Patek Philippe and Audemars Piguet Defy the Wider Watch Slowdown
Auction prices for the most desirable independent and grand-complication pieces continue to set records, even as the broader secondary market normalises.
The watch secondary market has clearly normalised from its 2022 highs. The WatchCharts overall index is down roughly 17 percent over the past three years.
The very top of the market tells a different story. Patek Philippe's perpetual calendar references and the rarest Audemars Piguet Royal Oak variants continue to set records at every major auction.
Christie's and Phillips both reported their strongest watch auctions ever in their May Geneva sales, with sell-through rates above 92 percent and several lots exceeding their high estimates by multiples.
The independent segment — F.P. Journe, De Bethune, Akrivia, Voutilainen — continues to compound. Waiting lists at the most sought-after independents are now measured in years rather than months.
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