2025 Value Watch Index: 30 Models Outperforming the Pre-Owned Market

Introduction

In twelve years, while your stock portfolio grew sluggishly, a handful of « ordinary » watches silently multiplied their value threefold, fourfold, sometimes fivefold. Here is the complete analysis of this little-known performance.

Introduction

Forget everything you’ve been told about watches being a « money pit. »

A Seiko from the 60s now worth four times its 2013 price. A turquoise Rolex Oyster Perpetual bought for €5,500 now trading for €15,000. A Vacheron Constantin 222 that has quintupled in value in a decade.

While traditional investors focused on stock market indices (+60% over the period), thirty carefully selected watch references outperformed the market with an average increase of +150%.

But how did these watches achieve such a feat?

The explanation lies in three factors we identified: organized scarcity by manufacturers, viral hype amplified by social media, and above all, the initial accessibility of these models сделали их желанными для широкой базы коллекционеров.

Contrary to popular belief, it wasn’t the grand complications that performed best, but simple and sporty watches suited to contemporary lifestyles. Assertive three-handers, wearable демократичный with a suit or jeans.

A complete breakdown of this unexpected outperformance.

Methodology of the 2025 Value Index This study is based on a quantitative analysis of secondary market prices over 12 years, from 2013 to 2025. Data comes from several complementary sources: the Chrono24 platform (aggregated transaction data via the ChronoPulse index), the WatchCharts tool (market indices and model price histories), auction results (Sotheby’s, Christie’s), and online auctions (Yahoo! Japan Auctions) for the rarest references. The 2013 entry prices used correspond to the median values observed in 2013 on the pre-owned market for each model (or, if the watch was introduced after 2013, its launch price adjusted for the secondary market вторичный рынок at its release). The 2025 median prices are those observed in 2025 (Q2 2025) on the secondary market, in standard condition (neither brand new NOS nor degraded condition). These two values allow for the calculation of the CAGR (Compound Annual Growth Rate) over the considered period, the main performance indicator. A “Value 2025” index was constructed by averaging (equally weighted) the evolution of these 30 references. Based at 100 in 2013, this index compared to the WatchCharts global market index reveals the extent of the outperformance of the “value” watch basket compared to the average market. Graph 1 (description below) illustrates this comparison: the WatchCharts Global index increased by approximately +60% from 2013 to 2025, while our “value” basket saw its average value more than double (over +150% over the period). In addition to price indicators, a liquidity index was qualitatively assigned to each reference (low / medium / high) to reflect the ease of reselling the model. “High” liquidity оптимальный refers to a watch with frequent transactions and a small bid-ask spread (typically a highly sought-after Rolex Submariner resells quickly). “Low” liquidity, conversely, corresponds to a rare or niche model, appearing infrequently on the market, продажa of which may require more time or price concessions (e.g., a very limited-edition vintage piece).

Finally, all 2025 prices were converted into several currencies (USD, EUR, JPY, SGD) at the spring 2025 exchange rate, to highlight the impact of currency fluctuations. Amounts are expressed excluding fees (neither platform commission nor import duties, which will be discussed in the Risks & Exits section).

Overall Results and Summary Table

Across all 30 watches in the 2025 Index, the average CAGR stands at +9.5% per year, a performance significantly superior to that of the global WatchCharts index (approximately +4–5%/year from 2013–2025). In other words, where the entire pre-owned market on average saw watch values increase by about +60% over 12 years, the “value” basket more than doubled in value. This outperformance particularly widened during 2020–2022: the post-Covid speculative fever disproportionately benefited the most coveted models (limited production steel sports watches, “hype” pieces, collector’s watches), then the 2022–2023 pullback was moderate for these same models thanks to strong underlying demand from collectors. In 2024–2025, the secondary market generally softened (12 consecutive quarters of slight decline since mid-2022), but the references in our basket held up better, thanks to structural factors: genuine rarity (supply limited by design), maintained desirability through social media or storytelling, or simply strong timeless utility value (versatile icons sought after in all periods).

