Swiss watch exports totaled SFr 12.2 billion in the first half of 2026, a modest 0.6 % year‑on‑year decline that masks a deeper split within the market. Data from LuxeConsult, based on the Federation of the Swiss Watch Industry, shows that roughly 75 % of the sector’s value growth came from watches representing only 1.3 % of total volume. In other words, ultra‑luxury pieces are driving almost all the appreciation, while the broader middle tier is flat or shrinking.
Market segmentation
- Ultra‑luxury segment – Watches priced above SFr 50,000 account for the bulk of value growth.
- Middle tier – Pieces priced between SFr 25,000 and SFr 50,000 fell 8.3 % in value terms.
- Accessible luxury – Steel models in the SFr 7,500–SFr 12,500 range (e.g., Rolex, Omega, Cartier) edged up 0.5 % despite overall softness.
Overall export volumes rose 2.3 % in H1 2026, driven mainly by entry‑level Swatch Group brands such as Longines, Tissot and Swatch, rather than a recovery in the traditional luxury segment.
Implications for collectors
The data indicates that “luxury watch” is no longer a monolithic category. Scarcity and genuine desirability at the top end continue to add value, while the middle tier faces pricing pressure as retailers become selective about inventory replenishment. Collectors should therefore differentiate between:
- Established maisons – High‑volume steel sports watches that may behave more like consumables.
- Capacity‑constrained independents – Small producers (≤ 500 pieces annually) whose limited output creates scarcity‑driven price appreciation.
An example of independent‑sector strength: Phillips auctioned an FP Journe Chronomètre à Résonance for US $13.9 million in June 2026, ranking it as the fifth most expensive watch ever sold at auction.
Secondary‑market dynamics
Chrono24’s price index rose 5.5 % in H1 2026, led by Cartier, Tag Heuer and Tudor, suggesting broader resale demand beyond a few hyped references. Manufacturer‑backed programs are reinforcing this trend:
- Rolex Certified Pre‑Owned – Launched late 2022, continues to expand.
- Audemars Piguet – Planned certified pre‑owned initiative for autumn 2026.
These programs provide authentication and liquidity that the grey market lacks, supporting pricing stability for collectors planning eventual resale.
Geographic shifts
- China & Hong Kong – Exports down 7.1 % despite an upcoming Switzerland‑China trade agreement (expected autumn 2026) that will remove most remaining tariffs.
- United States – Became the largest market, with exports of nearly SFr 3 billion in the first seven months (≈ 20 % of total Swiss watch exports).
- India – Export growth of 30 % this year; tariffs on most Swiss goods slated to fall to zero by 2031 under a separate agreement.
Key takeaways for wealth‑focused collectors
- Scarcity, provenance and genuine desirability are the primary drivers of value, not merely brand recognition or price level.
- A steel sports watch from a major maison and a hand‑finished piece from a limited‑production independent workshop should be treated as distinct asset classes, even at similar price points.
- Assess secondary‑market liquidity and the presence of manufacturer‑backed resale programs when evaluating a watch’s potential as a store of value.
Collectors integrating watches into broader wealth‑planning strategies should prioritize scarcity and liquidity alongside brand reputation.
Source article: knightsbridge.ae
