When Audemars Piguet teamed up with Swatch in May to release the Royal Pop, a €370 bioceramic pocket watch, the scene was chaotic. Riot police were deployed at Swatch stores from Paris to Mumbai as queues turned violent. Within hours, resale listings soared past €7,400. Two months later, many models were selling for less than the original retail price. The frenzy was a stark reminder of how speculative the watch market can be.
Yet beyond the headlines, hundreds of thousands of people quietly trade pre-owned luxury watches every day. The market is now a multi-billion-euro ecosystem, with platforms like Chrono24 and Bezel tracking every tick. We spoke to the CEOs of both platforms to understand what collectors are buying, why, and how to avoid costly mistakes.
Rolex remains the king, but its crown is slipping
Unsurprisingly, Rolex still dominates. On Chrono24, the world's largest pre-owned watch marketplace, Rolex accounts for about 30% of transaction volume, according to its Rolex Report 2026. On Bezel, an American platform with over $1 billion in active listings in the first half of 2026, Rolex leads in every metric: 34% of tracked interest, 28% of orders, and 35% of watches in collectors' portfolios.
“Rolex built its lead over decades,” says José Gaztelu, CEO of Chrono24. “Buyers often start with a Datejust or an Oyster Perpetual and move up from there. People discover the history, the references, the stories behind the models. It is what keeps people in the hobby.”
Quaid Walker, CEO of Bezel, echoes that sentiment: “Rolex has recognition, product depth and liquidity all at once. It reflects the depth of the secondary market around virtually every major model. It inspires confidence for new buyers and experienced collectors alike.”
But Rolex's share is actually shrinking. On Chrono24, it peaked above 44% in 2022 and has since declined. Gaztelu sees this as a “healthy normalization.” “Buyers are spreading demand across a broader set of brands and models. This shift is particularly visible among younger buyers.”
Cartier, Tudor and independents gain ground
So who is benefiting? “Cartier stands out most clearly, particularly in the €5,000 to €10,000 segment,” says Gaztelu. “Patek Philippe and Vacheron Constantin have gained ground at the high end, while Audemars Piguet remains very strong as well. Beyond the high end, Tudor, Jaeger-LeCoultre and Longines are also worth mentioning.”
Trending models reflect this diversification. “The Cartier Tank and the Tudor Black Bay represent two different sides of the shift we are seeing,” Gaztelu explains. “The Tank reflects the renewed interest in elegant, distinctive classics, while the Black Bay shows that versatile sports watches with a clear identity remain highly relevant.”
Bezel's data tells a similar story. Tudor took 14% of orders, finishing second by sales, ahead of Omega. The sharpest momentum, however, is with independents like F.P. Journe, which has been trading at strong levels. “A younger and well-informed base of collectors pays closer attention to the watchmakers behind the watches rather than to established brand names alone,” notes Walker.
Vintage is a trend, but not yet a buying spree
The fashion press has spent 2026 championing smaller cases and bolder dials. “Buyers are moving towards more classical proportions and more refined, dress-oriented watches,” says Gaztelu. “Women are certainly part of this development. But men are also buying smaller watches than they did ten years ago. While 40mm remains a sports-watch sweet spot for many men, there is clearly more interest in refined dress watches with smaller case sizes. The industry has also added much more variety in the 35 to 39 millimetre range, which has become a versatile unisex sweet spot.”
Yet the order books at Bezel show that vintage is far from taking over. References from the 2010s and 2020s account for roughly three-quarters of all activity. Buyers still gravitate towards 40–41mm steel watches in black, blue and silver; steel alone took 72% of orders.
“There's clearly more energy around smaller cases and more expressive dials,” says Walker, “but our buyers in the first half of 2026 were still concentrated around tried-and-true sizes and hues. Smaller watches aren't necessarily a fad. It just means a trend can be culturally important before it becomes the centre of the market. I'd call it a real design trend, but not yet a broad buying trend.”
Buy for love, not for profit
So, is a luxury watch a good investment? “There's no reliable way to predict whether a watch will appreciate in value, but you can get a pretty good sense of how resilient its value may be,” says Walker. He advises buyers to focus on what they want to wear, rather than chasing potential gains. “If you buy a watch you love, you'll never be disappointed, even if the market dips.”
Gaztelu agrees: “The best strategy is to buy what you like, from a reputable dealer, and to do your research. The market is more transparent than ever, but there are still pitfalls.”
For those looking to enter the market, the experts suggest starting with a classic like a Rolex Datejust or a Cartier Tank, and to be wary of hype-driven spikes. The Royal Pop saga is a cautionary tale: what goes up can come down just as fast.
As the pre-owned market matures, it is becoming less about speculation and more about personal taste. Whether you prefer a steel sports watch or a dress piece with a smaller case, the key is to buy what you'll actually wear. After all, the second time around is about finding a watch that fits your life, not just your portfolio.
