velocity may exert downward pressure on prices in the coming months unless demand recovers.

Final Thoughts

The Cartier Santos De Cartier WSSA0030 remains a beloved reference, appreciated for its timeless aesthetic and everyday wearability. However, the recent market data reveals a softening in resale value, likely influenced by increasing supply and waning secondary market demand.

While the price drop has been relatively contained, the significant discount to retail and the volume of unsold listings should be noted by potential buyers and sellers. For collectors, this might represent an opportunity to acquire a sought-after piece at favorable market conditions. For owners looking to sell, however, the data suggests a more competitive and slower-moving market ahead.

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The 2025 spring auction season in Geneva has recently concluded, offering some valuable insights into the state of the watch market. The four major houses, Christie’s, Phillips, Antiquorum, and Sotheby’s, achieved substantial combined totals.

Christie’s closed at €21.2 million, up 3.3% from its initial estimates, validating the strength of its thematic “Stories in Time” catalogue. Phillips topped the season, achieving CHF 43.4 million across roughly 200 lots, thanks to a sharp selection and the sale of some of the most important timepieces. Antiquorum, working with a much larger volume, nearly 800 lots, totaled CHF 10 million. Its catalogue was more accessible and diverse but still included surprises, such as the Breguet Pendule à Almanach, which sold for CHF 1.25 million. Sotheby’s closed at CHF 6.75 million, a figure negatively impacted by the last-minute withdrawal of its top lot: a rare Rolex Daytona Zenith with a mother-of-pearl dial, which could have significantly boosted the overall results.

Cartier

One of the most talked-about pieces was the Cartier Crash sold at Christie’s, a true icon of the maison. This example is likely a one-off, produced through Cartier’s New Special Order program, which allows loyal clients to customize materials and design elements, within strict limits. In this case, the buyer chose a white gold case paired with a grey galvanic dial, called “Nickelé,” featuring warm-toned Roman numerals in a dramatic “exploded” layout. The original design, dated May 6, 2021, required over 10 months of production.

The watch hammered for CHF 756,000, far exceeding the initial estimate of CHF 150,000 – CHF 250,000, confirming that the Crash remains one of the most sought-after models in today’s market.

F.P. Journe

The top lot of the weekend, however, was the Breguet Sympathique No. 1, which sold for over USD 6 million. Made in 1991 by F.P. Journe on behalf of Breguet, this clock was inspired by an 18th-century invention by Abraham-Louis Breguet: a table clock capable of automatically winding and synchronizing an attached pocket watch. Interestingly, on the eve of the auction, Journe announced he would not service the piece, yet he ultimately purchased it himself, planning to place it in the brand’s museum.

Another notable Journe was the Tourbillon Souverain “Ruby Heart,” featuring a natural red stone dial. This watch impressed both aesthetically and technically, attracting the attention of discerning collectors due to its extreme rarity, limited to just 20 pieces. It sold for CHF 1,633,000, well above the initial estimate of CHF 250,000 – 500,000.

Daniel Roth

Also worth highlighting was the performance of the Daniel Roth Ref. 608.Y.60, a standout from Phillips. Reflecting the renewed interest in independent watchmaking from the 1990s, this watch performed exceptionally well, fetching CHF 209,550 against a pre-sale estimate of CHF 70,000 – 140,000.

Most of the Daniel Roth watches at Phillips sold well above their initial estimates, underscoring the growing appreciation for the brand in recent years, helped in part by its LVMH-led rebranding.

Final Thoughts

The recent auction results reflect a market that continues to reward quality, rarity, and compelling storytelling. Record-breaking results are now concentrated among a few truly iconic pieces. Independent brands, unconventional designs, and historically important complications are increasingly finding their place in the spotlight.

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Geneva, May 13, 2025 – During the “Rare Watches” auction organized by Christie’s at the Four Seasons Hôtel des Bergues in Geneva, a unique Gerald Charles Maestro GC39 Remaster was sold for CHF 107,100. The final price far exceeded the initial estimate of CHF 40,000 to CHF 60,000.

All proceeds from the sale will be donated to Action Innocence, a Geneva-based foundation which protects the dignity and integrity of children, teenagers, and individuals with special needs in their use of screens and digital technologies.

A Special Edition Celebrating 25 Years of Gerald Charles

Created as a one-off piece to mark the Maison’s 25th anniversary, the Maestro GC39 Remaster is a blend of heritage design and technical innovation. Based on a 2005 design by Gérald Genta, the model has been reimagined with a contemporary touch, featuring the stunning Jumping Hours complication.

Technical Features

The watch features a 42mm polished Grade 5 titanium case, a lightweight yet challenging material to work with, contributing to the model’s elegant profile (11mm thickness). The case retains the signature asymmetrical shape of the Maestro collection, inspired by Roman Baroque architecture.

