A decentralized platinum micro-rotor movement, visible through a sapphire caseback, which hides nothing of the finely decorated caliber. This is the kind of technical prowess now found in independent Swiss watchmakers, those houses that are shaping the future of haute horlogerie with audacity and know-how.
Contrary to what one might think, these exceptional timepieces are not all inaccessible. Proof of this is that some pieces from these confidential manufactures are experiencing impressive valuations on the secondary market – while certain references from established brands are stagnating.
Independent Swiss watchmaking has been experiencing a true renaissance since the early 2000s. H. Moser & Cie, Czapek, Armin Strom, and Arnold & Son embody this renewal by combining limited series, mechanical innovations, and distinctive aesthetics.
For a savvy watch investor, understanding the strengths and particularities of each manufacture is essential. From Moser’s signature fumé dials to Armin Strom’s resonance mechanisms, and Czapek’s openworked movements, each house develops its own identity.
While production volumes remain intentionally low, the prices of these creations are soaring at auctions, reflecting a growing interest from collectors for these alternatives to the giants of luxury watchmaking.
Sommaire
The Rise of Independent Swiss Watchmakers Since the 2000s
At the turn of the millennium, Swiss watchmaking saw the emergence of a new wave of independent manufactures. Bucking the trend of mass production, these workshops focused on ultra-limited series, cutting-edge craftsmanship, and novel complications. A passionate clientele was seduced by this unbridled creativity and the exclusivity that emanated from it. The confidential volumes – often a few dozen or hundreds of pieces per year – created a cultivated rarity, reinforcing the interest of collectors.
Furthermore, auctions played a catalytic role in this boom. At thematic or general sales, timepieces价格 from independent makers soared to prices sometimes exceeding the initial catalog price, attesting to the potential for capital appreciation of these pieces. For example, as soon as a limited edition or a first series from an independent maker appears at Phillips or Christie’s, the enthusiasm is palpable and estimates are often surpassed.
In parallel, specialized retailers emerged to accompany this movement. Stores like Exquisite Timepieces – a renowned American retailer based in Florida – positioned themselves as partners of independent brands. Their role is twofold: on the one hand, to ensure the distribution of these often hard-to-find pieces, by offering a showcase and service to brands that do not have the network of the giants; on the other hand, to educate the clientele by explaining the history and technical merits of these extraordinary timepieces. Thus, Exquisite Timepieces and the like become true ambassadors, organizing events, showcases, and sometimes offering a dedicated pre-owned market (Exquisite Timepieces has a Pre-Owned section). In short, the success of Swiss independents is explained as much by their creative audacity as by the ecosystem of enthusiasts – auction houses, specialized retailers, online forums – that has developed to support them.
Patents and Emblematic Movements of These Four Houses
Each independent brand imposes its technical legitimacy by developing innovative in-house movements and proprietary patents. Here is an overview of the watchmaking feats that distinguish H. Moser & Cie, Czapek, Armin Strom, and Arnold & Son, laying the foundation for their credibility in the eyes of discerning collectors.
H. Moser & Cie: Straumann Double Hairspring and Streamlined Perpetual Calendar
The manufacture H. Moser & Cie, revived in 2005 in Schaffhausen, quickly made a name for itself with its spirit of independence and technical innovations. Its flagship invention is undoubtedly the Straumann Double Hairspring®. This involves equipping the balance not with one, but with two superimposed and inverted hairsprings. This patented architecture makes it possible to compensate for the effects of gravity and friction on isochronism: the two hairsprings breathe in opposition, mutually canceling out imbalances. The result is greater chronometric precision without resorting to a tourbillon. H. Moser produces these hairsprings through its subsidiary Precision Engineering AG, thus perpetuating the legacy of Dr. Straumann (inventor of Nivarox) in a contemporary version.
Beyond this innovative hairspring, H. Moser has developed its own in-house calibers that are elegantly simple in appearance but complex in design. The automatic caliber HMC 200 (or its variant HMC 201) is an emblematic example: three hands, no date in some versions, about 3 days of power reserve, all traditionally decorated (hand-chamfered bridges, Geneva stripes in a double-band pattern). Its robust reliability and efficient bidirectional winding make it the workhorse of the brand’s contemporary models.
Streamliner Small Seconds Blue Enamel (credit @edhree)
Finally, H. Moser & Cie made a mark by revisiting the perpetual calendar complication in an ultra-intuitive way. Initially launched on the Endeavour Perpetual 1, this design was transposed in 2021 into a sport-chic watch: the Streamliner Perpetual Calendar. Unlike classic perpetual calendars cluttered with illegible sub-dials, Moser streamlined the display: the date appears in a single window, the month is indicated by a small central hand pointing to the hour markers (12 o’clock = 12th month), and everything is adjusted via the crown in a simplified way, including retrograde without risk to the mechanism.