Rank	Watch (reference)	CAGR 2013–25	Price 2025 EUR	USD	JPY	SGD
1	Rolex Oyster Perpetual 41 “Turquoise” (124300)	≈ 20%	€15,000	$16,800	¥2,445,000	S$21,900
2	Omega Speedmaster “Silver Snoopy Award” 2015	≈ 15%	€30,000	$33,600	¥4,890,000	S$43,800
3	Vacheron Constantin 222 “Jumbo” (1977)	≈ 14%	€50,000	$56,000	¥8,150,000	S$73,000
4	Seiko 6217-8000 “62MAS” (1965)	~12%	€4,000	$4,480	¥652,000	S$5,840
5	Universal Genève Polerouter (1954)	~12%	€3,000	$3,360	¥489,000	S$4,380
6	Cartier Tortue Monopoussoir CPCP (2000)	~11%	€30,000	$33,600	¥4,890,000	S$43,800
7	Audemars Piguet Royal Oak “Jumbo” Extra-Thin (15202ST)	~10%	€45,000	$50,400	¥7,335,000	S$65,700
8	Audemars Piguet Royal Oak 14790 (36mm)	~9%	€15,000	$16,800	¥2,445,000	S$21,900
9	Patek Philippe Aquanaut (5167A)	~9%	€40,000	$44,800	¥6,520,000	S$58,400
10	Rolex Daytona “Ceramic” (116500LN)	~9%	€24,000	$26,880	¥3,912,000	S$35,040
11	Rolex GMT-Master II “Batman” (116710BLNR)	~8%	€18,000	$20,160	¥2,934,000	S$26,280
12	Omega Speedmaster “Snoopy Award” 2003	~8%	€12,000	$13,440	¥1,956,000	S$17,520
13	Rolex GMT-Master II “Pepsi” (16710)	~8%	€14,000	$15,680	¥2,282,000	S$20,440
14	Patek Philippe Calatrava (ref. 96 vintage)	~8%	€15,000	$16,800	¥2,445,000	S$21,900
15	Tudor Submariner “Snowflake” (9401)	~8%	€12,000	$13,440	¥1,956,000	S$17,520
16	Jaeger-LeCoultre Reverso “Tribute 1931” (2011)	~8%	€12,000	$13,440	¥1,956,000	S$17,520
17	FP Journe Chronomètre Bleu (2010)	~8%	€40,000	$44,800	¥6,520,000	S$58,400
18	Cartier Tank Cintrée CPCP (2004)	~7%	€15,000	$16,800	¥2,445,000	S$21,900
19	Rolex Milgauss “GV” (116400GV)	~7%	€10,000	$11,200	¥1,630,000	S$14,600
20	Vacheron Const. Overseas Gen.2 (47040)	~7%	€12,000	$13,440	¥1,956,000	S$17,520
21	Omega Seamaster “300 Spectre” LE (2015)	~7%	€10,000	$11,200	¥1,630,000	S$14,600
22	Panerai Luminor Marina Pre-V (5218-201/A)	~6%	€40,000	$44,800	¥6,520,000	S$58,400
23	Rolex Datejust 36 (16234)	~6%	€5,000	$5,600	¥815,000	S$7,300
24	Omega Speedmaster Mark II (1969)	~6%	€3,500	$3,920	¥570,500	S$5,110
25	Grand Seiko “Snowflake” Spring Drive (SBGA011)	~6%	€5,000	$5,600	¥815,000	S$7,300
26	Cartier Santos Galbée XL (2005)	~6%	€5,000	$5,600	¥815,000	S$7,300
27	Breitling Navitimer 806 vintage (1960s)	~5%	€5,000	$5,600	¥815,000	S$7,300
28	Jaeger-LeCoultre Memovox (Cal.825, 1960s)	~5%	€4,000	$4,480	¥652,000	S$5,840
29	Rolex Air-King 34 (14000)	~5%	€4,000	$4,480	¥652,000	S$5,840
30	Universal Genève Polerouter (base version)	~5%	€2,000	$2,240	¥326,000	S$2,920