The dial is made of Australian Fire Opal, a rare stone characterized by warm tones, orange, red, and yellow and natural iridescence. The dial also showcases Meta-guilloché decoration, a proprietary technique combining micromechanical precision with dynamic light play, without using colored coatings.

In-House Movement and Rare Complication

At its core is the Swiss Manufacture 4.0 Jumping Hours caliber, developed in-house. This automatic mechanical movement offers a 50-hour power reserve and includes a jumping hours complication, which allows the hour display to “jump” instantly at the top of each hour.

This is a rare and energy-demanding complication: the hour disc is 25 times heavier than a standard hour hand and requires roughly 90,000 times more energy to function compared to a traditional three-hand movement.

Customization and Accessories

The watch comes with two straps, one in orange and one in blue, along with additional options in leather, Velcro, and rubber. The sapphire crystal caseback reveals a honeycomb rotor engraved with the 25th anniversary logo, and the winning bidder will also have their initials engraved, enhancing the watch’s uniqueness.

A Noteworthy Result

This auction result underscores both the market’s growing interest in unique Gerald Charles creations and the watch industry’s increasing involvement in charitable causes. The final hammer price of CHF 107,100, nearly double the high estimate, confirms the perceived value of un a watch that stands out for its refinement in every detail.

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This week, Richemont published its annual results for the fiscal year ended March 31, 2025. The data confirm a trend we’ve analyzed several times before: a resilient and even accelerating U.S. market contrasted by a significant slowdown in Asia, particularly China and Hong Kong, which is weighing heavily on the performance of major luxury houses.

Specialist Watchmakers Down: The Chinese Slowdown Hits Richemont

In the financial statements as of March 31, 2025, Richemont’s Specialist Watchmakers division, which includes brands like IWC, Panerai, Jaeger-LeCoultre, Piaget, Vacheron Constantin, and A. Lange & Söhne, posted a 13% drop in sales, with an even steeper 27% decline in the Asia-Pacific region, excluding Japan.

This is not just about a contraction in Chinese demand, but also the result of an unfavorable macroeconomic context: rising raw material costs (especially gold), a strengthening Swiss franc, and increasing uncertainty regarding demand, both excessive and insufficient, across different markets.

At the same time, mounting pressure on profitability led to the division’s operating margin falling to a meager 5.3%, compared to a much more robust 32% for the Jewellery division (Cartier, Van Cleef & Arpels, Buccellati, Vhernier).

Production Cuts as a Crisis Response

Faced with market instability and the clear risk of overstocking, Richemont has taken a cautious path.

Chairman Johann Rupert praised the “wise” behavior of several Swiss competitors (including Rolex, Patek Philippe, and Audemars Piguet) who voluntarily reduced production to avoid a domino effect of surplus: discounts, brand devaluation, and margin compression.

It is no coincidence that Richemont has initiated selective stock buy-backs in China, reduced working hours in Switzerland, and adopted a decentralized management policy, assigning the responsibility for performance, sales, and financials to the CEOs of each maison, without a centralized divisional head.

A key element in the industry’s overall resilience remains the American market, which recorded +15% growth for Richemont and saw an unexpected boom in April. However, the outlook is still full of uncertainties. A 10% tariff on Swiss imports, the appreciation of the Swiss franc, and the soaring gold price (over USD 3,300/oz) are concrete threats to the long-term sustainability of margins.

Final Thoughts

The snapshot that emerges from the 2025 financials is one of a sector in transition. On the one hand, high-end watchmaking shows remarkable adaptability, particularly in managing supply. On the other hand, the interdependence between markets, especially the U.S. and China, exposes major groups to increasingly difficult-to-manage systemic vulnerabilities.

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After weeks of uncertainty, the watch market seems to have responded with a sudden flare-up, at least temporarily. In April, sales of luxury watches in the United States surged, driven by a rush by consumers and retailers to anticipate price increases announced by giants such as Rolex, Swatch Group, and Omega. But behind the boom lie mixed signals, and the future of the industry remains hung on evolving U.S. trade policy.

April Sales Spike Ahead of Price Adjustments

According to the Luxury Watch Barometer, which monitors sales data from more than 2,500 specialty stores, the “Luxury” segment (watches between $5,000 and $10,000, excluding Rolexes) saw a +35.6% jump over April 2024. A surge described as “exceptional” by analysts, caused by fears of a price increase on May 1, which then actually materialized.

“This is an extemporaneous phenomenon, not the beginning of a new expansive cycle,” commented Fred Levin, managing partner of LWB. Retailers have been anticipating the purchase of stock and alerting customers to impending price increases, triggering a real buying rush. In parallel, Swiss watch exports to the United States grew +14% in March, double the previous month's figure, in an attempt by brands to circumvent the risk of tougher tariff imposition by the Trump administration.

