Which watch brands hold their value best?

Rolex consistently leads for value retention across the widest range of references. Patek Philippe holds value extremely well — and appreciates most dramatically — but at a much higher entry price. Audemars Piguet (specifically the Royal Oak) and Richard Mille perform strongly at the top end. Among more accessible brands, Omega Speedmasters and Seamasters in stainless steel hold value better than most. Generic mid-range Swiss brands and fashion watch brands (regardless of price) typically depreciate and offer no investment case.

Do I need the original box and papers to sell a watch?

Yes — for investment-grade watches, original box and papers (B&P) significantly affect price. A Rolex Submariner with full set (box, papers, hangtags, service records) can command 15–25% more than the same reference without documentation. Papers prove authenticity, confirm the production date, and demonstrate the watch has not been recased or significantly altered. If you own an investment-grade watch and have lost the documentation, keep all future service receipts — a paper trail of professional service history partially compensates.

Is now a good time to buy a watch as an investment?

Watch markets, like all asset markets, cycle. The 2020–2022 boom saw secondary market prices for popular Rolex references more than double; the subsequent correction brought many back to pre-boom levels or below. The honest answer is that timing a watch market is as difficult as timing any other market. The stronger argument: if you buy a reference with a long track record of value retention, wear it, service it correctly, and hold for a decade or more, the probability of at least preserving your capital is high — and you enjoyed the watch in the meantime. Buying purely for short-term gain is speculation, not investment.

Is a Watch a Good Investment? What to Buy and What to Avoid

The Honest Starting Point

The watch industry has a complicated relationship with the word “investment.” Marketing materials imply it; auction results confirm it for a narrow category of watches; and the vast majority of watch purchases — including many expensive ones — are simply consumption with a long depreciation curve.

An investment watch is not just any expensive watch. It is a specific combination of brand, reference, condition, and documentation that has historically attracted demand in the secondary market and is likely to continue doing so. Outside of that narrow band, buying a watch “as an investment” is wishful thinking.

That said, the investment case for the right watches is well-documented and genuine. Here is what actually matters.

What Makes a Watch Hold Value

Brand heritage and market position

A handful of Swiss brands have spent over a century building desirability, scarcity, and quality perception. Rolex, Patek Philippe, and Audemars Piguet sit at the top of secondary market performance for a reason: they manage production carefully, maintain perceived exclusivity, and have deep collector communities. Brand alone is not enough — but without brand, nothing else saves you.

Iconic references

Within each brand, specific references drive the investment market. The Rolex Submariner, Daytona, and GMT-Master II. The Patek Philippe Nautilus and Aquanaut. The Audemars Piguet Royal Oak. The Omega Speedmaster Professional. These references are not iconic by accident: they have decades of cultural presence, robust collector demand, and production numbers that keep secondary market supply tight. Generic references from even the best brands perform far less reliably.

Originality and condition

The secondary market rewards originality harshly. An original unpolished case, original dial, original hands, and original bracelet command dramatic premiums over a watch that has been polished, refinished, or fitted with replacement parts. A Rolex Submariner with an untouched case sells for significantly more than an identical reference that was “cleaned up” at a jeweller. Condition is fixed at the moment of polishing — you cannot undo it.

Documentation and provenance

Original box, papers, hangtags, and service history. For investment-grade watches, complete documentation can add 15–25% to resale price. For vintage watches, provenance — documented history of ownership — matters even more. A watch with a recorded history of careful ownership is worth more than an identical watch that arrived from nowhere.

Brands With Strong Investment Track Records

Brand	Key investment references	Value behaviour	Entry point
Rolex	Submariner, Daytona, GMT-Master II, Datejust (steel)	Strong retention; top refs appreciate	€8,000–15,000+ new
Patek Philippe	Nautilus 5711, Aquanaut, Calatrava	Strong appreciation; highest upside	€30,000+ new
Audemars Piguet	Royal Oak (steel, 15202, 15500)	Strong appreciation; some volatility	€25,000+ new
Omega	Speedmaster Professional, Seamaster 300	Good retention; modest appreciation	€5,000–8,000 new
A. Lange & Söhne	Lange 1, Datograph	Strong retention; niche collector appeal	€30,000+ new

Steel over gold for investment: Counterintuitively, stainless steel versions of investment-grade references often outperform their gold variants on the secondary market. Steel versions are produced in lower numbers relative to demand, carry lower initial prices (making percentage gains larger), and attract a broader buyer pool. A steel Rolex Submariner has historically outperformed its Everose gold equivalent as an investment.