CAGR calculated over the 2013–2025 period (except for models released after 2013 – CAGR calculated from introduction to 2025). Median 2025 pre-owned prices (standard condition) converted at the May 2025 exchange rate. A few overall insights emerge from this ranking. First, Rolex’s dominance is real but less overwhelming than one might imagine: admittedly, the top-ranked watch is a Rolex (and not just any, the OP41 “turquoise” sparked a viral craze worthy of a meme), but Rolex only reappears in 11th position, and only 6 Rolex watches in total are in the top 30 – reflecting the fact that some “mass-market” Rolex models (e.g., Datejust 36) had modest growth, while several other brands saw some special models покупательная способность explode in value. We thus note the strong presence of Cartier, Vacheron Constantin, Audemars Piguet, Omega, and even Seiko, thanks to a few star references. This finding echoes the Chrono24 analysis which showed that in 2019–2024, “Patek only ranked 12th and Rolex 17th in the Top 10 most lucrative models, dominated by Cartier (4 top 10 models) and Vacheron.” Next, we observe that all complication categories are represented, but to varying degrees. The distribution by complication (described in Graph 2 below) shows that 70% of the watches in the index are simple three-handers (with or without date), 20% are chronographs, ~7% GMTs, and only ~3% perpetual calendars. Clearly, it’s predominantly simple and sporty models that have outperformed – confirming the last decade’s craze for easy-to-wear everyday toolwatches, even if a few iconic chronographs and a handful of grand complications also hold their own. We will now detail, by price segment, the 30 watches in question: technical specifications, values for 2013 and 2025, liquidity, and individual analysis.

€3,000 – €5,000 Segment: Affordable “Value” Watches (10 watches)

This first group brings together ten models whose value on the secondary market in 2025 is between approximately €3,000 and €5,000. Most of these are watches that, in 2013, could be acquired for a few hundred to a few thousand euros at most – some have since tripled or quadrupled in price, significantly outperforming the market. We find several long-undervalued vintage or neo-vintage watches, now reconsidered by collectors for their historical interest or timeless design. Their liquidity varies: some remain niche (low liquidity, requiring a knowledgeable buyer), others benefit from sustained demand (medium to high liquidity).

1. Seiko 6217-8000 “62MAS” (1965)

Technical Specs: Automatic Seiko 6217 caliber (17 jewels). 37mm steel case, 150m water resistance. Graduated rotating bezel. First edition launched in 1965 (considered the first mass-market Seiko diver’s watch).

2013 Price: ~€1,000 (pre-owned). 2025 Price: ~€4,000 (pre-owned). CAGR ≈ 12%. Liquidity Index: Low (rare collector’s item, < 4000 produced, primarily sought after in Asia). Analysis: Nicknamed “62MAS” (for 6217 Marine AutoMatic), this vintage Seiko diver has seen its value explode with the rise of the vintage sports watch market. In 2013, a decent example traded for around €1,000 – Western collectors often preferred Rolex Submariners or Omega Seamasters of the era. But the situation has changed: the 62MAS is now recognized as a pivotal piece in Japanese watchmaking and the ancestor of modern Seiko Divers. Its rarity (relatively limited first series) and contemporary Seiko reissues paying homage to it have helped bring it back into the spotlight. As a result, its value has quadrupled in 12 years. Despite this, it remains “affordable” in absolute terms (~€4,000) compared to Swiss equivalents of the same era (a 1965 Submariner would be 8–10 times more). Its low trading volume (a few pieces per year on the market) and the caution required regarding condition (many examples are very worn) make it a low-liquidity asset: one often needs to go through specialized sales or Japanese platforms to find or resell one. Nevertheless, the underlying trend is clearly upward for this pioneer, whose performance (~+300% value in 12 years) 성장 far surpasses the global index. The Seiko 62MAS is available here on Catawiki (many rare models and great auction opportunities) The Seiko 62MAS is also offered at Exquisite Timepieces (for a direct purchase with premium customer service).

2. Universal Genève Polerouter (1950s)

Technical Specs: UG caliber 215 movement with micro-rotor (or cal. 69 depending on version). ~35mm steel case. Case and dial design by Gerald Genta (1954). Several variants (Polerouter Date, Jet, etc.). 2013 Price: ~€500 (depending on version). 2025 Price: ~€2,000 (depending on version). CAGR ≈ 12%. Liquidity Index: Low (brand defunct, niche collector interest, low supply outside specialized sales).

Analysis: Why is the Polerouter a collector’s item? Firstly, because of its creator: Gerald Genta, who designed this watch for UG in 1954 at just 23 years old. Secondly, for its history: commissioned to commemorate SAS polar flights, it also inaugurated one of the first micro-rotor calibers (a technical revolution for refining automatics). Long neglected, Polerouters (and derivatives) weren’t worth much until around 2010. In 2013, one could find a fine example for a few hundred euros – a pittance given its pedigree. However, the last decade has seen growing enthusiasm for Genta’s pieces other than the Royal Oak and Nautilus. The Polerouter has thus seen its value quadruple on average, while remaining in a reasonable range of ~€2,000 (some gold variants or NOS condition can fetch more, but most hover around €1.5–3k). This is still a modest valuation compared to the dwindling supply (many have suffered over time) and Genta’s now immense notoriety – suggesting the Polerouter could continue its ascent. Nevertheless, liquidity remains limited: Universal Genève no longer exists, the Polerouter’s fame is still confidential (outside vintage collector circles), and one generally has to go through specialized vintage dealers to acquire/sell one. Its journey nonetheless remains a textbook case of a late revaluation of a watch with an underrated design, which today far outperforms more established watches. Discover the Universal Genève Polerouter and other horological treasures on Catawiki To acquire the Universal Genève Polerouter via an authorized dealer with impeccable service, visit Exquisite Timepieces.

