The Santos Galbée XL, long overshadowed by Swiss icons, is experiencing a meteoric rise that is shaking up the watch market. Between controlled rarity and visionary design, this Cartier from the 2000s could well be the most underrated watch investment of the decade.
A Cartier watch for 2,000 euros that is now worth 6,000? Unthinkable just five years ago. Yet, the Santos Galbée XL is defying all predictions. While collectors were scrambling for Royal Oaks and Nautiluses at premium prices, this sleeping beauty was waiting for its moment in the shadows.
The paradox is striking. Here is a watch from one of the most prestigious French houses, with a century-old pedigree – the first men’s wristwatch in history, no less – that was trading for the price of an entry-level Tudor. Insiders knew. Today, the truth is out: a 60% increase in five years, a progression that surpasses even some Rolex models.
But be warned. This rise is not a speculative bubble. It is the late recognition of a revolutionary design: an integrated bracelet ahead of its time, ideal proportions (32x45mm), and a proven Swiss movement. The production? Halted in 2006. The available stock? A handful of examples worldwide.
The signals are green. And we are only at the beginning of the story.
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History: from the Santos Carrée (1978) to the Santos Galbée XL (2005)
To understand the current appeal of the Galbée XL, we must go back to its origins. The Santos, created in 1904 for the aviator Alberto Santos-Dumont, is one of the very first men’s wristwatches. Cartier relaunched it in 1978 with the so-called Carrée: a two-tone steel/gold sports watch with an integrated screw-down bracelet, which was an immediate success in the era of luxury sports watches (alongside the Royal Oak and Nautilus).
Discover the auctions for the Cartier Santos Carrée on Catawiki and relive the elegance of the 80s.
In 1987, Cartier evolved its design: exit the sharp edges of the Carrée, enter the Santos Galbée (‘galbé’ meaning curved in French). The case became rounder and more curved to better fit the wrist, and the integrated bracelet adopted domed links. The overall look remained faithful (white dial with Roman numerals, exposed screws, blue cabochon), but the ergonomics took a leap forward. The Santos Galbée thus became the emblematic sport-chic watch of the late 20th century at Cartier.
2005: zenith and endgame. After offering the Galbée in different sizes (women’s quartz and men’s mid-size models in the 90s), Cartier finally launched an automatic XL version for men seeking larger watches. With its case measuring approximately 32mm on the side and 45.5mm in length, the Santos Galbée XL (ref. 2823) is the largest iteration of the classic Santos ever produced. Yet, it retains an admirable slimness (~8.8mm thick) and perfect visual balance.
The production of the Galbée XL stopped shortly after (around 2006) to make way for the new Santos 100 of 2007 (much more massive, 38mm on the side). Thus, ref. 2823 embodies the last golden age of the classic Santos. This position as the “last of its line” strongly contributes to its current collector status.
A “little tank” with big assets: why the market is going crazy
Several factors converge to explain the spectacular awakening of this watch’s value.
1. A timeless design, in tune with the integrated bracelet trend: With its rounded square case, exposed screws, and satin-finished metal bracelet with integrated links, the Santos Galbée checks all the boxes of the current trend for sports watches with integrated bracelets. As the prices of Royal Oaks and Nautiluses soar, collectors are turning to other historical icons. The Santos offers the authenticity of a design created over a century ago, modernized in the 80s, and perfectly wearable today. In short, it has style without the ostentatious hype.
2. High-end construction and a reliable movement: Under the steel caseback engraved with “Cartier Automatic 049” lies an ETA 2892-A2 caliber, renamed Cartier 049. This 21-jewel Swiss automatic movement is a true high-precision workhorse: a frequency of 28,800 vph, a power reserve of ~42h, and bidirectional winding. It is appreciated by watchmakers for its slimness (3.6mm) and robustness. In plain English: no mechanical inspiration crisis at Cartier, but a pragmatic and qualitative choice. This guarantees easy maintenance (any good shop can service it) and solid chronometric performance. For collectors, this is reassuring: the beautiful watch can be worn regularly without worries, while offering the pleasure of a legendary automatic caliber.