Rolex, Omega, AP: Price Increases Confirmed

As anticipated, Rolex made official a 3% average increase on its U.S. listings as of May 1, while Omega introduced a 5% price hike, with the aim of preserving margins in a context of sharply rising costs.

Audemars Piguet also confirmed “selective adjustments” in prices, in response to the double impact of rising gold prices (up 28% since the beginning of the year) and the revaluation of the Swiss franc.

But that's not all: Rolex also reportedly reduced the margin recognized to U.S. retailers by 1%, a sign of how the brand is trying to distribute the impact of the 10% tariff among the maison, distribution network, and end customers.

The U.S. market, which is worth more than 4.4 billion Swiss francs to Swiss watchmakers, remains crucial for all major players in the industry. But the instability generated by the announced and then reshaped trade tariffs (from 31% to 10%) continues to generate uncertainty among managers.

Raynald Aeschlimann, CEO of Omega, said that “the world has been shaken” by the announcement of the tariffs, and that the instability could delay many consumers' purchases, making it difficult to create the famous “shopping moment.” A view also shared by Ilaria Resta, CEO of Audemars Piguet, who spoke of a “standby” attitude on the part of customers waiting for more clarity.

The Uncertainty of Autumn

The current 10% tariff will remain in effect for another two months, after which there may be further developments. Industry players, from industrialists to auction house managers such as Antiquorum, remain on high alert. “I'm not panicking until there are final decisions,” said Julien Schaerer, managing director of Antiquorum, who fears the impact of a return to rates of +31%.

April's boom was a blast of hot air in a climate that remains volatile. While the industry has shown remarkable resilience, the horizon remains full of clouds: unfavorable currencies, rising raw materials, uncertain tariffs.

For now, Swiss watchmaking continues to navigate, sight unseen, in the choppy waters of American geopolitics.

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For the past edition of Watches & Wonders 2025, Vacheron Constantin went big, after all, the brand was celebrating its 270th anniversary. Among the various new releases, one of the most important was certainly the re-edition of the 222 in steel with a blue dial.

This launch answered the call of many enthusiasts who, after the yellow gold re-edition in 2022, were hoping for the return of the steel version.

The new 222 in steel features a 37 mm case with a navy blue dial and integrated bracelet, preserving the distinctive aesthetic of the original design. The list price is €35,600 and production is quite limited.

For this reason, combined with strong demand, the first months after the launch saw a rapid revaluation on the secondary market. The first watches listed for sale were offered at prices between €65,000 and €80,000. As often happens when highly anticipated versions are released, prices later decreased, and now the few available listings are quoting between €45,000 and €55,000.

It is very likely that the trend of this watch will follow that of its yellow gold counterpart released in 2022. However, given the market's preference for steel, its trend could be slightly more positive. For this reason, today we present a complete analysis of the performance of the Vacheron Constantin 222 in yellow gold over the past year.

Secondary Market Performance

On one hand, the opening price in April 2024 was around €73,369. One year later, in April 2025, the average quotation has stabilized around €64,906, with an overall drop of -11.53%, losing about €8k in absolute terms. The lowest value reached was €62,213, while the highest recorded peak almost touched €87,220, showing significant volatility.

Currently, this model is trading at -18.36% below the list price of €79,500.

Cumulated Listings

Thanks to our database, we can analyze all the listings posted on major marketplaces. During the examined period, we observed a significant increase in the number of models listed for sale.

The growth of listings remained moderate until early 2025, when the number of offers started increasing much more rapidly. Most likely, the hype generated by the release of the steel version led many owners to try to take advantage of the moment to sell their yellow gold version.

Listings and Sold

To better understand the dynamics of the market, it is useful to analyze how many watches are put up for sale each month and how many are actually sold.

From April 2024 to April 2025, listings increased steadily, reaching a maximum of nine units in the most recent months. This, as already mentioned, is due to the renewed enthusiasm sparked by the launch of the new steel model.

However, the number of units actually sold remains limited, with a monthly average lower than the number of new listings. The peak in sales was in September 2024, while in recent months sales have hovered around 1 to 2 pieces.

Final Thoughts

While the performance of the yellow gold Vacheron Constantin 222 has shown some signs of price decrease, the release of the new steel version could help refocus attention on this reference. Renewed collector interest in the 222 line, especially in its more accessible steel variant, might also drive demand for the yellow gold model, reaffirming its place as a modern classic in the Vacheron Constantin catalog.

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Last week, we analyzed the complex situation in the watch industry: on one hand, export data remained promising, thanks to the strogness of the U.S. market offsetting steady Chinese declines; on the other hand, macroeconomic instability was beginning to seriously threaten the stability of the industry, especially following the imposition of new tariffs by the Trump administration.