3. Omega Constellation “Pie-Pan” (1960s)

Technical Specs: Omega caliber 561 movement (automatic, chronometer), 24 jewels. ~34mm steel case (ref. 167.005 e.g.). Dial nicknamed “Pie-Pan” (double faceted relief). Screw-down case back with observatory medallion. 2013 Price: ~€1,200 (steel). 2025 Price: ~€3,500 (steel). CAGR ≈ 10–11%. Liquidity Index: Medium (vintage watch still relatively abundant, active collector community).

Analysis: An icon of the 1950s-60s, the Omega Constellation Pie-Pan was long a cheap vintage alternative to Rolex Datejusts. In 2013, steel Constellations could easily be found for ~€1,000–€1,500, sometimes with their period papers, as demand was timid. Things have changed: with Omega valuing its heritage and the “Pie-Pan” look coming back into fashion, these vintage Constellations have seen their average price climb to ~€3,000–€4,000. The increase is particularly noticeable for examples in excellent original condition (untouched dial, intact dauphine hands) and for gold or two-tone variants, highly sought after by Asian clientele. With growth of around +200% in 12 years, the vintage Constellation outperforms the market, even if its annual rate (~10%) is slightly below other stars in this index. Its liquidity is rather medium: Omega enjoys a good reputation, and since the Constellation was a mass-produced model, it is regularly traded on Chrono24 or eBay. However, as value is conditioned by quality (original tritium, etc.), negotiation can be longer to get the right price for an exceptional example. In sum, the Constellation Pie-Pan illustrates the phenomenon of revaluation of “dress” watches from the 50s-60s, long overshadowed by the craze for sports watches but now back on the radar of connoisseurs seeking elegance and pedigree at a contained price. Explore auctions for the Omega Constellation Pie-Pan on Catawiki and grab a great deal Discover the Omega Constellation Pie-Pan at Exquisite Timepieces if you prefer a more traditional and high-end shopping experience.

4. Jaeger-LeCoultre Memovox (cal. 825, 1960s)

Technical Specs: JLC 825 caliber (mechanical self-winding, alarm function – mechanical chime). ~37mm steel case, double crown (winding + alarm setting). 1960s. 2013 Price: ~€1,500 (depending on condition). 2025 Price: ~€4,000 (depending on condition). CAGR ≈ 10%. Liquidity Index: Low (watch with atypical “alarm” complication, appeal убийца to discerning collectors).

Analysis: Alarm watches have always occupied a niche segment. The Jaeger-LeCoultre Memovox, an emblematic reference of the genre (produced since the 1950s, with various caliber evolutions), was no exception: on the 2010s vintage market, it remained very accessible. In 2013, ~€1,500 was enough for an automatic Memovox from the 60s in steel. Today, expect to pay between €3,000 and €5,000 depending on the version (the most prized being the Memovox “Parking” or Polaris editions, which can fetch much more). The average increase over the decade is around +150%, driven by renewed interest in this charming complication, the wrist alarm. JLC has also contributed to this revival through reissues (Tribute to Deep Sea Alarm, Memovox Boutique Edition, etc.), highlighting its heritage. Despite this, the Memovox remains a connoisseur’s choice – low liquidity compared to a Reverso or a Submariner: one needs to find an enthusiast sensitive to the vintage charm of the mechanical chime. Its price progression shows, in any case, that even niche pieces can outperform when supply is limited (few examples in good condition) and the brand values its heritage. The Memovox remains relatively inexpensive given its originality; it could continue a moderate upward trajectory. Your next Jaeger-LeCoultre Memovox could be on Catawiki, check out the auctions Exquisite Timepieces also offers the Jaeger-LeCoultre Memovox for those seeking a direct transaction and personalized service.

