The pre-owned watch market is stabilizing after years of decline, driven by rising retail prices and tariffs on Swiss luxury brands. As Swiss watch manufacturers face a 31% tariff, they have increased prices in the US, prompting consumers to shift to the secondary market for luxury watches. Demand for brands like Rolex, Cartier, and Patek Philippe remains strong, helping to stabilize pre-owned prices, which fell 0.3% in the second quarter of 2025. The overall secondary market, however, is seeing varying demand, with steep price declines for non-blue chip brands.
While the precise effect of US tariffs on retail sales remains unknown, we expect higher retail costs will continue to push consumers toward the secondary market and have an uplifting effect on prices.
Pre-owned watch prices fell 0.3% in the second quarter of 2025, the lowest quarterly rate of decline in 13 quarters, according to data from pre-owned watch research platform WatchCharts that Morgan Stanley analyzed.
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