This genius of simplicity, crowned by a GPHG, proves that the brand knows how to combine technicality and legible minimalism.
Czapek & Cie: SXH5 Micro-Rotor and Traditional High-End Finishing
The house of Czapek & Cie, revived in 2015 by three passionate entrepreneurs, draws its name from history (François Czapek was Patek’s partner in the 1840s) while offering decidedly contemporary watchmaking. Its technical legitimacy was first built with high-end third-party movements, then especially with the advent of its first in-house caliber: the SXH5 automatic caliber launched in 2020. This micro-rotor movement represents a real achievement for the young brand.
The SXH5 is an extra-flat automatic caliber (only 4.2 mm high) equipped with a decentralized platinum micro-rotor. This micro-rotor, visible on the caseback side, allows an unobstructed view of the movement while ensuring efficient winding. Above all, the caliber is distinguished by its open architecture with seven bridges inspired by old pocket watches. Five of these bridges are openworked, offering a bird’s-eye view of the gear train, while a massive transverse bridge holds the variable-inertia balance. The technical execution is sublimated by a high-end hand-finishing: polished chamfers, straight-grained côtes, sandblasting on certain surfaces for contrast, and blued steel screws. Czapek has even integrated a regulating device with compensating screws on the balance – in other words, a balance with adjustable inertia via gold screws, without a classic regulator – a guarantee of better adjustment stability over time. This attention to detail places the SXH5 at the level of contemporary haute horlogerie references.
In parallel, Czapek does not hesitate to innovate in seemingly more classic complications. For example, the Quai des Bergues production watch used a double-barrel caliber offering a 7-day power reserve (a profoundly modified base from Vaucher), while the Faubourg de Cracovie chronograph integrated a powerful integrated column-wheel caliber developed with Chronode.
But it is truly the Antarctique (sporty with an integrated bracelet) and its SXH5 micro-rotor that have established Czapek & Cie’s technical credibility with collectors, combining modernity (eccentric rotor, contemporary materials) and tradition (very high-level manual finishing).
Armin Strom: “Mirrored Force” Resonance and Openworked Architecture
The independent house Armin Strom, named after its founder, a Swiss watchmaker renowned for his handmade skeletons, took a notable technological turn in the 2010s by tackling a watchmaking myth: resonance. Inspired by the historical work of Antide Janvier or Abraham-Louis Breguet, Armin Strom developed its own modern interpretation of two synchronized oscillators. Thus, in 2016, the revolutionary Mirrored Force Resonance model was released, equipped with the ARF15 caliber, replaced since 2022 by the new-generation ARF21/ARF11 caliber (43 mm) – sometimes nicknamed “Next Gen” Mirrored Force Resonance.
The principle of resonance exploited here consists of using two regulating organs (balance-spring) oscillating side by side and mechanically coupling them so that they beat in opposite phase, driving each other. Beyond the visual poetry of two balances vibrating in unison, the interest is to improve running stability by averaging out deviations. Armin Strom has filed a patent for a novel resonance coupling spring (Resonance Clutch Spring): a thin suspended steel blade that directly connects the two hairsprings, instantly transmitting micro-vibrations.
This solution allows the balances to synchronize in record time (a few minutes) and to quickly resynchronize after a shock. This is an advance over historical approaches that merely physically brought the oscillators closer without a direct link.
Technically, Armin Strom’s resonance caliber is actually formed by two complete movements side by side, each with its own barrel and gear train, but sharing this coupling spring at the level of the balances. Pressing a pusher at 2 o’clock also activates a clever flyback function for both seconds hands: the two seconds hands (each balance drives a seconds hand) resynchronize 딱 together at zero to offer a fascinating spectacle of mirrored seconds.
Esthetically, Armin Strom unabashedly displays this technicality on the dial. The Mirrored Force Resonance model presents its two oscillating balances and their bridges on the front, as well as the small seconds sub-dials at 9 o’clock and 3 o’clock. The new generation introduced in 2022 refined the design (partially grained dial, openworked hands) and slimmed down the case (only ~11.5mm thick despite a 43mm diameter). We remain with a very open architecture typical of Armin Strom, which from its beginnings mastered CNC skeletonization (machining openings in plates and bridges) to reveal the movement.
