ALT/FNDATA · Market Report
Q1 2025 Report: The Secondary Market for Luxury Watches
Auction-realized prices and the public-market backdrop
A soft but orderly start: auction value eased year over year even as the lot count rose, the high end thinned from a year earlier, and Swiss exports edged back to growth in March, an early sign of the steadying to come.
The headline
The correction in three numbers
$17.5M
Q1 2025 auction value
Across 2,536 sold lots; −10% gross and −8% like-for-like vs 2024
$277,647
Top lot at Phillips
The high end thinned, down from a $406,400 top a year earlier
−8%
Like-for-like value, YoY
$17.2M vs $18.7M at the houses tracked in both quarters
Auction-realized prices: what watches actually sold for at the hammer, not asking prices. · 10M+ auction results · 100+ houses.
The read
What the data shows
A soft open, but an orderly one. Value eased about eight percent like-for-like to $17.5 million even as more lots changed hands, and the thinning was at the top: the quarter's high, $277,647 at Phillips, sat roughly a third below the marquee complication that led a year earlier. Phillips and Sotheby's carried the value, with Rolex, Patek Philippe and Cartier anchoring the blue-chip top over a deep vintage base. Beneath the headline, Swiss exports edged back to growth, an early turn.
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- The full month-by-month auction breakdown (January to March)
- The macro backdrop: Swiss exports, the equities and the franc
- Brands and the blue-chip ceiling over the vintage base
- Methodology and how to cite the data
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