3. A wise alternative to Rolex & Co. On the pre-owned market, the Santos XL had long hovered around €2,000-€3,000, while a Rolex Explorer 36mm (its contemporary) was worth double. However, the Galbée offers an equal, if not superior, pedigree: a history rooted in the Belle Époque, a pioneering design in the “luxury steel” style before anyone else, and the backing of a major jewelry house. Many enthusiasts said to themselves, “Why pay €8,000 for a discreet Rolex when you can have an iconic Cartier for €5,000?” This realization created a market pull.
Find your Rolex Explorer I on Catawiki, unique offers and exciting auctions await you.
4. Limited production and “healthy scarcity”: Ref. 2823 was only produced for a few years. The number of all-steel examples is estimated to be in the few thousands. On Chrono24, you can generally find 50 to 80 Santos XLs for sale worldwide, no more. This is not many (a search for a Rolex Submariner returns thousands of results). This relative rarity maintains pressure on prices. Yet, the watch remains accessible: there is enough supply for those who are truly looking for it. This is the ideal balance between being too common (which would cause the price to stagnate) and being unobtainable (which would deter buyers).
Market: +60% in 5 years, a growth rate exceeding Rolex
Let’s look at the concrete figures. The graph below compares the average price evolution of a Santos Galbée XL W20060D6 against the Rolex Explorer I 36mm (ref. 14270/114270) from 2014 to 2025.
Main finding: the Santos Galbée XL has experienced an average annual growth (~+10% per year) similar to that of the Explorer over the last decade. But it has particularly shone recently: between 2020 and 2025, its appreciation rate is much higher than that of the Rolex. The COVID crisis (watch boom in 2021) acted as a catalyst: prices soared everywhere, but the Santos started from a lower point, so its potential for growth was greater.
In 2020, a Santos XL could be bought for ~€3,850, while an Explorer was worth ~€6,000. At the end of 2024, the Santos is hovering around €5,400, almost at the level of an Explorer (€6,500-€7,000). In other words, the value gap has significantly narrowed. Those who bet on the Cartier 5 years ago have seen their investment increase by ~+60%, compared to about +20% for a Rolex over the same period.
Supply and demand: As mentioned, the Santos XL is not a watch produced in the tens of thousands. This protects it from sudden drops in value. The market easily absorbs the available supply (a few dozen examples for sale). It is not a watch so rare as to be unobtainable, but it is uncommon enough that a new buyer has to fight a little to find a nice one. This positive tension fuels the steady rise in prices.
Geographical disparities: It should be noted that the valuation is global, but with regional nuances. The American and European markets tend to have the highest prices, with Asia (Hong Kong, Singapore) lagging slightly behind. Example in 2024:
Overall: the Santos Galbée XL has transformed in a few years from an unknown opportunity to a safe bet on the vintage market. And despite its rise, it is still much cheaper than any Rolex sports watch or AP Royal Oak… This catch-up potential continues to drive it.
Rare variants: anthracite, gold/steel, GMT… a universe to (re)discover
The steel reference with a white dial is the most common, but the Santos Galbée family has some interesting cousin models, which are now highly sought after.
● Anthracite dial (“grey dial”): Cartier produced a very small series of Santos Galbée XLs with a slate grey sunburst dial. Visually stunning, this dial changes shade depending on the light (from light grey to dark anthracite). Sometimes nicknamed the ghost dial when it is without numerals (on some mid-90s gold/steel models), it gives the watch a more contemporary style. On the market, expect to pay 15-20% more than for the white dial.
● Santos Galbée GMT (“Dual Time”): In 1994, Cartier developed a GMT version of the Santos, reference 2423 (sometimes called Santos Galbée 2820). It is recognizable by its two discreet pushers on the left side of the case, which allow the hour hand to be advanced in one-hour increments (practical for travel). The dial displays a second time zone on a small 12-hour flange. Very few were produced, and this Santos Dual Time is now extremely rare and expensive (often > €7,000). It foreshadows the Dual Time complication reintroduced by Cartier in 2023 on the new Santos (40mm).
Explore the selection of rare Cartier Santos Galbée GMTs on Catawiki to find your rare gem.
● Gold and jeweled versions: for the record, the Santos Galbée was produced in yellow gold, gold/steel, and even white gold set with diamonds (women’s models). These iterations are primarily jewelry, and their collector’s value is based more on rarity and aesthetics than on speculation. We should also mention the superb skeleton Santos Dumont in rose gold from 2011, and of course the recent Santos Skeleton in steel that appeared in 2018.