Besides resonance, Armin Strom has other achievements to its credit: let’s mention the Gravity Equal Force model, which introduces a constant-force barrel (through a progressive stop-work system), or the original Orbit with a retrograde date on the bezel. Furthermore, on its classic automatic calibers, Armin Strom often favors an eccentric micro-rotor (as in the Gravity Equal Force) to maintain the slimness and visual symmetry of the movement. Armin Strom’s general approach is therefore to marry cutting-edge mechanical innovation with a very contemporary and streamlined presentation of the caliber, creating watches that are both technically and aesthetically unique on the market.
The Armin Strom Gravity Equal Force is available here
The Armin Strom Orbit is available here at Exquisite Timepieces
Arnold & Son: Three-Dimensional Complications and Astronomical Heritage
Founded on the heritage of the great English watchmaker John Arnold (18th century), Arnold & Son is now based in Le Locle (under the aegis of the Citizen Group) and is distinguished by sophisticated creations that often pay homage to marine chronometers and complications of yesteryear. Among its recent innovations are a spectacular tri-axial tourbillon, wandering hours displays, and long-lasting double-barrel calibers.
Arnold & Son’s tri-axial tourbillon (in-house caliber A&S8200) is a marvel of kinetic engineering: the tourbillon cage rotates on three different axes, offering a striking spatial ballet and compensating for gravity in all positions. Borrowing from the maritime world, the brand has managed to house this complex mechanism while maintaining a contained movement thickness (the A&S8200 caliber is also used in the Ultrathin Tourbillon collection). It is one of the thinnest multi-axis tourbillons on the market.
Another feat combining heritage and innovation: the so-called wandering hours display. Arnold & Son integrated it into a piece named Golden Wheel, combining for the first time wandering hours and deadbeat seconds. This system, borrowed from 17th-century night clocks, scrolls the hours on three rotating discs that in turn point to the minutes on an upper arc. The A&S6018 caliber of the Golden Wheel required three years of development to master this retrograde complication and make it fluid and legible.
Finally, Arnold & Son has made the 8-day double barrel one of its signatures in certain collections (Instrument and Royal). For example, the A&S1016 caliber equips the Eight-Day Royal Navy and offers 192 hours of power reserve thanks to two parallel-mounted mainsprings, all with a power reserve indicator. This architecture recalls marine chronometers that had to operate for a week with impeccable precision for navigation. The use of two barrels not only ensures long autonomy but also a more constant torque to the balance during most of the discharge. The meticulous decoration (straight côtes evoking ship planks, hand-engravings on some editions) underscores Arnold & Son’s attachment to its naval heritage while meeting the demands of modern haute horlogerie.
The Arnold & Son Eight-Day Royal Navy is available here at Exquisite Timepieces
In short, each of these four independent houses possesses a distinctive technical know-how – from Moser‘s double hairspring to Armin Strom‘s resonance, via Czapek‘s chiseled micro-rotor and Arnold & Son‘s three-dimensional complications. These watchmaking assets justify their place in the luxury market and constitute a solid foundation for considering an investment.
Flagship Models Available at Exquisite Timepieces
Among the vast production of these houses, certain models stand out as particularly sought-after and representative. The retailer Exquisite Timepieces, as an official dealer, notably offers four emblematic references in its catalog, which we detail below. These flagship models are complemented by other relevant references also available from this retailer, which we will briefly mention.
H. Moser & Cie – Streamliner Centre Seconds “Matrix Green”
Introduced in 2020, the Streamliner Centre Seconds is the first three-hand model to join H. Moser & Cie’s Streamliner sport-chic collection. Its design is characterized by a 40mm steel cushion case with satin/polished finishes and an integrated steel bracelet with extremely ergonomic undulating links. The nickname “Matrix Green” comes from its green fumé dial with a radial gradient – a Moser specialty – adorned with applied hour markers and devoid of an ostentatious logo (the brand name is subtly engraved in the lacquer, almost invisible depending on the angle). This minimalist and elegant aesthetic gives it a strong identity.
Technically, the Streamliner Centre Seconds “Matrix Green” is powered by the HMC 200 automatic caliber, offering hours, minutes, and central seconds functions. Equipped with bidirectional winding via a hidden rose gold oscillating weight (in the HMC 202 version), this movement beats at 21,600 A/h and has a 3-day power reserve. True to the Moser philosophy, it combines modern robustness with traditional decoration (anthracite bridges with Moser stripes, and above all, the Straumann hairspring unique to the brand). The watch is water-resistant to 120 meters, a generous specification that reinforces its positioning as a luxurious “sports” watch.
