Prices for luxury watches are rising again and Rolex isn’t the biggest surprise

The prices of luxury watches have gone in the wrong direction over the last few years. The buying frenzy faded after the pandemic, flipping ceased to be profitable, and secondary market prices dropped as supply finally caught up with demand.

That slide seems to be reversing. Latest data from Morgan Stanleycreated watchchart Pricing shows improved secondary market value retention for seven of the eight major Swiss brands in the second quarter of 2026.

Buyers are still paying below retail price on many watches, but discounts are decreasing, and that usually means confidence is coming back into the market.

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The Big Three Still Rule

Patek Philippe still leads the pack, with average secondary-market prices 15.4 percent above retail.

It is followed by Rolex at 9.8 percent, and Audemars Piguet is the only other brand still trading above retail at an average of 3 percent.

There is a huge increase in demand for general sports models. Patek’s Nautilus and Aquanaut lines are selling well above retail, and Rolex Oyster Perpetual models are trading for about 35 percent more than list price.

None of this will surprise anyone who has tried to buy a steel sports watch from an authorized dealer in the last five years. Collectors still rely on the biggest names to retain their value, recession or not.

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The greatest story is not Rolex

According to Chrono24’s latest ChronoPulse Index, Cartier has emerged as the fastest growing brand in the secondary market. Its prices climbed 5.9 percent in June alone and nearly 10 percent in six months, making it the strongest performer in the latest rankings.

This does not mean that Cartier has caught up with Rolex or Patek. Its watches still trade at a discount to average retail.

What has changed is the direction of travel. Collectors who chased steel sports watches for years are suddenly paying attention to French maisons instead.

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Recovery doesn’t mean everyone wins

The market is improving, but not uniformly. Morgan Stanley data shows that pricing power is still mostly held by Rolex, Patek Philippe and Audemars Piguet, while many other brands are still selling below retail levels despite recent gains.

This is what makes the rise of Cartier worth watching. Rolex is defending land it already owns. Cartier is building something from a standing start, at a moment when buyers finally seem willing to look beyond the usual three names.

Rolex and Patek Philippe are still safe bets. Cartier is the one everyone is suddenly paying attention to.