TL;DR: The pre-owned luxury watch market grew to £18.5 billion in 2024 and is projected to reach £47.4 billion by 2034. Millennials and Gen Z now represent 60% of buyers. Rolex watches appreciated 20% annually from 2018-2023, outperforming the S&P 500. Neo-vintage pieces from the 1980s-2000s experienced 123% sales growth since 2023.

Core Insights:

• Pre-owned luxury watches grow 9.9% annually, outpacing traditional luxury sectors

• Gen Z buyers spend £8,095 per watch on average, nearly double millennial spending

• Patek Philippe investments returned 207% ROI from 2017-2022

• Digital platforms connect 9 million monthly buyers globally with authenticated inventory

• Sports models with production constraints show strongest appreciation patterns

We've spent years tracking the luxury watch market. What started as a niche collectibles corner has transformed into a £18.5 billion industry in 2024, expected to reach £47.4 billion by 2034.

The pre-owned luxury watch market grows at 9.9% annually. This outpaces most traditional luxury sectors. We're seeing shifts in who buys these timepieces, why they buy them, and how they think about value.

Who Buys Pre-Owned Luxury Watches Today?

Walk into a high-end watch boutique today. You'll notice the average buyer looks younger. Much younger.

Millennials and Gen Z now account for more than 45% of new luxury watch purchases. This is a demographic shift in an industry that traditionally catered to collectors in their 40s and 50s.

Gen Z buyers acquired luxury watches at a 41% rate in the past year alone. Their average spend sits at £8,095 per watch. That's nearly double what millennials spend.

54% of Gen Z respondents increased their spending on luxury watches since 2021. These aren't casual purchases. These buyers research extensively, understand value retention, and view watches as investment vehicles.

Why Younger Buyers Choose Pre-Owned Watches

The shift to pre-owned makes practical sense because younger buyers value sustainability and uniqueness. They're digitally empowered and comfortable making significant purchases online.

Millennials and Gen Z account for nearly 60% of pre-owned watch buyers globally.

They're more pragmatic about value too. A brand-new Rolex Submariner costs £7,445 at retail. The same model pre-owned and in excellent condition saves thousands while offering identical functionality.

At The Diamond Box, we specialize in pre-owned Rolex, Audemars Piguet, and Patek Philippe timepieces that offer this value proposition.

What this means: Younger demographics drive 60% of pre-owned watch sales because they prioritize value retention and sustainability over new retail purchases.

How Do Pre-Owned Luxury Watches Perform as Investments?

From 2018 to 2023, sought-after Rolex watches surged by an average of 20% annually. This performance outpaced the S&P 500 index during the same period.

Certain Rolex sports models appreciated 15-20% annually over the past five years. These are consistent patterns across specific reference numbers and conditions.

Patek Philippe Investment Returns

From 2017 to 2022, investing in a Patek Philippe watch netted a 207% ROI. The brand produces around 60,000 watches yearly, far fewer than other luxury manufacturers.

Low supply combined with growing global demand creates ideal conditions for value appreciation. Patek Philippe watches either hold their value or appreciate over time. They maintain one of the highest resell values among luxury watch brands, second only to Rolex in certain segments.

What Makes a Luxury Watch Appreciate in Value?

Not every luxury watch appreciates. We've analyzed thousands of transactions and identified clear patterns.

Sports models with production constraints perform best. Limited editions with historical significance hold value. Watches with provenance or unique characteristics command premiums.

Three factors drive investment appeal:

1. Scarcity

Brands like Patek Philippe and Audemars Piguet produce limited quantities. You cannot simply order the watch you want. Waiting lists stretch years for popular models.

This is where our watch sourcing service becomes invaluable. We leverage our extensive network to locate specific models that aren't readily available.

2. Durability

Mechanical watches last generations with proper maintenance. They don't become obsolete like technology products. A 1970s Rolex Daytona functions as well today as five decades ago.

3. Cultural Cachet

Luxury watches signal taste, success, and knowledge. This social currency maintains value across economic cycles.

Bottom line: Sports models from Rolex, Patek Philippe, and Audemars Piguet with limited production show the strongest appreciation patterns because scarcity meets sustained demand.

How Digital Platforms Changed Pre-Owned Watch Buying

The pre-owned watch market existed for decades before the internet. Buyers relied on local dealers, auction houses, or personal connections. Information was scarce. Pricing was opaque. Authentication was challenging.

Digital platforms changed this.

Over 9 million watch enthusiasts search for their next watch on Chrono24 every month. That's 9 million people browsing, comparing, and researching across borders and time zones.

