Luxury Goods: Swiss Watches: Secondary Market Keeps Ticking Higher in 2Q26

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Luxury Goods: Swiss Watches: Secondary Market Keeps Ticking Higher in 2Q26

UpdateMthat, outside the Big Three, all tracked brands continue to trade at discounts of at

least -27% to retail, which should limit pricing power despite improving market

momentum.

What's new? We break down the latest trends in the secondary watch market in

2Q26 in this note, using data from the secondary watch market research platform

WatchCharts.

What the data says:

Secondary prices rose +1.5% in 2Q26, a fourth consecutive quarter of gains

exceeding +1%. While the pace of growth moderated compared to previous

quarters (+2.5% in both 4Q25 and 1Q26), gains were the most widespread of the

recovery so far: 27 of the 35 brands we track posted positive QoQ performance

(compared to 25 in 1Q26). Within the Big Three, Patek Philippe gained +2.2%,

Audemars Piguet gained +1.5%, and Rolex gained +1.0%.

Performance of all leading Groups improved QoQ, led by LVMH (+1.7%). LVMH’s

performance was driven by TAG Heuer (+3.8%). However, LVMH lacks a consistent

performer with significant secondary market share (such as Omega for Swatch

Group and Cartier for Richemont); as a result, its long-term performance lags

notably behind the other Swiss groups (see Exhibit 7 ). For Richemont (+1.3%),

Cartier (+2.2%) remains the standout performer, while Vacheron Constantin (+1.4%)

posted a third consecutive quarter of recovery. Richemont reported its sales for the

three months to June this week (see note here): triangulating data points, we

estimate that Cartier Watches grew in excess of 20% YoY at constant FX, still far

outperforming the rest of the Swiss watch industry (as per Swiss watch exports).

Interestingly, the Specialty Watchmakers division also positively surprised (constant

FX sales up +8% YoY).