Skeleton models like the Santos Dumont are exceptional pieces, discover the auctions on Catawiki.
Buyer’s guide: choosing your Santos XL wisely (and avoiding pitfalls)
Tempted to add this Cartier to your collection? Excellent idea. But do it with full knowledge, because not all Santos Galbées for sale are equal. Here is a checklist of points to check absolutely, illustrated with concrete examples.
➔ Case and bezel: The watch alternates between satin-finished (flat of the case, bracelet) and polished (square bezel) surfaces. Make sure the edges are still sharp: excessive polishing would round the corners and erase the clear separation between polished and brushed. On the bezel, the screws must be aligned and their slots clean (not “puffy”). A badly scratched bezel can be replaced (expect to pay ~€500 at Cartier), but it’s better to have a piece that has kept its period dings (that’s the soul of the watch!) rather than a poorly done refurbishment.
➔ Dial and hands: The Santos XL was originally fitted with tritium (marked Swiss T25 at the bottom of the dial until around the 2000s, then Swiss Made without tritium). Tritium ages by yellowing (cream patina). From around 2000, Cartier switched to Luminova (which remains white over time). The blued sword hands should match the indexes: if the indexes are cream and the hands are light blue, it means the tritium has degraded. Beware of “relumed” dials or hands (re-coated with recent SuperLuminova): this is a risky job, sometimes poorly executed, which reduces the value. Look for lume that is too green or that glows brightly under a UV lamp when the seller claims it is tritium (old tritium no longer glows).
➔ Integrated bracelet: The Santos has a splendid integrated steel bracelet with screws. Each link has two through screws. Count the links carefully: the full men’s bracelet has ~23 links (watch + 22). Many old examples have been shortened (and the links lost). If you have a wrist > 18cm, make sure the bracelet has enough links or budget for the cost of finding more (they can be found on eBay for ~€50 each).
Point of attention #1: the “stretch” of the bracelet. Over the years, the internal pins wear out and can create play. A so-called stretched bracelet hangs limply and no longer supports the watch correctly on the wrist.
Point of attention #2: the condition of the screws. Many Santos have been mistreated during amateur servicing or resizing: scratched, damaged, or – worse – sanded and polished screws when they should be satin-finished. Inspect the screw heads on the bracelet and bezel carefully. They should have a linear brushed finish and clean slots.
Point of attention #3: relumed dial or hands. As mentioned above, some tritium Santos have been relumed to restore their luminescence. However, a good relume is a difficult art. If it is poorly done, the hour hand will have a different lume shade from the minute hand, or the indexes will be too white compared to the hands. A UV lamp can reveal disparities in brightness.
By following these tips, you are equipped to find the rare gem. Do not hesitate to ask the seller for macro photos (professional or private) to check these points.
Conclusion: a (still) winning bet for 2025 and beyond
In summary, the Santos Galbée XL has it all: a cult design, exemplary comfort, true rarity on the market, and a definite potential for growth. It fully benefits from the neo-vintage wave that is revaluing the creations of the 80s and 90s, which were considered too small 10 years ago and are now adored for their measured elegance.
Should we fear a bubble? In the short term, prices have already risen a lot, so a stabilization is possible. But the fundamentals are there: the stock of examples is limited, Cartier is strengthening its image in the men’s segment (with new, very popular Santos models), which reflects on the older ones, and the notoriety of this model is only growing.
We believe that the 2823 has not finished climbing. A +10 to +15% per year is a sustainable pace, driven by the arrival of new enthusiasts (many first-time Cartier buyers are turning to this model). The €7,000 mark could well be crossed in 2025 for complete examples.
The Santos, created in 1904 to conquer the skies, now seems to be taking off to new heights on Earth. And frankly, how can you not succumb? Many of us have adopted it for daily wear (your servant included), and the joy of wearing it is worth much more than the few hundred euros gained on paper in recent years. In short: a watch of character, a reasoned investment, and a piece of watchmaking history on your wrist. What more could you ask for?
Pour bien s'habiller, il faut comprendre le vêtement, mais aussi la marque et sa stratégie.
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