At Exquisite Timepieces, this model is offered at $24,000 (US list price, equivalent to ~€22,000). The Streamliner Centre Seconds is not a limited edition, but its production remains limited by Moser’s capacity (a few hundred pieces per year across all models). As the “Matrix Green” version is particularly popular, demand often outstrips supply, leading to waiting lists. Moser has since launched other dial variations (fumé blue, “Smoked Salmon” red for special editions) – but the original Matrix green remains the most iconic.
In addition to this Centre Seconds, Exquisite Timepieces offers the Flyback Chronograph Automatic version in the Streamliner range (in 42.3mm steel, grey dial or in rose gold limited edition) as well as the recent Streamliner Tourbillon Vantablack. Moser’s classic collections (Endeavour, Pioneer) are also available from this retailer. However, as an investment, it is the Streamliner Centre Seconds – the first of its name and the spearhead of Moser’s strategy in the luxury sports segment – that attracts attention for its potential for appreciation and its cult status among independents of the 2020s.
The H. Moser & Cie Streamliner Tourbillon Vantablack is available here at Exquisite Timepieces
Czapek & Cie – Antarctique Passage de Drake “Glacier Blue”
The Antarctique is the collection that truly brought Czapek to the forefront of the watchmaking scene in 2020. The Passage de Drake “Glacier Blue” model is one of its most prized executions. It is a sporty steel watch with a 40.5mm diameter and only 10.6mm thickness, equipped with an integrated steel bracelet with stylized “C”-shaped links. Its light blue “Glacier” dial features a unique three-dimensional trapezoidal pattern (nicknamed Stairway to Eternity), creating changing plays of light and shadow. Readability is excellent thanks to the large, faceted hands and hour markers, filled with blue SuperLuminova.
This timepiece displays hours, minutes, seconds, and the date in a perfectly integrated window at 6 o’clock (blue background matching the dial). Inside beats the famous SXH5.01 micro-rotor caliber, mentioned earlier, offering a 60-hour power reserve and visible through the transparent caseback. The attention to detail in the movement finishing and dial details make this Antarctique a piece that is both sporty and very luxurious in its execution – it has, moreover, earned Czapek flattering comparisons with the heavyweights of the “sports chic” segment (such as the Patek Philippe Nautilus or Audemars Piguet Royal Oak), while retaining its own personality.
Exquisite Timepieces offers this reference for $25,900 (approximately €24,000). Although officially not limited, the “Glacier Blue” edition was produced in a restricted series at its launch, making the first pieces particularly difficult to obtain. Czapek has since introduced new dial colors (deep blue, black, salmon, etc.) and even an Antarctique S model of 38.5mm. But the original “Glacier Blue” remains highly sought after, symbolizing the brand’s rise. It should be noted that Czapek also released a chronograph version of the Antarctique (Rattrapante Split-Seconds in a limited edition, titanium case), which caused a stir in 2021 with its openworked design and its movement developed with Vaucher. However, in terms of investment, the classic three-hand date watch remains a safe bet, especially since it is the first watch with a 100% Czapek movement.
Besides the Antarctique, Exquisite Timepieces also sells other models from the Czapek range, such as the Quai des Bergues (classic with small seconds and power reserve) or the Place Vendôme (tourbillon GMT). But these more confidential pieces do not have the recent hype of the Antarctique. For an investor, the Passage de Drake Glacier Blue combines aesthetic desirability, relative rarity, and potential for appreciation on the secondary market, making it the wisest choice at Czapek currently.
Armin Strom – Mirrored Force Resonance “First Edition” (Next Gen)
Armin Strom renewed its emblematic Mirrored Force Resonance model in 2022 with a “First Edition” Next Gen available in limited Manufacture series (50 pieces in steel with a blue dial, 50 pieces with a green dial, etc.). This watch is unparalleled on the market due to its display and mechanism. Exquisite Timepieces notably offers the Mirrored Force Resonance Manufacture Edition with a grained blue dial (limited edition of 50 pieces).
The steel case measures 43mm in diameter and 11.6mm in thickness, with an alternating polished and satin finish. The dial is not really a dial: largely open, it reveals the two suspended balances on the left side, as well as the two seconds sub-dials (at approximately 11 and 1 o’clock) and part of the grained night blue plate on the right side. The visual effect is that of a contemporary skeleton watch, showcasing the resonance complication. The pusher at 2 o’clock, circled, allows the two seconds hands to be reset in phase with a single press, a playful demonstration of the perfect synchronization achieved during operation.
