Luxury watch prices have spent the past few years sliding in the wrong direction. The post-pandemic buying frenzy faded, flipping stopped being profitable, and secondary market prices drifted lower as supply finally caught up with demand.

That slide looks to be reversing. Fresh data from Morgan Stanley, built on WatchCharts pricing, shows secondary market value retention improved across seven of the eight major Swiss brands it tracks in the second quarter of 2026.

Buyers are still paying below retail on plenty of watches, but the discounts are shrinking, and that usually means confidence is creeping back into the market.

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The Big Three Still Rule

Patek Philippe still leads the pack, with average secondary-market prices sitting 15.4 per cent above retail.

Rolex follows at 9.8 per cent, and Audemars Piguet is the only other brand still trading above retail on average, at 3 per cent.

Demand for the usual sports models is doing the heavy lifting. Patek’s Nautilus and Aquanaut lines remain well above retail, and Rolex Oyster Perpetual models are trading around 35 per cent over list price.

None of that will surprise anyone who has tried buying a steel sports watch at an authorised dealer in the last five years. Collectors still trust the biggest names to hold their value, recession or not.

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Cartier has emerged as the fastest-rising brand on the secondary market, according to Chrono24’s latest ChronoPulse Index. Its prices climbed 5.9 per cent in June alone and almost 10 per cent over six months, making it the strongest performer in the latest rankings.

That doesn’t mean Cartier has caught up to Rolex or Patek. Its watches still trade at a discount to retail on average.

What’s changed is the direction of travel. Collectors who spent years chasing steel sports watches are suddenly paying attention to the French maison instead.

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Recovery Doesn’t Mean Everyone Wins

The market is improving, just not evenly. Morgan Stanley’s figures show pricing power still sits mostly with Rolex, Patek Philippe and Audemars Piguet, while plenty of other brands are still selling below retail despite the recent gains.

That’s what makes Cartier’s rise worth watching. Rolex is defending ground it already owns. Cartier is building something from a standing start, at a moment when buyers finally seem willing to look past the usual three names.

Rolex and Patek Philippe are still the safe bets. Cartier is the one everyone’s suddenly paying attention to.