On April 5, the Trump administration announced a 31% tariff on all imports from Switzerland, triggering panic in financial markets. The measure was later scaled back to a more “moderate” 10%, which is in effect today, but the domino effect had already been triggered: the dollar weakened rapidly, the Swiss franc appreciated, and the price of gold surpassed USD 3,300 an ounce, further exacerbating costs for producers.

In response to this scenario, after some weeks of waiting, Rolex has made official a +3% average price increase in the United States, effective May 1.

The decision, follows the price increase announced by the Swatch Group (+7/10%) and confirms how, despite the centrality of the U.S. market, managing margins has become increasingly complex for Swiss brands.

Three threats behind Rolex's choice

The list price increase by Rolex is the combined result of three main threats :

• Trade tariffs: the new 10% tariff on Swiss watches imported into the United States, the result of Trump's protectionist policy.

• Unfavorable exchange rate: the dollar has lost about 8% against the Swiss franc in less than a month, reducing the profitability of dollar sales.

• Rising raw material prices: the price of gold has risen more than 20% since the beginning of the year, with direct impacts on the production costs of precious material models.

Rolex had already adjusted the prices of its gold models in January, but the combined pressure of tariffs, exchange rates, and raw materials has now made a generalized adjustment across the entire collection inevitable.

The Importance of the US Market

With exports to the United States amounting to about CHF 4.4 billion in 2024, America is the first market for Swiss wachmaking, and for Rolex in particular, the undisputed leader in volume and value.

For this reason, the interventions of the crowned maison and Swatch Group may not remain isolated.

In the coming months, similar adjustments can be expected from other industry biggies such as Richemont and LVMH, which have been more cautious so far.

If the CHF/USD exchange rate continues to penalize exports, gold continues to rise and if trade talks in Washington do not result in a quick agreement, new price increases may become inevitable.

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Back in February, we commented on the promising performance of Swiss watch exports and wondered whether 2025 could be a strong year for the industry. However, the tariff war is increasingly disrupting the delicate balance within the watchmaking sector, making the future even more uncertain.

Swiss Watch Exports in March 2025

According to the FHS report released a few days ago, exports returned to growth in March with a +1.5% increase. However, the first quarter of 2025 still ended in negative territory, with a -1.1% drop compared to the same period in 2024.

Geographically, the United States remains the most dynamic market, with a +13.7% increase in March. The United Kingdom (+10.6%) and Japan (+1.1%) also showed positive signs. China and Hong Kong, on the other hand, continued to decline, though the contraction has slowed somewhat, at -11.5% and -11.3% respectively.

While the Asian downturn is largely driven by Chinese restrictions on foreign luxury goods, the recent boom in U.S. demand is now seriously threatened, this time by tariffs imposed by the Trump administration.

The introduction of a 10% tariff on Swiss watch imports into the U.S. (up from the previous 3%), combined with the continued appreciation of the Swiss franc, poses a serious threat to the industry.

Swatch Group: Price Increases in the U.S.

In this context, Swatch Group was the first major player to react, announcing another round of price increases for its brands in the American market—the second since the beginning of the year.

According to reports, the decision was driven by two main factors: the depreciation of the U.S. dollar against the Swiss franc (nearly -8% in one month), and the introduction of the 10% tariff. Some of the group’s brands, such as Blancpain and Glashütte, have already implemented price increases ranging from 7% to 10%.

So far, Richemont, LVMH, and Rolex have maintained a wait-and-see approach, but similar moves may be on the horizon, unless there is an unlikely reversal in currency trends or a last-minute policy shift on tariffs by Trump.

LVMH Q1 2025 Results

LVMH's quarterly results, released this week, also offer an interesting insight into the state of the industry. The French luxury giant reported a 3% drop in total revenue in Q1 2025 compared to the same period in 2024. Yet the Watches & Jewelry division held up surprisingly well, with sales stable at €2,178 million, in line with last year.

LVMH does not provide a geographical breakdown for the segment, but reports a slight decline in the US and Japan. Given the current context: duties, currency, declining Chinese demand, maintaining volumes is a positive sign.

Watches of Switzerland chiude 16 negozi

Finally, Another headline-grabbing development in recent days was the decision by Watches of Switzerland to close 16 shops in the UK. These included flagship boutiques of Breitling, Omega, TAG Heuer and Hublot.

Despite the apparent severity of the measure, the company has made it clear that this is a rationalisation of the network, with the aim of focusing on more profitable and prestigious locations. The company's long-term plan, which aims to exceed £3 billion in revenue by FY26, remains unchanged.

Final Thoughts

The first quarter paints the picture of an industry in the balance, on the one hand demand in key markets such as the US and Japan continues to support exports, on the other trade tensions, currency instability and the collapse of Chinese demand are posing challenging issues.

The Swatch Group's price increase may be just the first in a series, as larger groups prepare for a difficult year ahead. Uncertainty is high, but the foundations of the industry remain solid. As always, time will provide the answers.

