The secondary market is back on the rise, at least $1M+ lots are
Russell SheldrakeEarlier this week, the platform Everywatch released its bi-annual report on the secondary watch market, looking at the first half of the year and comparing it to the year prior. The headline figure is that the market appears to have grown, and by a significant amount, with a total sold value US$10.5B, up 37.2% from last year. However, as with all of these financial stories, these headlines never give the whole story.
The data that Everywatch is using to generate this report draws from 650 dealers and 472 auction houses, and it uses sold figures, not asking prices or estimates, making this some of the more trustworthy data in the industry today. The secondary market is still relatively opaque, and we can’t independently verify the data Everywatch has collected. But if we use it as a rough barometer for where the markets are heading, it can still prove useful thanks to its relatively large data set.
So what is causing such a big spike in these figures? The data from Everywatch seems to suggest the biggest driver in the last six months has come from the highest end of the market. The median price of a watch sold went up 19% to US$5,900, and if we just look at auction results, we had 73 go for over US$1M, which represents a near 3x increase from the same period last year. This is compounded by a record three lots selling for north of US$10M. This shows there is still significant growth in the big money of this industry, however, that can sometimes mask troubles lower down the price range. It is also worth mentioning that when we get up to these eight figure sums, that we still are not getting close to the top lots of an art auction. The same auction houses that are celebrating the US$13M sale of an F.P. Journe would be chasing hundreds of millions at art auctions.
Speaking of F.P. Journe, the independent has seen the biggest increase in it sales totals with an increase of 196.9% to US$201.6M, placing it seventh overall in the brand leaderboard. While that is an impressive number, it still doesn’t come close to the brands that are moving the most, namely Patek in second with US$1.5B and Rolex in first at US$4.31B. As we often see in the retail market, Rolex is still the most commercially viable brand on the secondary market with a massive dominance over the other brands.
While these values all seem to be on the rise, there is one small area of apparent softness, and that is in the length of time it takes to sell a watch. Last year it averaged out to 39 days, whereas today it seems to take 43 days. Perhaps a side effect of the median price of a watch increasing, causing buyers to hesitate more before pulling the trigger.
All of this can paint a complex picture. When we have been used to hearing headlines of record prices being achieved at auction, or a bubble bursting in the market, it’s clear that there is always more than just one side to this story. Jounre is certainly capturing attention at the moment, and rightfully so, but it is still a niche product in the market that is trading relatively infrequently. It’s really Rolex, Tudor, Omega, Patek, and Cartier that drive this market due to the sheer volume at which they are being sold.
I hope you’re not leaving this more confused about the state of the secondary market than you came into it, but that is unfortunately a common occurrence when dealing with any of these reports. Given the sheer amount of data that is reported and unreported, it’s impossible to get an entirely comprehensive look at it all. But they can give us an idea of the prevailing winds.
I hope you enjoy your weekend.
Russell and the Time+Tide team
Russell’s Time+Tide take of the week: Integrated bracelets have not yet reached saturation
Every time we see a new integrated bracelet sports watch reach the market, you can predict what the comment sections are going to say. They will be full of those bemoaning the addition of another release where the bracelet falls seamlessly from the case. But, personally, I love it. I am a big believer that you don’t get quality without competition, and if we stopped producing designs for integrated bracelets after the Royal Oak and Nautilus, the watch world would be in a much worse place.
I personally own two very different integrated models, one being the modern Christopher Ward The Twelve 660, an ultra-thin take on what a sports watch can be. And the other is my vintage Universal Geneve Gilt Shadow that takes the Ellipse shape and combines it with the elegance of an integrated mesh bracelet. Neither is comparable in any way, and both show just how wide a spectrum this sector can be. And I am considering adding more to my collection in the near future, if my bank account allows it, as there are other designs and avenues I want to explore.
Yes, I understand the complaints that some designs appear derivative, but there are only so many ways you can skin a cat. You are bound to get similarities across the brands, as they draw inspiration from the same sources and each other. But we are also limited in what comfortably sits on the wrist. As long as a brand is able to claim its own unique feature or design language, then I have no problem with it.
In fact, my favourite watches from many brands are integrated models: the PRX from Tissot, the Odysseus from A. Lange & Söhne, the Streamliner from Moser, I could keep going, but you get the point. We should not have a knee-jerk reaction to seeing a new integrated model be released. Take some time to consider the design before consigning it to the doldrums of lazy design. I would argue more has to go into designing the most basic integrated watch when compared to its standard, lugged counterpart.
Wrist shot of the week: neo-vintage can be colourful
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Not a piece any of us will be used to seeing on our feeds, but as always, Tim’s skills with a camera has wonderfully captured the vibrancy of this Villeret with its expressive enamel dial.
Time+Tide Shop pick of the week: Nodus Sector Deep Black Destro
We often attempt to justify exorbitant price tags with romantic tales of heritage and alpine mountain springs, and there’s nothing truly wrong with that. But the Nodus Sector Deep Black Destro doesn’t need to, considering its ergonomic design, 500-metre water resistance and neat little clasp system.
A fresh allocation of the Sector Deep Black Destro is en route to the New York Time+Tide Studio. Yet, given the mechanical integrity this dive watch delivers for the price, one must be realistic: they won’t be gathering dust. Should you be in the market for a stealth-clad companion for the everyday, I suggest venturing to the Studio to handle it in the metal. It’s a decision best made promptly, before the opportunity slips away again.
The Nodus Sector Deep Black Destro is available for purchase from the Time + Tide Studio in New York City. Price: US$650
Our favourite Time+Tide coverage of the week
Faux-tina or no-tina? Andrew and Justin dive deep into the Omega Speedmaster FOIS
In episode 2 of Four New Ways to Fly to the Moon, Andrew McUtchen sits down with Justin Hast to dig deep into the 2024 reissue of this pre-moon icon — and to settle a long-running debate: does the 2024 model with its grey-blue sunburst dial and faux-tina finish win out, or does the cleaner, more austere 2012–2020 CK2998-adjacent edition take the crown? What unfolds is a genuine collision of perspectives — faux-tina versus crisp dial, alpha hands versus pencil hands, the romanticism of aged aesthetics versus the purity of tool-watch minimalism. And, crucially: at £7,400, how does this pre-moon hero fit into a modern collection alongside the Moonwatch itself?
Vacheron Constantin restoration – Les Collectionneurs | Inside the Archives Ep. 4
What happens when a watch brand decides vintage isn’t the enemy — but a responsibility? In this fourth and final episode of season 1 of Vacheron Constantin: Inside the Archives, Andrew McUtchen, Justin Hast, and Vacheron Constantin Heritage Director Christian Selmoni go deep inside the world of restoration and Les Collectionneurs — Vacheron Constantin’s extraordinary program that restores, certifies, and resells curated vintage pieces through its own boutiques. And things get philosophical, personal, and more than a little chaotic.
Why the Solargraph is the obvious choice for the TAG Heuer Aquaracer
There are a lot of choices out there when considering how you want your watch to be powered. But solar is rarely at the top of people’s lists. In this video, Russell dives into why the Solargraph from TAG Heuer makes so much sense, especially when you pair it with an adventure-ready watch like the Aquaracer. Ultra reliability when you need it most, the functionality to leave it and come back to it without skipping a beat, and the accuracy that you need when finding yourself in tight situations. What more could you ask for?