Watches
Watches as Investments: Which References Hold Value in 2026
Reviewed by Thomas & Øyvind — NorwegianSpark | Last updated: March 2026
What Actually Holds Value
The uncomfortable truth about watches as investments is that only a narrow slice of the luxury watch market actually holds its value. The brands that consistently perform are Rolex, Patek Philippe, and Audemars Piguet, often referred to as the Big Three. Within even these brands, it is specific references in specific configurations that demonstrate the strongest value retention. A stainless-steel Rolex Submariner or Daytona will hold value far better than a gold Rolex Day-Date, despite the latter containing more intrinsically valuable materials.
The pattern is remarkably consistent: stainless-steel sports watches with clean dial configurations from brands with limited production and massive global demand outperform everything else. The Rolex Submariner, Daytona, GMT-Master II, and Explorer are all strong performers. Patek Philippe's Nautilus and Aquanaut have shown extraordinary appreciation. Audemars Piguet's Royal Oak and Royal Oak Offshore maintain strong secondary-market values. Beyond the Big Three, Tudor's Black Bay range and Omega's Speedmaster Professional have demonstrated respectable value retention.
What does not hold value, for the most part, includes dress watches, precious-metal cases, limited editions from brands without strong secondary-market demand, complicated watches from mid-tier brands, and anything from brands that produce in high volume. A beautiful Jaeger-LeCoultre Reverso or A. Lange & Sohne Datograph may be horologically superior to a steel Rolex, but the Rolex will almost certainly outperform them in value retention because the secondary market cares about demand, not mechanical sophistication.
The Specific References Worth Considering
If you are buying with value retention in mind, here are the specific references that have the strongest track records. The Rolex Submariner 124060, 126610LN, and 126610LV are the most liquid luxury watches on earth. The Rolex Daytona 126500LN in stainless steel commands the highest premium above retail of any current production watch. The Rolex GMT-Master II 126710BLNR with the Batman or Batgirl bezel insert is another perennial strong performer.
In the Patek Philippe range, the Nautilus 5711 was discontinued in 2021 but remains the most sought-after luxury sports watch in the world, with prices that have stabilised at roughly three to four times the original retail price. The current Nautilus 5811 is equally desirable. The Aquanaut 5167A offers a more accessible entry to the Patek sports watch market. The Calatrava range, while beautiful, does not perform as well as the sports models.
Audemars Piguet's Royal Oak 15500ST and the newer 16202ST carry the Gerald Genta design legacy forward with updated movements and refined proportions. The Royal Oak is remarkably consistent in its value retention, rarely dropping below retail price for current references in good condition. Omega's Speedmaster Professional Moonwatch, particularly the current Calibre 3861 version with the Hesalite crystal, holds value well thanks to its lunar heritage and continuous production since 1957.
The Honest Caveat
We would be doing you a disservice if we did not address the risks clearly. The watch market experienced a genuine speculative bubble in 2021 and 2022, fuelled by pandemic stimulus payments, social media hype, and speculators who treated watches like cryptocurrency. Prices for popular Rolex and Patek Philippe models reached absurd levels, with some references trading at three to five times their retail prices. The subsequent correction saw values drop by twenty to thirty-five percent from peak levels, causing significant losses for anyone who bought at the top.
The lesson is that watches are not stocks or real estate. They are luxury consumer goods that happen to have unusual value-retention characteristics in specific cases. Buying a watch purely as an investment, without genuine affection for the piece, is a recipe for disappointment. Transaction costs are high, including dealer margins, shipping, insurance, and servicing. Liquidity can evaporate quickly in a downturn. And the emotional toll of watching a watch you overpaid for decline in value is real.
Our recommendation is to buy watches you love, from brands with proven value retention, at prices you can afford, and consider any appreciation as a welcome bonus rather than the primary motivation. If you want to invest, invest in index funds and real estate. If you want a beautiful watch that will likely hold much of its value over time, the references listed in this article are excellent choices. Just buy them for the right reasons, and you will never be disappointed regardless of what the market does.
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Frequently Asked Questions
Are watches a good investment in 2026?
Certain watches from specific brands and in specific references have demonstrated strong long-term value retention and even appreciation. However, the majority of luxury watches depreciate after purchase, and the watch market is subject to speculative cycles as demonstrated by the 2021-2022 bubble. Watches should be viewed as a potential store of value rather than a primary investment, and you should only buy watches you genuinely want to wear.
Which watch brands hold their value best?
Rolex, Patek Philippe, and Audemars Piguet are the three brands with the strongest and most consistent value retention. Rolex benefits from massive global demand and limited production. Patek Philippe's reputation for ultimate quality and exclusivity supports prices at the high end. Audemars Piguet's Royal Oak is one of the most desired watches in the world. Beyond the Big Three, Tudor and certain Omega references also hold value well.
What happened to watch prices after the 2022 bubble?
Watch prices peaked in early 2022 driven by speculative buying, stimulus money, and pandemic-era collecting enthusiasm. From the peak, prices corrected by approximately 20 to 35 percent across most brands and models. By 2026, prices have stabilised at levels that remain significantly above pre-pandemic norms, suggesting a new equilibrium rather than a return to previous baselines. The correction was healthy, removing speculative froth while preserving the fundamental value proposition of the strongest brands.