Watches as an Investment in 2026: Is It Worth It and What Matters
For many collectors, luxury watches are more than just a timepiece. Some models have multiplied in value over decades, while others lose as much value after purchase as a new car. This article explains whether watches are worth it as an investment in 2026, which criteria determine value, and which risks you should know about.
In short: watches can be a good investment, but only a small part of the market actually increases in value. These are mainly steel sports models from Rolex, Patek Philippe and Audemars Piguet, as well as discontinued or limited references. Brand, reference, condition, scope of delivery and purchase price are decisive. The correction after the peak in spring 2022 showed that even sought-after watches can fall significantly in price. So buy a watch primarily because you want to wear it.
Are watches suitable as an investment?
A watch is a tangible asset that, unlike stocks or bonds, pays no interest or dividends. A profit only arises if the watch is worth more later than at purchase. For most watches, this is not the case. For some models, however, demand has exceeded supply so clearly for years that they trade for more on the secondary market than at the authorized dealer. One example is the Rolex Daytona 126500LN: its list price from January 2026 is 16,200 euros, while it trades for almost double that.
At the same time, the watch market is no safe haven. Between 2018 and spring 2022, prices rose sharply, followed by a correction until 2024, during which many sought-after models lost a third or more of their value. Since 2025 the market has been recovering again: according to WatchCharts, more than 70 percent of tracked brands developed positively in the first quarter of 2026. A watch is therefore better suited as a long-term addition for people who enjoy watches anyway. As a short-term investment, it is hardly suitable.
What speaks for and against watches as an investment
| For | Against |
|---|---|
| A tangible asset you can wear and enjoy | No ongoing income such as interest or dividends |
| Sought-after models trade above list price | Most watches lose value after purchase |
| Global, liquid market for well-known brands | Prices can fluctuate strongly, as in 2022 to 2024 |
| Profits after more than one year are usually tax-free | Costs for servicing, insurance and secure storage |
| Scarcity with discontinued and limited models | Counterfeits and unclear provenance on the private market |
What matters for a watch as an investment
Brand
Brand is the most important factor. The most value-stable are Rolex, Patek Philippe and Audemars Piguet. Brands like Vacheron Constantin and A. Lange & Söhne hold their value well, but are rarely traded far above list. For brands like Omega, TAG Heuer or IWC, secondary market prices are usually below the new price. Which models specifically hold their value is shown in our article Watches Without Loss of Value.
Reference and status
Within a brand, the reference is decisive. Iconic sports models such as the Submariner, GMT-Master II, Nautilus or Royal Oak are permanently in demand. Models that the manufacturer discontinues often rise particularly sharply: in 2026, Rolex removed the GMT-Master II Pepsi from the catalog; before that, it was Patek Philippe's Nautilus 5711/1A, whose market price temporarily rose to over 200,000 euros after discontinuation.
Material
Gold and platinum are more expensive but do not automatically increase in value more strongly. For sports watches, steel is often the most sought-after material, because these models are more affordable at list price and sought by more buyers.
Production run and availability
Limited editions and models with small production runs have more potential than watches available in large quantities. A good indicator is the situation at the authorized dealer: if a model is only available there with a long waiting time, the secondary market price is usually above that.
Condition
An unpolished case with sharp edges, a flawless dial and a well-maintained movement achieve the highest prices. Scratches, dents or improper servicing, on the other hand, can significantly reduce the value.
Scope of delivery and provenance
Box, warranty card or certificate and a proof of purchase are decisive on resale. Watches without papers often achieve significantly less. Equally important is traceable provenance, since counterfeits and watches of unclear origin are a real risk on the private market.
Purchase price
The entry price also determines the later return. Anyone who bought at the peak price in 2022 is, for many models, still below their purchase price today. So compare offers and keep an eye on price development.
New or used watches as an investment
A watch does not have to be new to be a good investment. Used watches in very good condition have often already gone through their first loss of value and can therefore be the better choice, especially for brands traded below list on the secondary market. It is important that the watch has been inspected by professionals. At HORANDO, used watches are inspected by our partner watchmakers and sold with one year of warranty; you can find them under Certified Pre-Owned. New watches come directly from the brands or their authorized dealers and are delivered with manufacturer warranty.
Storage, insurance and servicing
A watch as an investment incurs ongoing costs. Store it securely, for example in a safe or bank safe deposit box. Also check whether your home contents insurance covers the value. Mechanical watches need servicing every few years, which, depending on the brand and movement, costs several hundred to a few thousand euros. Keep all receipts, as a documented service history increases resale value.
Taxes on sale
In Germany, selling a privately owned watch within one year of purchase counts as a private disposal transaction. The profit is taxable if it exceeds the tax-free allowance of 1,000 euros per year. After a holding period of more than one year, the profit is usually tax-free. Import VAT and, where applicable, customs duties apply when buying abroad. For more on this topic, read our article Watches as an Investment. In individual cases, tax advice can help.
Conclusion
Watches can hold their value and, in individual cases, increase it significantly, but they are not a safe financial investment. Best suited are sought-after steel sports models from Rolex, Patek Philippe and Audemars Piguet, bought at a fair price, in good condition and with complete scope of delivery. Anyone who buys this way and holds the watch long term has a good chance of losing no value or only a little. In the meantime, they wear a watch that brings joy. If you are looking for a specific model, our Concierge Service can help.
Frequently asked questions
Are watches a good investment?
Some watches have proven to be a very good investment, but most lose value after purchase. Mainly suitable are sought-after steel sports models from Rolex, Patek Philippe and Audemars Piguet. There is no guarantee of value appreciation.
Which watches increase in value?
Mainly models with demand exceeding supply, such as the Rolex Daytona, Submariner and GMT-Master II, the Patek Philippe Nautilus and Aquanaut, as well as the Audemars Piguet Royal Oak. Discontinued and limited references are added to this.
How long should you hold a watch as an investment?
Watches are better suited to a long investment horizon of several years. In the short term, prices can fluctuate strongly; furthermore, a profit in Germany is usually tax-free after a holding period of more than one year.
Are used watches suitable as an investment?
Yes, if condition and provenance are right. Used watches have often already gone through their first loss of value. Look for a professional inspection, papers and traceable provenance.
Do I have to pay tax on the profit from selling a watch?
For a sale within one year of purchase, the profit is taxable if it exceeds the tax-free allowance of 1,000 euros per year. After more than one year, it is usually tax-free.
Are gold watches a better investment than steel watches?
Not necessarily. Gold has a material value, but for sports watches the steel models are often more sought after and trade higher above list.
Further reading: Watches Without Loss of Value · Rolex as an Investment · Nautilus Price Development · Watches as an Investment
Sources: Rolex list prices Germany January 2026 according to WatchTime · WatchCharts Market Update May 2026 · HORANDO inventory and pricing data, October 2026.
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