The watch trade this week was dominated by a record-breaking auction. Phillips sold four unique, gem-set Rolex Cosmograph Daytonas for a combined $49,467,260, or £37,300,000. The sale, which benefited the Federer Foundation and Re:wild, set a new benchmark for charity watch auctions.
This result stands out in a week where the secondary market was otherwise subdued. Buyers showed a clear preference for truly unique pieces, while more common references traded at steady, unremarkable levels.
A Tale of Two Markets
This contrasts with the broader market, where Swiss watch exports to the US fell 19.4% in August 2026, reaching CHF 197.5 million. Global exports, however, rose 9.1% to CHF 1,789.2 million during the same period. This disparity highlights the shifting trends between the US and global markets.
The Voutilainen 28Sport, a stainless steel independent watch numbered 5 of 8, sold for $1,016,000 at Phillips New York, far exceeding its $120,000 – $240,000 estimate. This sale demonstrates the growing appetite for rare, independently made timepieces.
Selectivity Reigns
Across auction houses, the pattern was consistent. At Sotheby’s Paris, a fresh-to-market Paul Newman Daytona achieved €448,000, while Christie’s Hong Kong saw an Eska pink gold wristwatch with a cloisonné enamel dial lead its sale at HKD 1,216,000.
This selectivity extends to the diamond market. Smaller stones, particularly those in the 0.30-carat and 0.50-carat range, saw modest gains, while larger stones experienced slight declines. This trend is key for dealers preparing for the holiday season, as it indicates a need to focus on replenishing smaller, more in-demand inventory.
Gold, meanwhile, remains a steady presence. As of October 9, the price per troy ounce was $4,198.40, up $65.90 on the day. While this is below its January 2026 peak, it’s a firm close that keeps the market active without triggering panic selling.
The upcoming LVMH earnings report on October 12 will be closely watched, as the market seeks insights into the luxury sector’s performance.
This gap highlights the challenges in the US market compared to global trends.
LVMH Earnings Preview
LVMH’s third-quarter revenue report, scheduled for October 12, is highly anticipated. The market will closely examine the company’s performance, particularly after its strong first half.
The company’s stock has struggled, trading near its 52-week low, down 40% year-to-date. This positions the market for a potential reaction to the earnings report.
Diamond and Gold Markets
Larger stones, however, have seen slight declines. This trend is key for dealers as they prepare for the holiday season.
The upcoming De Beers Sight 9, scheduled for October 26 to 30, will provide further insight into the diamond market’s appetite for rough diamonds and the potential for polished diamond prices to continue their slow recovery.