The Armin Strom ARF21 manual-winding caliber is of rare complexity: over 270 components, two complete gear trains. Despite this, it offers a balanced appearance and sufficient readability (the central hour and minute hands stand out in rhodium-plated steel against the blue/grey background). This timepiece indicates neither date nor other additional complications – resonance itself is the complication, providing precision and spectacle. The power reserve is 48 hours. Note that the watch is supplied on an elegant night blue Nubuck leather strap with a pin buckle.
The list price at Exquisite Timepieces for the blue steel version is $78,500 (approximately €74,000). This high price reflects the technical prowess and extremely limited production (only 50 pieces worldwide for this specific reference). As an investment, this Armin Strom targets a niche of discerning collectors – it is a haute horlogerie independante par excellence, sometimes compared to the creations of F.P. Journe (resonance) or Greubel Forsey (experimental pieces). As its distribution is confidential, Exquisite Timepieces is one of the few points of sale to have it in stock in the United States.
For those interested in Armin Strom, Exquisite also offers more accessible models such as the Orbit Manufacture Edition (date on bezel) or the Gravity Equal Force in a limited edition, also featuring contemporary designs. Nevertheless, the Mirrored Force Resonance Next Gen represents the brand’s technological Holy Grail and deserves special attention for an investor seeking a truly unique piece from a technical standpoint.
Arnold & Son – DSTB 42 Red Gold (Dial Side True Beat Second)
The DSTB (Dial Side True Beat) in 42mm is one of Arnold & Son’s flagship pieces in recent years, demonstrating the manufacture’s know-how in designing relief dials. The 5N red gold edition with a blue dial, limited to 88 pieces, is available at Exquisite Timepieces. It catches the eye with the animation of its deadbeat seconds mechanism visible on the dial side.
Indeed, “True Beat Seconds” refers to a jumping seconds display: the seconds hand advances in full-second increments, rather than smoothly. This type of display, inherited from marine chronometers, facilitated precise time readings to the second. On this DSTB, Arnold & Son chose to expose the deadbeat seconds mechanism on the dial side: between 11 and 1 o’clock on the dial, a large mobile gold anchor (which releases the seconds wheel every second) is visible, as well as a graduated wheel and a lever. Each second, the anchor releases then holds the wheel, producing the characteristic jump of the hand (located at 4 o’clock on a small, independent white enamel sub-dial). The technical spectacle is thus offered to view, while the time is read classically on the main off-center dial at 4-5 o’clock.
The 42mm red gold case gives the watch a luxurious presence. The blue dial is decorated with sunburst and opaline finishes, contrasting with the visible gold and steel mechanical elements. The A&S6003 automatic caliber that powers it is entirely developed in-house: 229 components, 32 jewels, 2.5 Hz frequency, double barrel providing 45 hours of power reserve. The skeletonized rotor is visible on the back. Despite the apparent complexity on the dial side, the watch maintains a contained thickness of approximately 12mm thanks to a well-thought-out construction.
Offered at $44,200 at Exquisite (approximately €41,000), this DSTB 42 Red Gold is a collector’s piece, blending heritage (deadbeat seconds used by John Arnold in the 18th century) and contemporary design. Its limited production of 88 pieces makes it quite exclusive. On the retailer’s website, it is listed as In Stock, a sign that Arnold & Son, although appreciated by connoisseurs, remains more confidential than the other brands mentioned.
Other available Arnold & Son models include the Perpetual Moon (gigantic moon phase), the Globetrotter (world time with rotating planisphere disc), or the highly sophisticated Double Tourbillon DTE. But in terms of iconicity, the DSTB – already awarded in 2014 in its first version – is one of the pillars of the collection. For an investor, it offers the charm of a rare complication (deadbeat seconds) combined with an artistic execution. However, it should be noted that Arnold & Son’s notoriety being more discreet, liquidity on the secondary market may be lower than for Moser or Czapek, for example.
The Arnold & Son Perpetual Moon is available here at Exquisite Timepieces
The Arnold & Son Globetrotter is available here at Exquisite Timepieces
The Arnold & Son Double Tourbillon DTE is available here at Exquisite Timepieces
Other Independent References at Exquisite Timepieces
Apart from the four detailed models, Exquisite Timepieces offers a range of other pieces worthy of investment interest. For example, in the H. Moser catalog, there is the highly exclusive Streamliner Tourbillon Skeleton, a fusion of sportiness and skeletonized haute horlogerie (limited boutique edition), or the classic Endeavour models with Concept dials (no hour markers or logo, extremely streamlined).
