From Speculators to Collectors: How the Pre-Owned Luxury Watch Market Has Shifted

The Speculation Boom and Bust

Between 2020 and 2022, the luxury watch market was on an unprecedented high. A combination of restricted supply during the pandemic and government fiscal stimuli - such as furlough schemes and bounce-back loans - created an influx of disposable income. Buyers, many of them new to the world of luxury watches, flocked to secure scarce models like the Rolex Daytona or Patek Philippe Nautilus. This sudden surge in demand caused prices to skyrocket, creating a perfect environment for speculative trading.

However, this rapid ascent was unsustainable. As global economies stabilised, speculative investments faltered. Many who bought watches at the market's peak suffered significant losses when prices adjusted downward. Events like the geopolitical unrest in Russia added to the cooling of speculative enthusiasm. What had been a market of inflated values and opportunistic buying began to settle into a more balanced state.

A Return to Stability

The post-boom correction has stabilised the market, creating a new era where collectors, rather than speculators, take centre stage. Lower, steadier pricing has reignited interest among genuine enthusiasts who prioritise the artistry, technical mastery, and emotional resonance of these timepieces. At Onaro, we’ve witnessed this shift within our own client base, where buyers are increasingly focused on the intrinsic value of watches rather than their potential for short-term gains.

Lessons Learned

The market's evolution highlights the importance of thoughtful purchasing. Watches are no longer viewed predominantly as volatile investment assets but as lasting expressions of style, personal achievement, and passion for design. This shift has not only made the market more grounded but has also instilled greater confidence among buyers, who now feel more secure in acquiring pieces without fear of sudden devaluation.

A New Era

At Onaro, we’re proud to support this revitalised community of collectors and enthusiasts. For those looking to start or expand their collection, now is an exciting time to invest in watches for what they truly represent: timeless elegance, unmatched craftsmanship, and a deep connection to heritage. Whether you’re seeking a contemporary statement piece or a classic heirloom, we’re here to guide you every step of the way.