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The Rolex Oyster Perpetual 41 “Celebration” Ref. 124300-0008 stands out as one of the most unexpected and vibrant creations from the Geneva-based maison in recent years.

Introduced in 2023, this reference is distinguished by a unique dial featuring a shower of red, green, orange, pink, and blue colored bubbles on a turquoise background, echoing all the colors used for the dials of the Oyster Perpetuals launched in 2020.

the 124300-0008 thus seems to pay homage to that palette with a design that blends them all together, giving a sense of celebration of Rolex creativity and identity, hence the nickname “Celebration.”

The demand for this watch in recent years has been very high and most likely will be even higher now that Rolex has decided to discontinue this model after only 2 years.

Secondary Market Performance

Over the past year, the Celebration has seen a slight dip, around -3%, compared to its value in April 2024.

However, in recent months the trend has turned sharply upward, with a spike starting around March, when early rumors of its discontinuation began circulating. The rally continued into April once the news was confirmed. From January to today, the Celebration has appreciated by +19.87%, rising from €15,275 to €19,446.

Compared to its original retail price, the watch’s secondary market value highlights its desirability — during its time in production, it retailed for €6,400 in boutiques, meaning it now trades at a remarkable +203.84% above retail.

Cumulated Listings

Thanks to our database, we can analyze all the listings posted on major marketplaces. During the examined period, we observed a significant increase in the number of models listed for sale.

The listing growth was relatively consistent, with a slight dip between January and February, followed by a noticeable spike between March and April, coinciding with both the rumors and confirmation of the model’s discontinuation.

Listings and Sold

To better understand the dynamics of the market, it is useful to analyze how many watches are put up for sale each month and how many are actually sold.

The same decline seen in listings during January and February 2025 is reflected in the number of units sold. However, in March, nearly as many watches were sold as had been listed in the two previous months combined, sales even exceeded 100 units.

Final Thoughts

The Rolex Oyster Perpetual 41 “Celebration” is proving to be one of the most interesting and sought-after references in recent years, thanks to its bold design and rarity.

Its discontinuation has only fueled further demand, solidifying its status as a collector’s item. If the current market trend continues, it wouldn’t be surprising to see the value of the Celebration rise even higher in the coming months, driven by increasing demand and dwindling supply.

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Watches & Wonders 2025, the most important week of the year for the watch industry, has just concluded. We were present at the fair and, in this article, we tell you about the most significant new products and models that impressed us the most during the event.

Rolex

As per tradition, the most talked-about brand was undoubtedly Rolex, this time thanks mainly to a brand new addition: the Land-Dweller.

This is a completely new reference, the first real addition to the family of professional sports watches in over a decade. The design clearly recalls the aesthetics of the Oysterquartz of the 1970s, a model that is now quite sought after in the vintage market. However, there is no shortage of innovations, starting with the new integrated bracelet and the brand new 7135 caliber.

The dial features honeycomb work and is available in two colors: blue for the platinum version and white for those in white gold and steel or rose gold.

Alongside this prominent new addition, Rolex also introduced new variants of the Oyster Perpetual with pastel colors, a new Sky-Dweller in yellow gold with a green dial, and two unreleased GMT-Master IIs: one with an iron-rock dial and the other with a green and black bezel, combined with a new green dial.

The Daytona line was expanded with an Oysterflex model with a blue dial and a new “John Mayer” version with a gold subdial. Like every year, a number of “out-of-catalogue” models also appeared, at the moment we have found four new Daytona.

Leading the lineup is the stunning white gold Daytona 'Blue Sapphire, featuring a black dial, a bezel set with blue sapphires, and matching sapphire hour markers. Also making its debut is the Everose gold Daytona 'Le Mans', following the success of its white and yellow gold predecessors. Rolex presents also a striking new take on the Daytona 'Eye of the Tiger' in Everose gold, boasting a lacquered dial adorned with diamonds. Finally, the maison released the 126538TBR, crafted from 18k yellow gold, this timepiece features a captivating turquoise stone dial with bold black sub-dials. The bezel, set with baguette-cut diamonds, harmonizes seamlessly with the matching diamond hour markers and the fully brilliant-cut case.

Patek Philippe

Among Patek Philippe's new additions is the Reference 5308P, a self-winding watch that packs no fewer than four complications: minute repeater, split-seconds chronograph, and instantaneous perpetual calendar. After its limited-edition debut during the Tokyo 2023 exhibition, the model now joins the official catalog. The 42mm platinum case with openwork lugs houses a light blue gradient dial with dark blue details. It is priced at €1,247,380.

Also arriving in the Grand Complications collection is a new retrograde perpetual calendar (ref. 6159G) , with a white gold case and Clous de Paris decorated bezel. The dial, made of gray metallic sapphire crystal with black shading, allows glimpses of some elements of the movement.

