ALT/FNDATA · Market Report
Q3 2025 Report: The Secondary Market for Luxury Watches
Auction-realized prices and the public-market backdrop
The year's quietest quarter softened further: the summer lull deepened into a near-dormant August, the marquee complications sat out the calendar, and a new US tariff front-loaded July shipments before halving Swiss exports to America by September.
The headline
The correction in three numbers
$13.1M
Q3 2025 auction value
Across 2,025 sold lots; −17% gross and −21% like-for-like vs 2024
$359,029
Top lot at Phillips
A September result; the summer quarter is the year's quietest
−56%
US watch imports, September
Swiss exports to the US after the 39% tariff took effect in August
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 summer lull deepened and a tariff framed it. Value fell about twenty-one percent like-for-like to $13.1 million, with August all but dormant at $1.2 million before a September recovery. The top thinned again, a $359,029 result at Phillips sitting some thirty percent below the Daytona that led a year earlier, as the marquee complications sat out the calendar. The defining event was macro: a new US levy sent Swiss watch exports to America down twenty-four percent in August after a front-loaded July.
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- The full month-by-month auction breakdown (July to September)
- The macro backdrop: the 39% US tariff, Swiss exports and the equities
- Where the value cleared in a thin summer calendar
- Methodology and how to cite the data
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