At Czapek, the limited edition Antarctique Rattrapante (split-seconds chronograph, titanium case, open dial) is already a prized collector’s item, as is the rare Antarctique Frozen Star with an aventurine and meteorite dial (highly limited piece).
Armin Strom, for its part, offers, besides the Resonance, the Gravity Equal Force special steel edition with a constant force barrel, a simpler but innovative watch in the constant delivery of energy – a sought-after concept. Finally, Arnold & Son offers some very limited edition pieces such as the Ultrathin Tourbillon (which, with its extra-flat A&S8200 caliber of 2.97mm, demonstrates the brand’s technical lead in pocket tourbillons)
Or the spectacular Time Pyramid, a triangulated double barrel, a true 3D mechanical sculpture visible from all angles.
Each of these additional references has a particular appeal, whether it be an uncommon complication, a distinctive design, or limited production. A savvy investor can diversify their watch portfolio by mixing these pieces around the four “pillars” described above, in order to take advantage of several segments of the independent movement.
Comparative Table of Flagship Models
The following table summarizes the key characteristics of the four flagship watches discussed (dimensions, complications, edition size, brand’s annual production, new price, and secondary market value in Q2 2025). Prices are indicated in USD and Euros for clarity. The “secondary market price” reflects an estimated average of recent transactions (auctions, online platforms) for examples in very good condition with full box & papers.
| Model | Diameter | Complication(s) | Limited Edition? | Annual Production (Brand) | List Price | Secondary Market Price (Q2 2025) |
|---|---|---|---|---|---|---|
| H. Moser Streamliner Centre Seconds “Matrix Green” | 40 mm | Hour, minute, central second | No (regular production) | ~1500 pieces/year | $24,000 ≈ €22,000 | ≈ $23,000 ≈ €21,000 |
| Czapek Antarctique “Glacier Blue” | 40.5 mm | Hour, minute, second, date | No (unnumbered series) | ~500 pieces/year | $25,900 ≈ €24,000 | ≈ $30,000 ≈ €27,000 (1st series up to 20-30% premium) |
| Armin Strom Mirrored Force Resonance “Next Gen” (Blue) | 43 mm | Resonating double balance, double flyback second | Yes (50 ex.) | < 200 pieces/year | $78,500 ≈ €74,000 | ≈ $65,000 ≈ €60,000 (low liquidity) |
| Arnold & Son DSTB 42 Red Gold | 42 mm | Hour, minute, deadbeat second | Yes (88 ex.) | ~800 pieces/year | $44,200 ≈ €41,000 | ≈ $32,000 ≈ €30,000 (rose gold, depreciation on resale) |
Remarks: It is observed that highly sought-after steel models (Streamliner, Antarctique) retain or slightly increase their value, while more complex pieces or those in precious metals may experience an initial depreciation on the secondary market due to a smaller collector base. Limited editions (Armin Strom, Arnold & Son) ensure rarity, but also lower liquidity – it sometimes takes longer to find a buyer at the desired price due to a lack of comparable items on the market.
Evolution of Secondary Prices (2018–2025) and Resale Channels
Between 2018 and 2025, the independent watch segment has generally seen a notable appreciation in prices on the secondary market, driven by several factors: growing enthusiasm from collectors for independent watchmaking art, limited production not meeting demand, and a spillover effect from the boom in luxury sports watches (which pushed some buyers towards independents due to lack of availability at Patek or AP). However, this evolution is not uniform across brands and models.
- H. Moser & Cie: In 2018, the brand was still relatively undervalued on the pre-owned market (e.g., an Endeavour or Venturer often traded at 30% below new price). From 2020, with the success of the Streamliner and increased visibility (Swiss Icons unique pieces, MB&F collaborations), values recovered. A moderate CAGR (compound annual growth rate) of around +5%/year is observed for flagship references. Thus, an investor who acquired an Endeavour Perpetual in 2018 saw its value gradually increase. The Streamliners, on the other hand, experienced speculative peaks at the end of 2021 (some green examples trading 10-20% above retail). The 2023 correction normalized these prices around the catalog level. Moser benefits from a loyal collector base and deliberately constrained production, which stabilizes secondary prices.
- Czapek & Cie: The most striking example. In 2018, Czapek was just starting out and its first models (Quai des Bergues) were mainly sold to initial subscribers. Since the Antarctique in 2020, the brand’s value has exploded. The first Antarctique series (Terre Adélie 2020, 99 pieces per color) instantly doubled in value on Chrono24 (some “Secret Alloy” dials went for $35-40k for a price of $18k). This overheating was then tempered by an increase in supply (Czapek produced more regular Antarctiques and increased its public prices). Nevertheless, between 2018 and 2025, a double-digit CAGR can be estimated for Czapek – in the order of +15% per year – reflecting a dazzling recognition. Unique pieces or recent limited series (Oster Edition 20 ex., etc.) are traded with significant premiums (20-30%). Caution is advised, however, as the value of these watches remains closely linked to current enthusiasm; once the novelty effect wears off, the increase should slow down.
