Mark Xu is the Head of Growth & Marketing at WatchCharts.com, which has kindly allowed us to share their monthly Market Updates.

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What happened in September 2025?

The WatchCharts Overall Market Index gained +0.6% in September 2025, continuing its gradual recovery trend. Patek Philippe led the way with a +2.3% increase, while Rolex edged up +0.2%. Over the past six months, Patek Philippe and Rolex have risen +5.7% and +2.0%, respectively.

In contrast, Audemars Piguet prices softened again, falling -0.2% in September and -1.0% over the past six months.

Performance by Brand in September 2025

Prices went up for several brands in September, with Patek Philippe as the clear standout. However, prices for most brands continue to decline.

Some of the best and worst performing collections of September from major brands are listed below.

Another Round of Retail Price Increases for Many Brands

Patek Philippe’s Higher Prices – on both Primary and Secondary Markets

Patek Philippe remains a pillar of stability in the secondary market. Prices have risen +5.7% over the past six months, led by its Aquanaut (+6.8%) and Nautilus (+4.3%) collections. Meanwhile, Patek Philippe’s dress watch lines continue to lag, with the Calatrava (-3.1%), Complications (-1.8%), and Grand Complications (-1.8%) all trending lower over the past six months.

Despite the significant gains on the secondary market, retail prices went up even more drastically: Patek Philippe hiked up its US prices by an average of +14.9% on September 15. This follows a +6.9% price increase in May 2025. The same stark disparity between dress watches and sports watches can be reflected in how well they hold their value: all Patek sports models trade above retail, while all dress models trade below.

On average, the Aquanaut and the Cubitus collections still command a +55% premium, while the premium for the Nautilus is +39%. On the other hand, the Calatrava and the Complications collections both trade at discounts of more than -40%.

Cartier and Omega Increase Retail Prices by +8%

In the US, Cartier increased retail prices of its watches by an average of +8.1% on September 25, while Omega among other Swatch Group brands raised their prices by an average of +7.9% on October 1. This more than offsets the modest secondary gains the two brands posted in September: Cartier is up +0.7% while Omega is up +0.2%. Among Omega’s lineup, only the Speedmaster Silver Snoopy reference 310.32.42.50.02.001 trades above retail. The Speedmaster “sapphire sandwich” reference 310.30.42.50.01.002 now retails for $9,000, against a market value of around $6,100.

Cartier continues to lead in value retention among brands outside of the Big Three (Patek Philippe, Rolex, and Audemars Piguet). Even so, the average in-production Cartier trades at more than -30% below retail. The recent secondary market growth is led by the Santos collection, which appreciated by +1.2% in September.

Tudor Raised Prices, but Not Rolex (Yet)

Both Rolex and Tudor already raised prices twice this year before the 39% tariffs went into effect on August 7th. On October 1, Tudor further hiked up prices by an average of +4.0%. However, as of October 9, Rolex has not yet raised prices since the higher tariffs were implemented.

So far, many brands – including Patek Philippe, Omega, and Cartier – have reacted to tariffs with significant price increases. Others, notably Rolex, Audemars Piguet, and Richemont-owned houses like Vacheron Constantin, are still waiting. For as long as the higher tariff rate is in effect, further retail price increases from the holdout brands seem imminent.

In anticipation, some collectors are moving quickly to buy before retail prices – and consequently, secondary prices – rise further. However, it remains uncertain whether this demand will be sustainable in the longer term.

WatchCharts on Youtube

We made a video discussing what Patek Philippe’s 15% price hike means for watch collectors. Please go check it out if you would like a deeper dive into the situation.

* Mark Xu is the Head of Growth & Marketing at WatchCharts.com. You can check out previous Market Updates at https://watchcharts.com/articles/category/dispatch and there are more market insights and analysis on their YouTube channel at www.youtube.com/watchcharts

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