Online marketplaces made it easier for buyers and sellers to connect globally. You browse thousands of pre-owned luxury watches from your phone. You compare prices across continents. You verify authenticity through detailed photographs and documentation.

How Authentication Systems Build Buyer Confidence

Digital growth required solving the trust problem. Buyers need confidence they're purchasing authentic timepieces. Sellers need protection against fraud.

Sophisticated verification processes now include:

• High-resolution photography that captures every detail

• Serial numbers cross-referenced against manufacturer databases

• Expert watchmakers who inspect movements and components

• Third-party escrow services that protect both parties

Buyers receive watches exactly as described or get refunds. Sellers receive payment only after buyers confirm satisfaction.

This infrastructure didn't exist 15 years ago. Its development enabled market growth.

Key insight: Digital authentication systems and escrow services removed the barriers that previously limited pre-owned watch transactions to local dealers and auction houses.

What Are Neo-Vintage Watches and Why Are They Growing?

Neo-vintage watches experienced 123% sales growth since 2023. They're now the fastest-growing segment in the secondary market, outpacing modern models.

Neo-vintage refers to watches from the 1980s through early 2000s.

These timepieces offer a sweet spot for collectors. They're old enough to have character and history. They're new enough to be wearable daily without constant maintenance concerns.

Why Collectors Choose Neo-Vintage

Neo-vintage watches cost less than modern equivalents while offering similar quality. They're increasingly rare as collectors remove them from circulation. They represent specific design eras that resonate with younger buyers.

Price comparison example:

• 1990s Rolex Explorer pre-owned: £4,467

• Current Rolex Explorer retail: £5,956

• Savings: £1,489 while gaining character and appreciation potential

Our collection at The Diamond Box features vintage, neo-vintage, and modern boxed-and-papered watches across these segments.

Trend summary: Neo-vintage watches from the 1980s-2000s offer lower entry prices, authentic character, and strong appreciation potential, explaining their 123% sales growth.

What Buyers Need to Know Before Purchasing

Pre-owned luxury watches offer entry points into brands that seem inaccessible at retail. You purchase a Patek Philippe Calatrava from the 1990s for less than a new entry-level model. You get the same brand prestige, similar quality, and better value retention.

Knowledge determines success in this market.

Essential knowledge areas:

Understanding reference numbers and their significance

• Knowing which models appreciate

• Recognizing condition issues

• Working with reputable dealers who provide authentication, service history, and guarantees

20% of individuals aged 18 to 24 expressed interest in purchasing a luxury watch within the next year. That's almost twice the rate of the average person surveyed. This demographic shift will continue driving market growth.

Buyer essentials: Reference knowledge, dealer reputation, and understanding appreciation patterns determine success in pre-owned luxury watch investments.

What Services Add Value to Pre-Owned Watch Purchases?

Smart buyers look beyond the purchase price. Whether you're buying, selling, or part-exchanging, working with specialists who understand the pre-owned market makes a difference.

Watch Sourcing

The pre-owned market is fragmented. A dealer with extensive networks locates watches that don't appear on public marketplaces.

Through our dedicated sourcing service, we track down rare references and specific configurations for collectors seeking particular timepieces.

Professional Service and Refurbishment

A full service from a qualified watchmaker costs £372-£1,117 depending on the model. This service protects a £7,445+ investment and maintains value.

Part-Exchange Options

You trade your current watch toward your next purchase. This approach lets you move up through different models as your taste evolves or your collection grows.

We offer part-exchange opportunities that allow collectors to transition seamlessly between pieces, whether upgrading from a Rolex to a Patek Philippe or exploring different references within the same brand.

Value-add summary: Sourcing services, professional maintenance, and part-exchange options maximize your investment while providing access to rare models.

What Will the Pre-Owned Watch Market Look Like in 2034?

The market will reach £47.4 billion by 2034. This growth comes from three drivers:

• Expanding buyer demographics (more millennials and Gen Z)

• Increased digital adoption

• Growing recognition of watches as alternative investments

Younger buyers will continue driving demand. Their comfort with pre-owned purchases, digital transactions, and sustainability aligns with this market's strengths.

Authentication technology will improve. Blockchain verification, advanced imaging, and automated authentication will make fraud harder and buyer confidence higher.

The investment narrative will strengthen. As more data accumulates about value retention and appreciation, luxury watches will gain credibility as portfolio diversification tools.

Which Brands Will Lead the Market?

Rolex: Will remain dominant because production constraints, brand recognition, and consistent value retention make them the blue-chip option.