5. Rolex Air-King 34mm (ref. 14000, ~1990)

Technical Specs: Rolex 3000 caliber (automatic). 34mm steel Oyster case, sapphire crystal. No-date dial. Reference 14000 produced from 1989 to 2007. 2013 Price: ~€2,000 (pre-owned). 2025 Price: ~€4,000 (pre-owned). CAGR ≈ 6–7%. Liquidity Index: Medium (well-recognized “entry-level” Rolex, decent trading volume). Analysis: For a long time, the Rolex Air-King was the most affordable entry point into Rolex, a « sober » 34mm model often overlooked in favor of the 40mm Sub/GMTs. On the 2013 pre-owned market, Air-King ref. 14000s from the 90s could be found in good condition for ~€2,000 (or even less without papers). Since then, this reference – now « recent vintage » – has gradually gained interest. The price increase of all Rolex models has pulled the Air-King along, now worth around €4,000–€4,500 in 2025. The growth (~doubling in 12 years) is admittedly more modest than for other sports references, but it still outperforms the global index (where Rolex as a whole gained +27% in the last 5 years). What helped the Air-King? Firstly, the effect of relative scarcity: this 34mm size is now discontinued by Rolex (replaced by 36/41mm), giving it a particular vintage appeal, in line with the trend for smaller watches. Secondly, the brand’s reliability and recognition make it an easy piece to resell – medium to high liquidity for a Rolex, as demand exists (as a discreet unisex watch) and supply remains limited (Rolex produced fewer Air-Kings than Datejusts). Its CAGR of ~6–7% per year is admittedly the lowest in this basket, but in context, it’s still an enviable performance for a simple three-hander, proving that at Rolex, even humble models hold their value very well over the long term. Catawiki offers a selection of Rolex Air-King 14000: find yours now If auctions aren’t your cup of tea, the Rolex Air-King 14000 is available at Exquisite Timepieces with top-notch customer support.

6. Rolex Datejust 36mm (ref. 16234, ~1990)

Technical Specs: Rolex 3135 caliber (automatic, quickset date). 36mm steel Oyster case, white gold fluted bezel, sapphire crystal. Jubilee bracelet. Ref. 16234 (1988–2004).

2013 Price: ~€2,500 (pre-owned). 2025 Price: ~€5,000 (pre-owned). CAGR ≈ 6%. Liquidity Index: High (very common Rolex model, strong constant demand). Analysis: A quintessential safe bet, the Rolex Datejust 36 hasn’t experienced major speculative peaks – but its steady upward trajectory still makes it an outperformer compared to many other watches. The 16234 model, a steel/white gold Rolesor version with a fluted bezel, was trading for around €2,500 on the grey market in 2013. In 2025, a similar example hovers around €5,000. This moderate progression (~+100% in 12 years, or ~6% annually) reflects the robust demand for the Datejust: it’s the ultimate versatile elegant watch, prized on all continents. Even during the 2021 frenzy, the Datejust saw a rise but without uncontrolled skids (some dial colors in 41mm soared, but not the classic 36mm ones). During correction periods, it held up very well (almost no decline), proof of its remarkable liquidity. The Datejust can be described as a true horological “blue chip”: moderate but stable growth, and an ultra-deep market (easy to resell quickly at market price, hence a high liquidity index). Its relatively modest ranking (23rd) shouldn’t be misleading: few investments offer a gentle doubling of value over 12 years with such a level of security. It’s simply that in the “value” spectrum, the Datejust acts as a sensible choice alongside some more speculative gems. In short, a perennial investment, almost indexed to the overall health of Rolex (whose average prices increased by +28% in 5 years), and a benchmark of reasonable performance in this basket. The Rolex Datejust 16234 is available here on Catawiki (many rare models and great auction opportunities) Find your Rolex Datejust 16234 at Exquisite Timepieces, an excellent alternative for a secure purchase and luxury service.

7. Omega Speedmaster Mark II (1969)

Technical Specs: Omega 861 caliber (mechanical chronograph, Lemania 1873 base). 41.5mm tonneau steel case, mineral glass. Tachymeter under crystal. Launched in 1969 (modernized version of the Moonwatch).

