Patek Philippe price increase slows down on secondary market
Every month, we give you the headline numbers from watch market data specialists WatchCharts. The company’s Head of Growth & Marketing, Mark Xu, explains how the major brands performed on the pre-owned market in November 2025.
What happened in January 2026?
The WatchCharts Overall Market Index gained +0.8% in January 2026. Rolex prices went up by +1.2%. Patek Philippe appreciated slightly by +0.3%, notably lower than in previous months including December 2025’s +2.9%. This marks the eleventh consecutive month of growth for the brand. Audemars Piguet (+0.4%) were also in the positive territory for the fourth month straight.
Performance by Brand in January 2026
In January 2026, about two-thirds of major luxury watch brands posted gains, pointing to renewed but cautious strength and confidence in the secondary market. Tudor was the best performer for the second month in a row, gaining +1.6% in January. Patek continues to appreciate, up +0.3% in January and +14.4% over the past year. Rolex prices grew by +1.2%, with all but two of its collections on an upward trajectory in January.
On the other end, Hublot (-1.3%), Girard-Perregaux (-1.1%), and IWC (-1.0%) all lost more than one percentage point in January 2026.
Has the market hype returned?
For the past year or so, we have been observing gains in collections and models that were immensely popular during the market rally five years ago, while the broader watch market has not exactly stabilized from the years-long downturn. In fact, the market today may remind some collectors of where it was in the late 2010s, as the Aquanauts and Nautiluses, the Royal Oaks, and the stainless steel Daytonas were heating up. When collectors could not get these, they turned to other collections like the Vacheron Overseas and the other sports watches from Rolex. Later, the enthusiasm and interest even spilled over to collections like the Girard-Perregeux Laureato and the Czapek Antarctique. Are we currently seeing a repeat of this pattern?
Last year, of collections from all major luxury brands, the two best performers have undoubtedly been Patek Philippe’s Aquanaut (+14.9%) and Nautilus (+13.3%). We discussed the brand’s stabilization and ensuing recovery in our monthly updates several times last year, in May, September, and October. We believe that the brand’s gains in 2025 are likely due to a combination of rising retail prices, discontinuation of cheaper (at retail) models such as the Nautilus Ref. 5712/1A and the Aquanaut Ref. 5167/1A in 2025, and collectors’ continued interest in Patek’s sports watches.
