ALT/FNDATA · Market Report
Q1 2026 Report: The Secondary Market for Luxury Watches
Auction-realized prices and the public-market backdrop
A stabilizing market: at the houses tracked in both quarters, auction values held flat-to-up — as Swiss exports returned to growth and the listed watch houses rallied on the view that the cycle had troughed.
The headline
The correction in three numbers
+1.4%
Swiss watch exports, Q1 YoY
The first positive quarter after a prolonged decline — the worst looks over
Flat→up
Like-for-like auction value
Stable at houses tracked in both quarters (+22% capital); the gross drop is a coverage shift
$45,204
Top lot — a Cartier Tank
Blue-chips set the ceiling; a deep base of vintage and unbranded sets the floor
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
The signal here is a turn, not another leg down: Swiss exports returned to growth for the first time in over a year and the listed houses rallied on the view that the cycle has troughed, while like-for-like auction value held flat to up (the headline gross decline is a coverage artifact, not a real one). For a buyer, the tell is what anchored every sale: classic, wearable references like Cartier, Rolex and Patek rather than speculative modern steel, which is where value holds when a cycle turns.
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- The full month-by-month auction breakdown (January → March)
- The macro backdrop — Swiss exports, tariffs, the franc, Swatch & Richemont
- Brands & the blue-chip ceiling vs. the unbranded base
- Methodology, including a transparent note on coverage
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