What Destroys Watch Value

1

Case polishing. The single most damaging thing you can do to an investment-grade watch. Polishing rounds off sharp lugs, removes brushed finishes, and permanently erases the original surface. Collectors pay heavily for unpolished cases. A polished case cannot be restored to original condition.
2

Replaced or refinished dials. The dial is the face of the watch and one of the first things a buyer examines. A re-lacquered, replaced, or “refreshed” dial destroys originality. Even a faded or “tropical” original dial is often worth more than a pristine replacement.
3

Missing box and papers. Buyers of investment-grade watches expect full documentation. Without it, you are selling to a smaller pool of buyers at a lower price. Keep everything the watch came with, including hangtags, swing tags, chronograph pushers, and any accessories.
4

Incorrect service parts. Service centres sometimes replace hands, crown, pushers, or bracelet links with non-original parts. Ask your watchmaker explicitly to return any replaced parts and to note what was replaced. Document every service.
5

Deferred servicing. Paradoxically, not servicing an investment-grade watch damages its value. A movement that has run dry on oil develops scoring and wear that a pre-purchase inspection will detect. Regular servicing at authorised or well-documented independent workshops, with receipts, demonstrates responsible ownership.

Watches to Avoid as Investments

Fashion brand watches

Watches from fashion houses — regardless of retail price — have no meaningful secondary market. The brand equity is in clothing and accessories, not horology. A €3,000 fashion watch sells for €400 used because buyers know the movement is an ETA blank and the brand carries no watchmaking heritage.

Limited editions marketed as investments

A watch marketed heavily as “limited” is usually trying to create artificial scarcity for a reference that does not have organic demand. Genuine collectible watches rarely need to tell you they are collectible. Be particularly cautious of limited editions with celebrity partnerships or themed dials from mid-tier brands.

Gold watches at mid-tier brands

A gold case adds material cost but rarely adds investment value outside the top few brands. A gold watch from a mid-tier Swiss brand often sells for less than its melt value on the secondary market because buyers discount the movement and brand premium. Gold is not a shortcut to investment performance.

Any watch bought primarily to flip

The grey market for in-demand references (Rolex, AP, Patek) has tightened significantly since the 2020–2022 speculation boom. Buyers who purchased at peak prices to flip quickly absorbed heavy losses in the subsequent correction. If your investment thesis requires selling within 1–3 years, the risk is speculative, not investment-grade.

The Emotional Investment Case

There is another kind of investment that does not appear in spreadsheets: the investment in an object you will genuinely enjoy owning, wearing, and one day passing on.

A Rolex Submariner bought in 2000 for €2,500 is worth €10,000+ today. But the person who bought it also wore it over two decades of holidays, wore it to their children’s school plays, wore it to work every day for twenty years. The financial return is real but secondary to what the watch actually provided.

The strongest argument for buying an investment-grade watch is not the return — it is that you can enjoy a beautiful, well-made object while your money is unlikely to disappear. That is a different proposition from buying stocks, bonds, or property.

One clear rule: Never borrow money to buy a watch as an investment. The watch market is illiquid — selling quickly forces a discount. Interest costs erode returns faster than most watches appreciate. If you cannot buy comfortably with cash you can afford to lock up for a decade, it is not the right investment for you.

Before buying any watch as an investment: Have it inspected by an independent watchmaker before purchase. An experienced workshop can spot a polished case, non-original dial, replaced hands, or movement issues that would destroy your investment case. The inspection costs very little relative to the purchase price and can save you from a very expensive mistake.

Pre-Purchase Inspection or Investment Watch Service?

Whether you’re buying a watch you want to hold for years or servicing one you already own, our workshop in Durrës can help. We check case originality, dial and hands condition, movement health, and seal integrity — an independent assessment with no sales interest. Walk in, no appointment needed. Family-owned since 2009.

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Rruga Aleksander Goga · Durrës 2001 · Albania · +355 67 636 0510

Published by Iglisi Watch · Durrës, Albania · June 2026. Price examples are indicative of general market trends as of 2026 and individual results vary. Past performance of secondary watch markets does not guarantee future returns. This article is informational and does not constitute financial advice.