- Armin Strom: Over the period, the progression is more nuanced. Armin Strom‘s creations have a niche audience due to their very contemporary style. A collector who bought a Mirrored Force Resonance “Fire” in 2016 (≈ $70k) saw the value fluctuate depending on the notoriety of the complication (around $60–65k in recent years, i.e., a slight decrease). However, the release of the new generation has revived interest and could raise the prices of older models by ricochet (full collection effect, etc.). Overall, Armin Strom offers a stable but low return on the secondary market, possibly with a slight depreciation for complex models due to lack of liquidity. On the other hand, simpler models (Gravity Equal Force) perform well, as they are sold at more accessible prices and are relatively rare on the pre-owned market. For 2018-2025, we are on a rather flat trend (+0 to +2%/year at most). Here, the investment interest lies more in technical uniqueness than in short-term financial gain.
- Arnold & Son: This is the brand that historically suffered the largest depreciation二手. In 2018, buying a new Arnold & Son often meant “losing” 30-40% when reselling it shortly after. Several reasons: low public awareness, limited distribution, and an abundance of gold or classic-style watches less sought after on the pre-owned market. Since then, the brand has worked on its image and focused on striking pieces (Globetrotter, Luna Magna with marble moon, etc.). An improvement in residual values is observed: for example, the DBS Dual Balance or the UTTE tourbillon resell a little better than before, thanks to rarity (few examples produced). Nevertheless, from 2018 to 2025, we remain in a cautious buyer’s market – no price surge for Arnold & Son, but rather a stabilization. A DSTB bought for $50k in 2018 would probably be worth $30k in 2025 (depreciation then plateau). This means a negative CAGR in the initial period, then potentially neutral now that prices have adjusted to an insider level.
In summary, an imaginary basket of independent watches purchased in 2018 would have generally outperformed established brand watches in terms of value growth until 2022, before stabilizing. Resale premiums are concentrated on very limited first series and trendy models (Czapek Antarctique, Moser Streamliner, etc.). To maximize return on investment, it is crucial to know how to identify these pieces at the right time, ideally before the price increase (which implies following news of new releases and collector forums to sense the trend).
As for value-enhancing resale channels, several options are available to owners of independent watches:
- Specialized pre-owned retailers: Exquisite Timepieces itself offers a buy-back/consignment sales service. Going through an established retailer offers security (authenticity check, large clientele) and often a good valuation for sought-after pieces. The retailer’s commission will slightly reduce the profit, but the visibility offered (website, client network) can allow for a quicker sale at market price.
- International online platforms: Chrono24 is the best known. For highly demanded watches, posting an ad on Chrono24 allows you to reach buyers worldwide. The platform ensures secure payment (via escrow) and attracts many collectors of independents. The ad must be carefully crafted (photos, description, references) to inspire confidence. The models presented here are well referenced on Chrono24, with price history available, which helps to set a realistic amount.
- Auction houses: For truly rare or very high-value pieces (e.g., a Moser x MB&F unique piece, or a Czapek limited series number 1), major houses like Phillips, Sotheby’s, Christie’s can be an option. They know how to target collectors and can achieve competitive overbids if the watch creates an event. However, buyer/seller fees are high and there is an acceptance threshold (a contemporary watch must have a particular collector’s appeal to be auctioned).
- Watch communities and exchanges: Specialized forums, Facebook groups, or Instagram profiles of independent watch collectors can serve as an informal marketplace. Enthusiasts looking for specific references can be found there. This is often a smaller but very knowledgeable circle, where a well-targeted ad (and good rapport) can lead to a private sale at a fair price for both parties (without intermediary commission). However, caution is necessary, and secure payment or escrow services should be used, as the advantage of a “relationship-based” sale often relies on trust within a community.
In conclusion, the period 2018–2025 has been favorable for independent Swiss watches in terms of valuation, with spectacular increases for some and consolidation for others. For an investor, it is important to stay informed about market developments, diversify between safe bets and bold wagers, and choose the right channel at the time of resale to maximize their return on investment.