Patek Philippe: Will continue commanding premium appreciation because limited production and collector appeal create sustained demand pressure.

Audemars Piguet: Will grow among younger buyers because the Royal Oak's design resonates with this demographic and limited availability drives prices higher.

Independent Brands: Makers like F.P. Journe and Philippe Dufour produce exceptional watches in tiny quantities. As collectors mature, they discover these brands and drive values up.

Market outlook: Rolex, Patek Philippe, and Audemars Piguet will dominate through 2034 due to production constraints and brand prestige, while independent makers gain ground with sophisticated collectors.

Key Takeaways

• The pre-owned luxury watch market grows at 9.9% annually and will reach £47.4 billion by 2034

• Millennials and Gen Z represent 60% of pre-owned buyers, spending an average of £8,095 per watch

• Rolex watches appreciated 20% annually from 2018-2023, outperforming the S&P 500

• Patek Philippe investments returned 207% ROI from 2017-2022

• Neo-vintage watches (1980s-2000s) experienced 123% sales growth since 2023

• Sports models with production constraints from Rolex, Patek Philippe, and Audemars Piguet show strongest appreciation

• Digital platforms connect 9 million monthly buyers with authenticated inventory globally

The pre-owned luxury watch market transformed from a niche collector's domain into a sophisticated investment market. Younger buyers recognize value. Digital platforms provide access. Investment returns compete with traditional assets.

We're not seeing a bubble. We're seeing market maturation.

The fundamentals are sound. Production remains constrained. Demand grows globally. Quality endures across generations.

For buyers who do their research, work with reputable dealers, and focus on established brands with proven value retention, the pre-owned luxury watch market offers a combination of personal enjoyment and financial prudence.

At The Diamond Box, we've built our reputation on providing authenticated pre-owned luxury watches from Rolex, Audemars Piguet, and Patek Philippe, along with expert guidance to help collectors make informed decisions.

Frequently Asked Questions

Are pre-owned luxury watches a good investment?

Yes, certain pre-owned luxury watches perform well as investments. Rolex watches appreciated 20% annually from 2018-2023, outperforming the S&P 500. Patek Philippe investments returned 207% ROI from 2017-2022. Sports models with production constraints from brands like Rolex, Patek Philippe, and Audemars Piguet show the strongest appreciation patterns.

How much does a pre-owned luxury watch cost?

Pre-owned luxury watch prices vary widely. A 1990s Rolex Explorer costs around £4,467 pre-owned compared to £5,956 for the current retail model. Gen Z buyers spend an average of £8,095 per watch. Entry-level pre-owned pieces from prestigious brands start lower, while rare references command premiums.

What is a neo-vintage watch?

Neo-vintage refers to watches from the 1980s through early 2000s. These timepieces offer character and history while remaining wearable daily without constant maintenance concerns. Neo-vintage watches experienced 123% sales growth since 2023, making them the fastest-growing segment in the secondary market.

How do I authenticate a pre-owned luxury watch?

Authentication involves multiple verification steps. High-resolution photography captures every detail. Serial numbers get cross-referenced against manufacturer databases. Expert watchmakers inspect movements and components. Reputable dealers provide authentication certificates, service history, and guarantees. Third-party escrow services protect buyers.

Which luxury watch brands hold their value best?

Rolex and Patek Philippe maintain the highest resell values. Rolex sports models appreciated 15-20% annually over the past five years. Patek Philippe watches either hold their value or appreciate over time due to limited production (around 60,000 watches yearly). Audemars Piguet also shows strong value retention, especially the Royal Oak.

Why are younger buyers choosing pre-owned watches?

Millennials and Gen Z account for 60% of pre-owned watch buyers because they value sustainability, uniqueness, and pragmatic pricing. They're digitally empowered and comfortable making significant purchases online. A pre-owned Rolex Submariner saves thousands compared to retail while offering identical functionality. 54% of Gen Z increased spending on luxury watches since 2021.

What should I look for when buying a pre-owned luxury watch?

Focus on four areas: understanding reference numbers and their significance, knowing which models appreciate, recognizing condition issues, and working with reputable dealers who provide authentication, service history, and guarantees. Sports models with production constraints perform best. Limited editions with historical significance hold value.

How much does watch servicing cost?

A full service from a qualified watchmaker costs £372-£1,117 depending on the model. This service protects your investment and maintains value. Mechanical watches last generations with proper maintenance. A 1970s Rolex Daytona functions as well today as five decades ago with appropriate servicing.