ALT/FNDATA · Market Report
Q2 2025 Report: The Secondary Market for Luxury Watches
Auction-realized prices and the public-market backdrop
The year's strongest quarter, driven by the Geneva May sales: auction value rose year over year and the top lot more than doubled, the high end resilient even as the listed luxury houses de-rated in the spring.
The headline
The correction in three numbers
$166M
Q2 2025 auction value
Across 5,639 sold lots; +7% year over year and +7% like-for-like
$6.6M
Top lot at Phillips Geneva
A Pendule Sympathique; the top more than doubled year over year
60%
Phillips' share of value
$99M of $166M, concentrated in the Geneva May sales
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
Geneva made it the year's strongest quarter. The May sales carried roughly $120 million of a $166 million total, and Phillips alone cleared $99 million, about sixty percent, in its Geneva rooms. The top more than doubled: a Pendule Sympathique realized $6.6 million against a $3.0 million high a year earlier, as complicated pieces drew the deepest bids. Blue-chip names concentrated the value, Patek Philippe at $48 million, Rolex $24 million and Cartier $16 million, the safe-haven references leading.
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- The full month-by-month auction breakdown (April to June)
- The macro backdrop: the spring de-rating, Swiss exports and tariff front-loading
- The Geneva May sales and the blue-chip ceiling
- Methodology and how to cite the data
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