As for the more elegant and formal line, Patek offers a new manual Calatrava, reference 6196P, with a 38 mm platinum case and rose gold-plated opaline dial. The dark brown strap perfectly matches the model's essential design.

Just a few months after his debut, there are some novelites also new for the Cubitus collection, with two new time-only models in rose gold and white gold, with a diameter reduced to 40 mm (versus 45 mm previously). The dials are brown for the rose gold version and blue for the white gold version.

Finally, it could not miss a piece of Haute Joaillerie, the new 5811/1460G , made of white gold with no less than 1,480 diamonds set between the case, dial and bracelet. It is priced at €641,510.

Cartier

Among the most fascinating proposals at the fair, Cartier brought back to life the Tank à Guichet, created in 1928. Featuring a dial with no hands, replaced by two small windows showing jumping hours and continuous minutes, the model was reinterpreted in four new versions: yellow gold, rose gold and platinum (all faithful to the original), as well as a 200-piece limited edition with the windows arranged diagonally.

Zenith

In 2025, Zenith celebrates its 160th anniversary and the common thread used to mark this occasion is blue. In fact, both the booth at the fair and so many of the maison's releases feature this color that has “always been a signature color of Zenith going right back to our founder,” as CEO Benoit de Clerck recalled.

The sports model that impressed us most is the Chronomaster Sport 160th Anniversary Edition, with a dial and bezel in a deep ceramic blue. The El Primero 3600 movement guarantees precision to the tenth of a second, inside a 41 mm case.

The most striking release, however, is the new Zenith G.F.J., a tribute to founder Georges Favre-Jacot. This model combines some iconic components of the maison's history, such as the famous caliber 135, updated for the occasion with a 72-hour power reserve, with some celebratory details such as the 38mm platinum case and the stunning dial. In particular, on the latter the Zenith has really done an incredible job, playing with blue on three different sections, with shades of blue getting lighter and lighter the further you move to the center of the watch. The outermost section features “blue bricks” guilloché engravings punctuated by 18k white gold hour markers and 40 hand-applied white gold pearls, the main section is made of lapislazzuli, and the seconds subdial is made of mother of pearl.

H. Moser & Cie

Of Moser's new releases, the new Pop collection is the one that has stuck with us the most.

Among the most creative maisons at the fair, Moser amazed with its new Pop collection, consisting of three models from the Endeavour line (Small Seconds, Tourbillon, and Minute Repeater Tourbillon), all featuring dials in natural hard stones: coral, lapis lazuli, pink opal, turquoise, lemon chrysoprase, and Burmese jade.

Inside the booth, watches were displayed along with a plethora of mini fans, reiterating how much of a breath of fresh air this maison is in the industry. Once again this year Moser was anything but mundane.

TAG Heuer

One of the most scenic stands was TAG Heuer's, entirely dedicated to the world of Formula 1. At the entrance, a Red Bull and Ayrton Senna's legendary McLaren anticipated the launch of the new Monaco Split-Seconds Chronograph F1. Featuring a flyback chronograph and transparent red dial, it is housed in the typical square case, this time in white ceramic.

The watch is filled with details hinting at Formula One, from the logo at six o'clock, to the words “lights out and away we go” placed on the two subdials. This is a limited edition of only 10 pieces, with a price tag of CHF 155,000.

Another fantastic release were the new Inspired by the original models of the 1980s, the collection rediscovers vibrant colors and retro designs in nine variants, with 38mm cases, slightly larger than the historic 35mm , and details that directly evoke the spirit of early Formula 1: from bezels in TH-Polylight, a new patented composite material, to bright shades and rubber straps or steel bracelets.

The TH50-00 Solargraph caliber is powered by light: two minutes of sunlight is enough to provide a day's autonomy, while a full charge offers up to ten months of operation without exposure. Applied hour markers, TAG Heuer's vintage logos and the words “Formula 1 Solargraph” stand out on the dial. With prices between CHF 1,750 and CHF 1,850 depending on the version with rubber strap or bracelet.

Vacheron Constantin

We conclude with a true work of art created to celebrate the 270th anniversary of the Vacheron Constantin. In addition to the many novelties presented during this special year, the maison created the world's most complex wristwatch.

Solaria Ultra Grand Complication has a case of 45 mm in diameter and 14.99 mm thick, incorporates 1,521 components and offers 41 complications, including displaying the position of the stars and the trajectory of the sun. The project took eight years of development and led to the filing of 13 patents.

Watches & Wonders 2025 once again confirmed the exceptional innovation and craftsmanship that distinguish the most prestigious watchmakers. From the extremely complex models of Patek Philippe and Vacheron Constantin to the sporty and colorful creations of Rolex, via the bold forays of Cartier, Zenith, and TAG Heuer, the event highlighted the continuing evolution of luxury watchmaking. Each brand brought out innovations that not only celebrate tradition but also look to the future with boldness and creativity. It is clear that the watch industry never ceases to amaze, confirming its pivotal role in combining technology, art, and passion in timepieces that tell unique stories. All that remains is to wait for the coming months to see how these innovations will take shape and how the market will welcome the most innovative proposals.

