Keeping up-to-date with luxury watches in 2024 has been a full-time job. We should know. It’s what we do, day in, day out.
From releases that had us nodding our heads, to curveballs thrown our way, we’ve tried our best to keep you in the loop this year. Rolex released its controversial Deepsea in yellow gold, Audemars Piguet rolled out three new Royal Oak Double Balance Wheel Openworked models, and there were some overall shifting preferences in the watch world. For those who never want to miss a trick, our blog and Instagram page have been ones to watch.
As another hectic year draws to a close faster than feels natural, flip through this high-level summary of luxury watches in 2024.
An overview of the luxury watch market
Let’s talk figures and market performance in 2024.
COVID-19 set off a widespread freak-out in the watch industry. Like most markets, our space experienced a drastic downturn and many worried it would never recover. But we’re glad we never lost our faith, because we’ve seen signs of stabilisation - and even growth - over the last few years. In particular, the secondary market is booming.
According to a survey by Deloitte, the second-hand market grew by 39% in 2023 and showed no signs of slowing down this year. The King, of course, stays on top. Sales of pre-owned Rolex models doubled in Q4 compared to 2023, according to Watches of Switzerland.
What were the biggest watch trends of 2024?
This year, we saw old styles develop and new trends surface. Preferences for particular aesthetics became evident, but the market proved that looks aren’t everything.
01
Vintage watches
Classic models continued to grow in popularity across 2024.
Vintage Rolex watches like the 6263 Daytona over the perpetual 1002 lead the way in old-school timepieces that still hold up to modern beauty standards.
Something tells us this trend is rooted in financial motivations as well as an appreciation for the nostalgic. Vintage pieces tend to have smaller price tags, making them a good choice for first-time luxury watch buyers.
02
Sustainability
Sustainability impacts buying decisions more than ever.
Consumers no longer just buy a timepiece. They also buy the ethos and story behind it. So, a commitment to sustainability does a brand’s image a lot of good (as long as the brand walks the walk). And some brands are doing exactly that.
Breitling is focusing on end-to-end traceability and pushing to use only lab-grown diamonds by the end of 2025, and Omega is using recycled stainless steel and ethically sourced gold.
At Watches and Wonders 2024, Oris announced a luxury diver’s watch made from upcycled fishing nets recovered from the ocean. That’s a beautiful example of creative sustainability, a movement towards more innovative materials, and a reason to get Oris on your radar – if it wasn’t there already.
03
Downsizing
Patek disregarded the downsizing trend when releasing the new Cubitus, but smaller watches in general have taken over in 2024.
Both men and women are turning to slimmer, smaller, daintier timepieces, with the Audemars Piguet Mini Royal Oak and the Cartier Mini Tank stealing the show.
04
More transparency through technology
The time-telling market may be old, but it’s being revolutionised by modern technology.
Blockchain, for example, is improving transparency and authentication processes to increase trust among buyers and investors. Brands like Breitling and Vacheron Constantin are leading the tech wave. They’ve integrated blockchain technology to confirm the origins of every watch and fight the counterfeit market.
What were the most expensive watches of 2024?
Looking at the most expensive watches of 2024 is a somewhat heavy-handed way to evaluate the market. However, we get asked this sort of question a lot, so let’s look at the “flashiest” timepieces of the year.
-
The Ruby Billionaire III by Jacob & Co. (around £3.9 million)
This diamond watch is available in three bold executions: Emerald, ruby, and rainbow gem. It’s made of 18-carat white gold and set with 714 natural gemstones that total 147.65 carats. Usher wore the ruby-clad version to the Met Gala this year.
-
Jaeger-LeCoultre Reverso Hybris Mechanical Quadriptyque (around £1.25 million)
This is the only four-sided watch in existence, an intricate feature made possible by the calibre 185. With a total of 11 complications, it’s also one of the most complicated timepieces Jaeger-LeCoultre has ever created. It was launched in 2021 but the brand only made 10 pieces, making this one extremely limited.
