Which Watches Hold Their Value?
Which watches hold their value and why: brand, demand vs supply, model, condition and set, plus what recent market data shows. No guaranteed picks.
By Dejan Zoric
4 min read
The short answer
The watches that hold their value best are generally from a small group of brands with strong demand and limited supply, especially their best-known models in steel and in good condition with box and papers. In 2025 data from Morgan Stanley and WatchCharts, Patek Philippe, Rolex and Audemars Piguet performed best on the secondary market. But values move with demand, and no watch is a guaranteed investment.
Key takeaways
- A few brands dominate resale value, led by Patek Philippe, Rolex and Audemars Piguet.
- Demand vs supply matters more than the retail price.
- Iconic models, condition and a full set protect value.
- Secondary prices fell in 2023 and 2024 and rose in 2025. Values move.
- Buy watches you'd be happy to own, not as guaranteed investments.
On this page
Most things lose value the moment you buy them. Some watches don't, or at least lose much less. Understanding why is useful whether you're a collector protecting your money or a dealer deciding what to buy.
This article covers the principles behind resale value and what recent market data shows. It isn't investment advice, and it deliberately doesn't hand you a list of "guaranteed" picks, because there aren't any.
What the recent data shows
The secondary watch market boomed through 2022 and then corrected. Based on WatchCharts data, Morgan Stanley's reports show secondary prices fell 10.7% in 2023 and 6.1% in 2024, then rose 4.9% in 2025.[1]
The brands performed very differently in 2025:[1]
| Brand / group | 2025 secondary price change |
|---|---|
| Patek Philippe | +12.1% |
| Rolex | +4.6% |
| Audemars Piguet | +1.0% |
| Swatch Group brands | −1.5% |
| Richemont brands | −5.3% |
| LVMH brands | −6.3% |
Two lessons: resale strength is concentrated in a few brands, and even strong brands can fall in a weak year.
What makes a watch hold its value
1. Brand strength
A handful of brands have the demand, history and recognition that support resale prices across many of their models. Most others have strong individual models but weaker resale overall.
2. Demand vs supply
This matters more than anything else. A watch holds value when more people want it than can easily get it new. When supply catches up or demand cools, premiums shrink. That's why the retail price alone tells you little about resale value.
3. The model
Within a strong brand, the iconic, recognisable models (often the steel sports watches each brand is known for) have historically held value best. Niche models, dress watches and some precious-metal pieces often trade further below retail, even from top brands.
4. Production status
Discontinued references and limited editions can gain appeal when they're no longer available new. It doesn't always happen, and a discontinued model can also fall out of favour.
5. Condition
Unworn and lightly worn watches hold value best. Heavy polishing, damage and replaced parts reduce it. On vintage watches, original condition can matter more than anything else.
6. Full set
Box, papers and accessories make a watch easier to sell and usually worth more. Papers matter most. See full set vs watch only.
7. Originality and service history
Original dials, hands and bezels, documented service from the brand or a qualified watchmaker, and full disclosure all support value. Aftermarket parts reduce it significantly.
What tends to lose value
- Watches from brands with weak secondary demand.
- Heavily discounted models, which are often available new for less.
- Watches with aftermarket parts, especially dials and added diamonds.
- Over-polished cases and missing links.
- Fashion and trend-driven pieces once the trend passes.
Watches as an investment: a reality check
Watches can hold or grow in value, but they have real drawbacks as investments:
- Prices can fall, as 2023 and 2024 showed.
- Buying and selling cost money: dealer margins, fees, shipping, insurance and sometimes servicing.
- They're illiquid: selling at a good price can take time.
- There's risk: fakes, damage, theft and changing tastes.
The healthiest approach: buy watches you'd be glad to own and wear, and treat any value they hold as a bonus.
For dealers: buying for resale
For dealers, "holds its value" really means sells quickly at a predictable price. Liquid references with strong demand and clear pricing let you turn your money faster, even on thinner margins (see watch dealer margins). Check recent sold prices for the exact reference, condition and set before buying. On Soda, a Looking For request alerts you the moment a specific reference is listed, and live auctions show what verified dealers will actually pay.
The bottom line
Watches that hold their value tend to come from a few strong brands, be iconic models in demand and short supply, and be in excellent, original condition with box and papers. Recent data shows Patek Philippe, Rolex and Audemars Piguet leading in 2025, after two years of falling prices. Values move, so judge each reference on its own recent sales, and never assume a watch is a guaranteed investment.
Trade with real price data on Soda
Soda gives verified dealers real dealer-to-dealer comps for every reference, Looking For alerts, live auctions and trade offers, with no commissions on your trades. See all features, then apply for access or book a demo.
Questions dealers ask
Do Rolex watches hold their value?
Rolex has historically been one of the strongest brands for resale value, and in 2025 data its secondary prices rose 4.6%. But individual models vary widely, prices fell from their 2022 peak, and a Rolex is not a guaranteed investment.
What is the best watch to buy for resale?
There's no guaranteed answer. Watches that have historically held value best tend to be iconic models from the strongest brands, in demand and limited in supply, in excellent condition with box and papers. Past performance doesn't guarantee future prices.
Do watches lose value when you buy them?
Most watches sell for less than their retail price once they're pre-owned. A small number of in-demand models from a few brands have traded at or above retail on the secondary market.
Are watches a good investment?
Watches can hold or grow in value, but they're illiquid, costly to buy and sell, and prices can fall, as they did in 2023 and 2024. They're best bought as something you value owning, with any resale value treated as a bonus.