Value-Oriented Purchase Checklist
Investing in an independent watch requires particular diligence at the time of purchase, in order to guarantee both the authenticity of the piece and the preservation of its value over time. Here is a checklist of points to verify and best practices for a successful “value-oriented” purchase:
- Certificate and original documents: Ensure that the watch comes with its certificate of authenticity and/or its original warranty card. For independent brands, these documents are crucial as they validate provenance. Some houses like Moser or Czapek now use digital or blockchain warranties – make sure to obtain the corresponding access or codes if applicable. A watch without papers will see its resale value reduced.
- Complete box and accessories: The presence of the original box, any accessories (additional strap, changing tool, loupe, etc.), and the instruction/archive booklet is a significant plus. A collector will always value a “full set” more дорога than a watch alone. For example, Arnold & Son’s beautiful lacquered box or Czapek’s leather case are part of the premium experience.
- Transparent maintenance history: Ask if the watch has been serviced and, if so, obtain details of the service(s) performed (invoices as proof). A complex caliber like the Armin Strom resonance or the Arnold & Son tourbillon requires regular care (generally every 4-5 years). A watch recently serviced at the brand’s workshop will have more value and save you future expenses. Conversely, a watch never serviced for 5+ years could require costly servicing – an argument for negotiating the purchase price.
- Cosmetic and functional condition: Meticulously inspect the condition of the piece: presence of scratches or dings on the case middle, condition of the sapphire crystal, suppleness of the articulated bracelet (in the case of the Streamliner or Antarctique), etc. Check the functioning of the complications: does the deadbeat seconds hand jump correctly every second? Does Moser’s perpetual calendar change instantly at midnight? Any discrepancy or anomaly should be a red flag. Do not hesitate to request a running check over a few days, or consult an independent watchmaker before purchase, especially for a high-value piece.
- Limited edition: numbering and exclusivity: If it is a limited edition, make sure you know the serial number (X of XX) of your example, and ideally its history (e.g., “piece originally sold by Exquisite Timepieces in 2022, 1st owner”). Some special series also have peculiarities (signed limited edition certificate, etc.) – everything must be present. These elements feed into the watch’s “collection” value.
- Recommended purchase channel: Prioritize purchase from an authorized dealer (new or certified pre-owned) for these niche brands. Exquisite Timepieces, as an official dealer, offers a guarantee of authenticity and direct after-sales service with the manufacture in case of issues. If buying on an online platform, check the seller’s reputation, the presence of a third-party guarantee (Chrono24 e.g., with Trusted Checkout), and the possibility of having the watch authenticated within a few days of receipt (right of return in case of problems).
- Resale prospects: From the moment of purchase, keep potential resale in mind. This means carefully preserving all elements (not misplacing a removed bracelet link, keeping the outer cardboard box, etc.), and possibly keeping a small file with receipts, interventions performed, and even photos of the watch at different stages (upon receipt, after servicing, etc.). Thus, when the time comes, you can present buyers with a complete and reassuring package. Also consider, if the watch is connected to an app (as with some digital warranties), to correctly perform the digital ownership transfer.
- Insurance and storage: In terms of value preservation, make sure to insure the watch (some valuable items insurance policies cover theft or damage, including during daily wear). Store the watch in a secure safe when not wearing it for long periods, especially if it is a very high-value piece. Avoid leaving it in extreme conditions (humidity, heat) that could alter the dial or the movement oils. In other words, protect your asset as you would a work of art.
- Market documentation: Finally, regularly follow news about the model – for example, auction results concerning it, or the announcement of a new version that could impact the value of yours (a reissue can sometimes calm speculation on the original, or on the contrary stimulate it if the original is judged superior). Being informed will allow you to choose the right time to resell or, conversely, to keep it in anticipation of a future increase.
By following this checklist, the purchase of an independent watch – whether it’s an elegant fumé three-hander from Moser, a sophisticated sports watch from Czapek, a conceptual piece from Armin Strom, or a classic complication revisited by Arnold & Son – will be made with serenity. You will thus have maximized the chances that your watch investment will perform at its best, both by providing you with pleasure in wearing/looking at it, and by preserving (or even increasing) its financial value over time.
Pour bien s'habiller, il faut comprendre le vêtement, mais aussi la marque et sa stratégie.
- Itsenäinen kellosepäntaito: Vuoden 2025 opas neljään sveitsiläiseen taloon, jotka keksivät koneiston uudelleen - 13/05/2025
- Onafhankelijke horlogerie: Gids 2025 voor de 4 Zwitserse huizen die het uurwerk opnieuw uitvinden - 13/05/2025
- The Three Most Sought-After Vintage Tudor Watches by Collectors in 2025 - 13/05/2025