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An Italian version of this article is also available on the Orologi “Le Misure del Tempo” website, at this link link.

The luxury watch market is constantly evolving, with iconic models experiencing significant fluctuations. Rolex and Patek Philippe continue to dominate the scene, navigating between price stabilizations and new strategies.

In this in-depth analysis of the secondary market, we examine the latest trends of three emblematic models of high-end sports watchmaking, observing how their value has evolved over recent years and what future scenarios may unfold.

Rolex Submariner 126610LN-0001

Introduced in 1953, the Rolex Submariner was the first dive watch waterproof up to 100 meters, and it remains one of the longest-running models in the brand’s history. While maintaining its iconic aesthetics, it has undergone numerous technical evolutions over time. The most recent update was the transition from a 40mm case to a 41mm one, introduced with reference 126610LN-0001 in 2020.

Like many sports watches, this model experienced a period of rapid growth in the secondary market, peaking at over €15,000 in April 2022. Subsequently, prices declined to more moderate levels, recently stabilizing between €12,000 and €14,000. Analyzing data from June to December 2024, the average price of this model recorded a -6.96% decrease, dropping from €13,245 (June 2024) to €12,323 (December 2024). During this period, the highest value was reached in July at €14,693, while the lowest was recorded in November at €12,297. The early months of 2025 have remained in line with the end of the previous year, hovering around the €12,000 mark.

Rolex Daytona 116500LN-0001

From the depths of the sea to the racetrack, another Rolex icon stands out for its prestige and desirability: the Daytona.

Among the most sought-after models in recent years, reference 116500LN-0001 reached an extraordinary peak value, hitting a record €48,000 exactly three years ago. However, from that moment, the price saw a rapid decline throughout the rest of 2022. The following two years were marked by a phase of stabilization, with a brief recovery in July 2024, when the value rose above €30,000. As of March 2025, the secondary market price stands at €26,344, marking a -44.49% drop compared to its all-time high in 2022.

Patek Philippe Nautilus 5712/1A-001

Regarding to Patek Philippe, the most significant news affecting its market was the discontinuation of reference 5712/1A-001, which took place on February 1, 2025. This move had been anticipated: after replacing the time-only version (ref. 5711/1A) in 2021 with the white gold 5811/1G in 2022, it was only a matter of time before the moon phase variant met the same fate. It is highly likely that this gap will be filled by the new reference 5812, expected in April during Watches & Wonders, also in white gold. This would further confirm Patek Philippe’s strategy of reducing the use of steel in the Nautilus collection.

If this scenario materializes, the 5712/1A-001 could become even more sought-after in the market. However, it is unlikely that its price will return in the short term to the levels seen between 2020 and 2022, when it peaked at €185,000 (March 2022). Compared to that historical high, in 2024, the market value of the 5712 stabilized around €100,000, with a recent recovery bringing the price to its current €105,000. Given the typical dynamics of the watch market following such news, it is plausible that this upward trend will continue, especially if the new reference is indeed offered in gold rather than steel.

While the Submariner and Daytona experience a phase of price stabilization, the Nautilus 5712/1A-001 could see renewed momentum. As every year, Watches & Wonders will be a crucial event for market trends in the coming months.

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WatchAnalytics is an evolving reality, and since the first newsletters of this year we have been telling you that 2025 would be full of new things.

In addition to the new features we have already unveiled to you in previous articles, a few weeks ago we launched our Marketplace, a peer-to-peer platform dedicated to watch enthusiasts, which allows them to buy and sell watches without commission. Transactions take place directly between buyer and seller outside the platform, providing greater freedom and reduced costs.

By clicking inside the Marketplace section, found on our site, you will be able to view a selection of watches for sale and through the appropriate button you will be able to make an offer for the watch you would like to purchase. At this point the seller will contact you back to finalize the deal.

Today we present some of the most interesting watches featured within this new section.

MB&F Legacy Machine N°1 (LM1)

MB&F is known for its out-of-the-box creations, and the Legacy Machine No. 1 is no exception. This watch is a tribute to the great watchmaking masters of the past, but with a futuristic twist. Its most spectacular feature is definitely the balance wheel suspended in the center of the dial, a true work of art in motion.

Created in collaboration with Jean-François Mojon and Kari Voutilainen, the LM1 combines tradition and innovation, with two independent time zones and a linear power reserve indicator. An iconic piece of independent watchmaking.

The watch is available in excellent condition, with original box and had a full service by MB&F in Feb 2025. You can find it here.

