ALT/FNDATA · Market Report
Q4 2025 Report: The Secondary Market for Luxury Watches
Auction-realized prices and the public-market backdrop
A leaner, top-heavy quarter carried by the Geneva sales: fewer lots cleared but the high end held, even as a US tariff that had halved Swiss exports to America was cut from 39% to 15% in November and shipments rebounded by December.
The headline
The correction in three numbers
$151.9M
Q4 2025 auction value
Across 3,556 sold lots; −23% gross and −11% like-for-like vs 2024
$10.8M
Top lot at Phillips Geneva
The December Geneva sales set the quarter; +29% on the 2024 top
87%
Phillips' share of value
$132.8M of $151.9M, concentrated in the Geneva auctions
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
Leaner in volume, firm at the top. The lot count fell nearly half and gross value about twenty-three percent to $151.9 million, yet like-for-like the market held as value concentrated: Phillips alone cleared $132.8 million in its Geneva November and December sales, about eighty-seven percent of the quarter. The top lot, a complicated Phillips piece near $10.8 million, ran some twenty-nine percent above the 2024 high. The macro turned supportive late, the United States cutting its tariff on Swiss goods from thirty-nine to fifteen percent.
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- The full month-by-month auction breakdown (October to December)
- The macro backdrop: Swiss exports, the 39% to 15% tariff cut, gold and the equities
- The Geneva sales and the blue-chip ceiling
- Methodology and how to cite the data
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