The pre-owned watch market just hit another milestone.
The market has recorded its best half-year performance since early 2022, as the industry at large faces the economic implications of the trade war and a drop in demand for new wrist candy.
The Bloomberg Subdial Watch Index, which tracks the 50 most-traded timepieces by transaction value, gained 5.3 percent in the first half of 2025. The uptick, which has extended into the third quarter, represents a stark contrast to the plummeting Swiss watch exports.
More and more collectors are turning to the secondary market as record gold prices and the strong Swiss franc drive up the production cost and retail price of new timepieces. Shoppers are also looking to skip the delays that can come with buying a new model, Christy Davis, founder of London-based Subdial, a watch dealer and trading platform, told Bloomberg. New references are often tightly allocated, meaning some customers have to wait months or longer for delivery. Conversely, pre-owned watch marketplaces, such as Chrono24 and Everywatch, afford immediate access to even the most coveted pieces.
Patek Philippe’s Aquanaut (Ref. 5167A) and Rolex’s gold Daytona (Ref. 116508) were among the top performers in this period, according to the Index. The Aquanaut is actually outperforming Patek’s more famous Nautilus, pointing to what could be a growing desire for more understated beaters. “There’s definitely something around people looking for more quiet luxury these days, and the Aquanaut is that when compared with the Nautilus," Davis explains.
It is a slightly different story with new timpieces. Swatch Group AG, owner of Swiss watchmakers Omega and Blancpain, reported a 7.1 percent drop in sales in the first half of the year, which it said was “exclusively attributable" to weakness in China.
Swiss watch exports dropped 5.6 percent in June, continuing a year-long downward trajectory. Shipments to the U.S., the Swiss watch industry’s No. 1 market, Japan, and Hong Kong have declined, amid a broader luxury slowdown. To make matters worse, Switzerland has been hit with a 39 percent U.S. tariff, the highest in the developed world, meaning new watches will become more expensive. Even more of a reason to shop vintage.
From the article by Rachel Cormack