Omega Speedmaster Japan Racing 3570.40

Initially launched as a limited edition of 2004 pieces for the Japanese market in 2004, the Japan Racing 3570.40 is one of the most coveted Speedmasters among collectors.

Its gray dial with orange and black details recalls the world of motor racing, making it instantly recognizable. The beating heart is the legendary caliber 1861, the same as the Moonwatch 3570.50. An unusual Speedmaster, available in excellent condition with box and papers.

You can find it here.

A. Lange & Söhne Saxonia Moonphase 384.026

If there is one brand that embodies the perfection of German watchmaking, it is A. Lange & Söhne. The Saxonia Moonphase 384.026 is an example of refinement and technical excellence.

This model combines Lange's iconic “big date” with an enchanting moonphase, perfectly synchronized to remain accurate for over 122 years. The 40 mm white gold case and silver dial lend timeless elegance, while the L086.5 automatic movement ensures a 72-hour power reserve. A masterpiece for those who appreciate beauty and precision.

This timepiece is available unworn, with box and papers.

You can find it here.

Rolex Daytona 6265

The Rolex Daytona 6265 is a legend, one of the models from which the history of the iconic Rolex chronograph began. Created in the late 1960s for professional pilots, this chronograph is synonymous with performance and style.

Its steel bezel with tachymeter scale and sturdy hand-wound Valjoux 727 movement make it a one-of-a-kind model. Worn by collectors and celebrities alike, the Daytona 6265 is more than a watch: it is a piece of history.

This timepiece is available in excellent condition, with box and papers.

You can find it here.

Cartier Tank Louis Cartier WGTA0011

Created in 1917 and inspired by World War I tanks, the Cartier Tank is a symbol of elegance and sophistication. The Louis Cartier WGTA0011 carries on this tradition with a 34 mm rose gold case, a minimalist silver dial, and the classic sapphire cabochon on the crown.

The 8971 MC manual movement and leather strap complete a timeless design made famous by icons such as Jackie Kennedy and Andy Warhol. If you are looking for a watch that exudes history and class, the Tank Louis Cartier is the perfect choice.

This timepiece is available in excellent condition, with box and papers.

You can find it here.

The WatchAnalytics Marketplace is just getting started, and this is only a glimpse of the selection of timepieces you can find! We hope that our efforts in building this new feature will help you find your next watch.

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The watchmaking world is gearing up for the highly anticipated Watches & Wonders 2025, and among the most anticipated news is undoubtedly what Rolex might have in store for the 70th anniversary of the GMT-Master. This iconic model, created in 1955 to accompany airline pilots in the golden age of aviation, is now a symbol of elegance and functionality.

Ahead of this event, we analyzed the performance of two of the most iconic models in the collection: the Pepsi and the Batgirl.

Secondary Market Performance

Over the past year, Pepsi has seen a significant decline, down -12.11%. Influencing this dynamic was the sharp rise in price that occurred exactly one year ago, fueled by rumors of a possible exit from production. However, Rolex chose to keep the model in the catalog, leading to a gradual decline in value. Initially, the decline was steady, but it accelerated more sharply around October 2024. Since then, the price has stabilized at just above €19,000.

The Batgirl, on the other hand, has been one of the few Rolexes to show a positive performance over the past year, rising +5.39%. The trend saw a sharp surge in early 2024, followed by a stabilization around €17,000 until October. Thereafter, the value declined slightly, settling around €15,000.

Cumulated Listings

Thanks to our database, we can analyze all the listings posted on major marketplaces. During the examined period, we observed a significant increase in the number of models listed for sale.

For both models, the month of May 2024 marked a phase of stagnation in new listings, followed by strong growth between June and July, with a subsequent decline in August. After the summer, the number of listings resumed steady growth.

Listings and Sold

To better understand the dynamics of the market, it is useful to analyze how many watches are put up for sale each month and how many are actually sold. A particularly interesting case occurred in July, as we have also seen in previous graphs.

During that period, not only did listings increase, but sales also soared, doubling compared to June 2024 and reaching the highest level among the months surveyed. This phenomenon was reflected in rising prices in the secondary market, as can be seen in the first two slides.

In recent months, especially in 2025, sales volume has fallen sharply, particularly for Pepsi. Batgirl, on the other hand, continues to see a few more transactions, but the numbers remain far from the levels of the beginning of the year.

Final Thoughts

Analysis of the GMT-Master II market, with a focus on the Pepsi and Batgirl, clearly shows how speculation, expectations about Rolex novelties, and fluctuations in supply and demand affect the value of these models. Pepsi, after the euphoria of 2024, has undergone a major correction, while Batgirl has shown more stability. Anticipation for Watches & Wonders 2025 and the possible release of new references for the 70th anniversary of the GMT-Master could lead to new changes in the market. In the coming months, it will be crucial to monitor price and sales developments to understand whether there will be further corrections or new growth in interest in these iconic models.

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