In the current secondary market for watches, the era when specific models were popular solely for resale purposes is over, and the focus is shifting to the inherent value of the watch itself, such as style and rarity. The changing design preferences and the fact that gold models don't see excessive price increases in the secondary market are evidence of this. However, market dynamics are not that simple. Market prices are still influenced by geopolitical factors. Furthermore, other factors are at play, such as brand intervention in the secondary market and the establishment of tools to visualize market prices. Sharon Chan, who heads the watch department at Bonhams Hong Kong, explores the dynamics swirling in the secondary market to find truly valuable watches.
Text by Sharon Chan (Bonhams Hong Kong)
[Article published on January 15, 2026]
From speculation to an era of aesthetic sensibility
Since 2025, the landscape of the secondary market has been quietly shifting. Buyers solely for resale purposes are gradually disappearing, replaced by true collectors who place greater emphasis on aesthetics and rarity. Trends in auction houses also support this shift. Taking Bonhams' watch auctions as an example, the selection of items for sale is now aligned with the essential demands of the current market: style, quality, rarity, and a reasonable price.
The Ref. 116509, with its 18K white gold case and sodalite dial, is known as an extremely rare variation among modern Daytonas. Furthermore, it is doubly rare as it has the so-called "APH dial," where the letters "COSMOGR APH" are separated due to a printing error. It was auctioned for 537,400 Hong Kong dollars (approximately 10,817,862 yen, 1 Hong Kong dollar = 20.13 yen, as of March 15, 2026, including fees, the same applies below). Automatic winding (Cal. 4130). 18K white gold case (40mm diameter).
A return from sporty to dressy.
The return to a normal state after the frenzied bubble in the secondary market appears to be redefining the "beauty of watches." From 2025 to 2026, preferred designs are shifting from rugged and sporty to refined and dressy styles that complement outfits. Consequently, rectangular cases, champagne-colored cases, and dials made with natural stones are once again attracting attention.
Generation Z places more importance than ever on design codes, excellent proportions, and the heritage of a brand. Brands like Cartier, which possess these qualities, have seen a surge in popularity.
This Patek Philippe "Grand Complication" Ref. 5016P with a white opaline dial is believed to be the first time it has ever appeared on the secondary market in its original, unopened condition. Initially, it was predicted to fetch around 3.6 million to 6 million Hong Kong dollars, but it sold for a staggering 6,989,000 Hong Kong dollars (approximately 140,688,570 yen). It features a manual winding movement (Cal. R TO 27 PS QR), 28 jewels, 21,600 vibrations per hour, and a power reserve of approximately 48 hours. It has a platinum case (37mm diameter).
In short, the era of chasing trendy models is over, and watches have returned to being a symbol of personal style. A personal watch collection is not merely an asset; it is a mirror reflecting one's own aesthetic sense, deeply intertwined with their lifestyle.
Market value does not necessarily correlate with the price of gold.
However, even with such a trend, market value is not determined solely by quality. Take Rolex as an example. When the price of gold surged in 2025, the brand repeatedly raised its retail prices to cope with raw material costs while maintaining its rarity and luxury status.
Interestingly, the rising retail price of new items and the price of gold do not necessarily translate directly into increased value in the secondary market. Even gold models don't see a dramatic surge in price in the second-hand market.
The reason is quite simple. Value judgments in the secondary market do not reflect the brand's costs. They are based on demand, such as the model's popularity, and its cultural value. In other words, the intrinsic value of a gold watch lies not in the price of gold, but in whether it is worthy of being remembered.
The U.S. sets the market, and Asia backs up its value.
The value of a watch in the secondary market isn't solely determined by personal taste. Geopolitical dynamics also play a significant role in driving the market's price trends. Surprisingly, in 2026, the country that will have the greatest impact on these trends is not China or Switzerland, but the United States.
The US secondary market is already the largest in the world. Furthermore, the Trump administration's high tariffs on Swiss watches and the weak dollar against the Swiss franc have driven up the price of new watches. As a result, consumers have flocked to the secondary market.
As a result, retailers worldwide are adjusting their prices upwards. Currently, the US secondary market has become the benchmark for global market prices. Hong Kong, the Middle East, Europe, and every other region in the world are not immune to the price fluctuations of the US market.
The role of the Asian market is equally important. In 2024, the Asia-Pacific region led a used goods market worth approximately $25 billion (approximately 3.938 trillion yen, 1 US dollar = 157.52 yen).
The driving force behind this is China. Once consumer sentiment is stimulated in the Chinese market, prices for high-end models rise rapidly. This was made possible by the supply from the Japanese market, which had a good inventory and was enjoying a historically weak yen. In other words, the structure in which America sets the price standard and massive Asian demand backs that price is still driving the secondary market as of 2026.
The value of each individual becomes clearer.
Furthermore, with the spread of certified pre-owned systems, market visualization tools, and the thorough implementation of brand-led distribution management on a global scale, buyers no longer focus solely on brand recognition. What they now value is the origin, condition, and future cultural value of the individual items being sold.
The way we judge the value of watches is changing.
A Cartier mystery clock, Model A, was put up for auction at Bonhams Hong Kong's special watch auction held on November 25, 2025. The clock was made around 1918 and features a white onyx base. The estimated winning bid was between 2 million and 4 million Hong Kong dollars (approximately 4026 million to 8052 million yen), but it actually sold for 6,354,000 Hong Kong dollars (approximately 127,906,020 yen).
The secondary market for watches in 2026 is shifting from a frenzy of searching for models to resell to a return to the original joy of finding a watch to cherish and collect. From a long-term perspective, watches that endure volatile market fluctuations and stand the test of time are not simply those whose prices have skyrocketed. They retain their value because of the solid reasons for their value, as outlined in this article. In this way, the value of watches is being judged more rationally.
Author "Sharon Chan" Profile
Sharon Chan is Director of Bonhams' Watch Department in Asia. Based in Hong Kong, she works closely with offices across the Asia Pacific region and oversees the department's 10 auctions per year.
From 2017 to 18, Sharon Chan established herself as an independent watch dealer and client consultant, before returning to the auction business by joining Bonhams. Utilizing her extensive experience and wide-ranging personal connections, she has built a strong network with collectors around the world and is playing an important role in expanding the Asian watch market.
He has over 17 years of experience in the jewelry and watch auction business at various international auction houses, and from 2011 to 16 he oversaw the watch auction in Hong Kong, where he achieved year-on-year growth in sales, achieving the highest price for a watch sale in Asia in 13. He also oversaw one of the world's largest private watch collections, setting a new record of US$15 million at auction in 600.