-
Audemars Piguet Royal Oak Selfwinding 41mm Full Gemset (around £1.1 million)
What is undoubtedly one of AP’s most glamorous camo designs, this Royal Oak model is fully paved in gems. It’s adorned with 861 baguette-cut gemstones – but who’s counting? This one’s available in two camouflage-inspired versions: One consists of blue sapphire and Swiss blue topaz, while the other is made using black sapphire, tsavorites and smoky quartz.
-
Patek Philippe Grandmaster Chime Ref. 6300A-010
The most expensive watch in the world right now is the Patek Philippe Grandmaster Chime Ref. 6300A-010 (2019). It’s a one-off piece auctioned at the Only Watch 2019 charity event, selling for 31 million Swiss Francs (around £27 million).
Notable auction sales of 2024
The watches that went under the hammer and made history. Let’s take a look at a snapshot of some auction highlights of 2024.
The Geneva Watch Auctions in May caught the industry’s attention more than once. Namely, we saw Only Watch auction off 47 one-of-a-kind pieces. Show stealers included the Patek Philippe ref. 6310A featuring a grande and petite sonnerie with minute repeater, and a beautiful guilloche enamel dial with a swirling pattern. An honourable mention also goes to the F.P. Journe Chronomètre Furtif Bleu, which challenges expectations by making the time and moon phase legible for only the wearer.
At the Phillips Hong Kong Watch Auction: XIX in November 2024, some amazing vintage pieces found new homes. A Rolex Cosmograph Daytona ‘Red Khanjar’ (circa 1974) sold for around £500,000. The new owner is probably still riding that high; only four examples of this watch (ref. 6265 in yellow gold with red Khanjar) are known to exist.
A Patek Philippe ref. 2552 known as “Disco Volante”, a highly-rare yellow gold wristwatch retailed by Tiffany & Co., also sold for around £45,000.
We wanted to keep this brief so we’ve included just a couple of highlights. But 99% of lots were sold at the Phillips auction, leading to a grand total of around £20 million. A huge year, and a nod to an active secondary market.
Will Rolex release new watches in 2025?
As 2024 draws to a close, anticipation for what’s to come next year is high.
We don’t know what Rolex has up its sleeve, but we know we can count on the brand to deliver. And, like the rest of the industry, we’ll be watching its every move. For now, all we can do is speculate. We’re expecting to see some iterations on existing lines like the GMT-Master II, Daytona and Day-Date. There are also some rumours to say the GMT Pepsi will be discontinued and a new ‘Coke’ model could take its place. Rolex hasn’t confirmed this, though, and we could see both models existing side-by-side.
Official details about models and release dates are yet to come. Watch this space.
What is the future of the luxury watch market?
There’s a question mark we can’t ignore above the luxury goods market. Growth slowed down this year and prices people pay for quality goods and services are reportedly on a slight decline.
However, we think the secondary market coupled with a younger generation of buyers is the formula for more success in the future of luxury watches.
By 2021, the sales of second-hand watches hit USD 22 billion, making up a third of the luxury watch market. A big chunk of that growth is driven by a new Gen Z audience, who is now spending more on luxury timepieces than any other demographic, according to research by Watchfinder & Co. The research also found that an estimated 54% of Gen Z consumers already own a luxury timepiece, largely because they view them as a “smart investment”.
With luxury watches performing better than traditional investment categories, we feel our sector is set to stay strong. The younger generation of tech-savvy, brand-aware consumers are breaking into the market and focusing on growing second-hand collections. They have an appreciation for blockchain and the transparency and confidence that comes with these technologies.
With this in mind, we’re expecting the secondary market to continue to soar, especially for high-prestige, desirable brands like Rolex, Omega, Cartier and Patek Philippe.
Start 2025 with an incredible new timepiece
Trilogy is Hatton Garden’s home to stunning new and pre-owned timepieces. We’re known in the industry for our ability to source most watches within 24 hours – including ultra-rare pieces.
Browse our collection or call 0203 929 8227 to discuss finding your next watch.
TRILOGY ON YOUTUBE
Follow Trilogy on YouTube for regular updates and reviews of luxury watches and jewellery.