Vintage Watch Values Are Soaring, Yes, But You Should Still Buy New
Pre-owned timepieces are skyrocketing in value as never before. So why should you consider investing in a new watch with no history?
On the left, vintage watches worth a pretty penny. On the right, new watches that may be worth a lot more someday, but are a lot less likely to break down. (Clockwise from top-left: Omega Speedmaster Ref. 105.003 "Ed White"; Patek Philippe Ref. 1463 in stainless steel; Zenith El Primero Revival A386; Bulgari Octo Finissimo Perpetual Calendar Platinum; Frederique Constant Slimline Monolithic Manufacture; actor Paul Newman's Rolex Daytona reference 6239
Source (clockwise from top-left): Omega; Christie’s; Zenith; Bulgari; Frederique Constant; Henry Leutwyler/Contour by Getty Images
Over the past year, as many luxury sectors struggled under the weight of the pandemic, a few categories soared in interest and value, prominently including vintage watches. Sotheby’s, for example, reported in December 2020 that its global auction sales of timepieces had reached $97.5 million last year, with more than 140 online sales totaling $47.4 million—almost eight times the number of sales and five times the value achieved in 2019.
Meanwhile, exports of new Swiss watches declined by 21.8% in value, according to the Federation of the Swiss Watch Industry, due in part to months-long factory closings. A recovery for watchmakers appears to be happening, and many showed new wares this month at the Watches and Wonders trade show. But there is no doubt that the vintage market is the strongest it’s ever been.