Do luxury watches appreciate? The honest answer: a minority do — dramatically — while most depreciate like any consumer good. As of July 2026, LuxMetrix data shows the steel Patek Nautilus 5711/1A trading near four times its retail price and the Rolex Daytona near double — but many references, including several Omega and Tudor models, sell at or below what they cost new. Luxury watches are consumption first and assets second, and confusing the two is how buyers get burned. Here's what the data actually says about appreciation, and how to tell the exceptions from the rule. (Foundational context: how to value a luxury watch.)
Do luxury watches appreciate in value?
Most don't. Like cars and handbags, the majority of watches lose value the moment they leave the boutique, then stabilize. But a narrow band of supply-constrained, high-demand references has appreciated substantially and held those gains. The distribution is bimodal: a handful of grails command multiples of retail, while the broad middle trades near or below it. Averages hide this — you have to look reference by reference.
Which watches actually appreciate?
The appreciators share a profile: discontinued or waitlisted, steel, from a top-tier house, and deeply liquid. In the LuxMetrix index, that's the Patek Nautilus (~$145,822) and Aquanaut (~$83,699), the Rolex Daytona (~$31,158) and GMT-Master II, and the Audemars Piguet Royal Oak (~$43,899). Their common thread is scarcity meeting durable demand — the same logic covered in which watches hold value best.
Which watches depreciate?
The majority. Watches produced in ample supply without waitlists — many Omega, Tudor, and IWC references, and precious-metal versions of sports watches — typically trade below retail on the secondary market. That doesn't make them bad watches; it makes them purchases, not investments. Buy them because you love them, and treat the depreciation as the cost of ownership.
Are luxury watches a good investment?
They can preserve wealth better than most discretionary goods, and the top references have outperformed many traditional assets over the last decade. But there are real costs — periodic servicing, insurance, and the risk of illiquidity if you own something thinly traded — and, again, most models depreciate. Treat appreciation as the exception, buy quality you'd wear regardless, and track real fair value in the LuxMetrix index rather than trusting hype.
Frequently asked questions
Do luxury watches appreciate? A minority do dramatically; most depreciate. It's reference-specific.
Which appreciate most? Discontinued steel grails — Patek Nautilus/Aquanaut, Rolex Daytona/GMT, AP Royal Oak.
Are they a good investment? They can preserve wealth, but carry costs and liquidity risk — buy what you'd wear anyway.