2025 Pre-Owned Luxury Watch Market Analysis: Trends, Performance & Investment Insights
The pre-owned luxury watch market experienced a 9% overall decline in 2025, according to Morgan Stanley and WatchCharts data. Despite this contraction, three brands demonstrated remarkable resilience: A. Lange & Söhne (+3%), Girard-Perregaux (+5%), and Bvlgari (+1.4%) posted positive growth. The market remains heavily concentrated, with Rolex, Audemars Piguet, and Patek Philippe collectively accounting for 70% of total trading value. This comprehensive analysis examines the underlying factors driving these trends, including collector behavior shifts, economic influences, and brand-specific performance drivers that are reshaping the secondary watch market landscape.
Overview
The 2025 pre-owned luxury watch market presents a complex landscape of contraction and selective growth opportunities. According to the comprehensive Morgan Stanley and WatchCharts Report, the overall market declined by 9% year-over-year, reflecting broader economic pressures and shifting collector preferences. However, this downturn masks significant brand-level variations and strategic opportunities for informed investors and collectors. The market's structural concentration remains pronounced, with the 'Holy Trinity' of Rolex, Audemars Piguet, and Patek Philippe maintaining their dominance by capturing 70% of total trading value. Meanwhile, three brands defied the downward trend: A. Lange & Söhne demonstrated steady appreciation at +3%, Girard-Perregaux surged with +5% growth, and Bvlgari showed modest gains at +1.4%. These divergent performances highlight the increasing sophistication of the secondary market, where brand heritage, production scarcity, and collector perception increasingly dictate value trajectories beyond traditional market cycles.
Detailed Analysis
Market Comparison Points
- Market performance divergence: 9% overall decline vs. selective brand growth up to +5%
- Trading value concentration: 70% dominated by three brands vs. 30% distributed across remaining market
- Growth drivers: Production scarcity (A. Lange & Söhne) vs. brand revitalization (Girard-Perregaux) vs. design innovation (Bvlgari)
- Price segment performance: Ultra-luxury ($50,000+) declined 6% vs. mid-market ($15,000-$50,000) declined 11%
- Geographic variation: Asian markets declined 12% vs. European markets declined 7% vs. North American markets declined 8%
- Condition premium: Mint condition pieces declined 4% vs. good condition pieces declined 11% vs. fair condition pieces declined 18%
Important Notes
This analysis is based on Q1-Q3 2025 data from Morgan Stanley and WatchCharts, covering the top 50 luxury watch brands by trading volume. All percentage changes are year-over-year comparisons against 2024 full-year performance. Market concentration metrics are calculated based on transaction value rather than unit volume, reflecting the significant price disparities between entry-level and high-complication timepieces. The data excludes vintage watches (pre-1980) and focuses exclusively on modern luxury timepieces from 1980 onward. Investment decisions should consider individual watch condition, service history, and market timing beyond these aggregate trends.