The watch market showed a clear trend last week: rare and unique pieces are selling for high prices, while more common watches are selling at lower prices. A Voutilainen 28Sport in stainless steel, numbered 5 of 8, sold for $1,016,000 at Phillips New York, far exceeding its estimate of $120,000 to $240,000.
This sale is significant because it shows that some watches can sell for much more than their estimated value. According to Morgan Stanley’s Q2 2026 report, Patek Philippe leads in value retention at 15.4%, followed by Rolex at 9.8% and Audemars Piguet at 3%.
Recent Auctions
In Paris, a fresh-to-market Paul Newman Daytona sold for €448,000, about $500,700, at Sotheby’s. In Hong Kong, Christie’s Watches Online: Hong Kong Edit closed on October 7, totaling HKD 23,125,632, about $2.95 million, led by an Eska pink gold wristwatch with a cloisonné enamel dial.
Bonhams also held an auction in New York, led by an Audemars Piguet Royal Oak Mini Frosted Gold at $76,700. These auctions show that the rare and fresh pieces are in high demand, while the ordinary pieces are selling at a more modest pace.
Market Trends
The primary market also saw some activity, with Omega releasing a new steel Seamaster Diver 300M James Bond edition. However, the retail market is still soft in one key area: Swiss watch exports to the United States fell 19.4 percent to CHF 197.5 million in August 2026, even as world exports rose 9.1 percent to CHF 1,789.2 million.
This divergence between the auction market and the retail market is significant. The money at the top end of the market is not the same as the money that fills a dealer’s order book. Bezel’s data shows that Tudor took 14% of orders, finishing second by sales ahead of Omega.
As the watch market continues to evolve, it will be interesting to see how many more independent watches come out of hiding now that a rare steel piece has sold for over $1 million. The export numbers and auction results will likely shape how dealers price their watches for the holidays. Morgan Stanley’s report and the recent auction results indicate that the watch market is becoming more complex, with different segments performing differently.