2013 Price: ~€1,200 (pre-owned). 2025 Price: ~€3,500 (pre-owned). CAGR ≈ 10%. Liquidity Index: Low (uncommon version of the Speedmaster, interest mainly among Omega collectors). Analysis: An atypical version of the Speedmaster, the Mark II (ref. 145.014) was long shunned by enthusiasts, who preferred the classic Moonwatch. 10–12 years ago, its distinctly 70s design and relative lack of lunar aura made it very affordable: around €1,000–€1,500. Over time, the Mark II has gained recognition – evidenced by Omega’s modernized reissue in 2014 and the general surge of interest in vintage chronographs. Its average price has almost tripled, reaching ~€3,500 today. It’s not the most highly-priced Speedmaster, but its CAGR of ~10% places it in the leading pack of collectible Omegas (well above inflation). However, liquidity remains limited: the Mark II is still a niche model, produced for only a few years, and less liquid than a standard Moonwatch. It’s found sporadically at specialized dealers or on Omega forums, often after a service due to its age. For investors, it’s a bet on the continuation of the market’s « vintagization« : with 60s Speedmasters (321) having already soared, later 861 models like the Mark II could continue to appreciate as they become prized neo-vintage pieces. Its performance so far illustrates how a long-undervalued model can suddenly catch up when demand shifts towards it. Discover the Omega Speedmaster Mark II and other horological treasures on Catawiki For a serene acquisition and attentive customer service, explore the Omega Speedmaster Mark II on Exquisite Timepieces.

8. Grand Seiko “Snowflake” Spring Drive (SBGA011, 2010)

Technical Specs: Spring Drive 9R65 caliber (automatic with quartz regulator, accuracy ±15s/month). 41mm titanium case. Textured “Snowflake” dial. Released in 2010 (ref. SBGA011, then SBGA211).

2013 Price: ~€3,000 (Japan, new). 2025 Price: ~€5,000 (pre-owned). CAGR ≈ 5–6%. Liquidity Index: Medium (emblematic GS model, fairly widespread, growing international demand). Analysis: The Grand Seiko “Snowflake” is an interesting case where performance doesn’t stem from rarity or explosive hype, but from a gradual recognition of quality. In 2013, Grand Seiko was just beginning its global expansion; the SBGA011 (nicknamed Snowflake for its snow-like dial) sold for ~USD 5,000 new in Japan and could be found for ~€3,000 on the grey export market. In 2025, its pre-owned price is around €5,000, roughly its original new value – meaning that buying in 2013 and reselling in 2025, one roughly breaks even (not accounting for inflation, but excluding the typical initial depreciation, it’s a fine achievement for a contemporary watch). In fact, at the height of the 2021–2022 frenzy, the Snowflake even traded above its boutique price, preuve of demand exceeding available supply. Its 12-year CAGR (~5%) is more modest than others in the basket, but it surpasses the global index and far outclasses most watches from major generalist brands over this period (e.g., Breitling or IWC stagnated). The Snowflake’s liquidity is quite good: it has become one of the best-known Grand Seiko models, easily found and resold through specialized channels. Its journey embodies Grand Seiko’s rise in the luxury market: a decade of effort translating into solid residual values, transforming this outsider piece into a classic whose value steadily increases as Grand Seiko gains prestige in the eyes of collectors. Explore auctions for the Grand Seiko Snowflake SBGA011 on Catawiki and grab a great deal The Grand Seiko Snowflake SBGA011 can also be yours via Exquisite Timepieces, a specialist in luxury watches with exceptional customer service.

9. Cartier Santos Galbée XL (2005)

Technical Specs: Cartier 049 caliber (automatic, ETA 2892-A2 base). “Galbée” steel case 32 × 45mm. Steel bracelet with visible screws. Santos Galbée XL ref. 2823 model introduced ~2005.

2013 Price: ~€2,500 (pre-owned). 2025 Price: ~€5,000 (pre-owned). CAGR ≈ 6%. Liquidity Index: Medium (Cartier well-regarded, but specific model less sought-after than the current Santos). Analysis: The Santos is a pillar of Cartier, but the Santos Galbée (a refined version from the 90s–2000s) was long somewhat overshadowed. In 2013, a pre-owned Santos Galbée traded for around €2,500 for the steel XL version, often considered too small (32mm) compared to the trends of the time. With the return of more contained sizes and the “quiet luxury” craze for Cartier, the Galbée has seen its value firm up, reaching around €5,000 in 2025 – a doubling in ~12 years. Its classic aesthetic (square with rounded corners, visible screws) still appeals, to the point that Cartier relaunched a new Santos in 2018 with larger dimensions. It’s this new Santos “Large” that is highly sought after on the recent market, and this has reflected популярность onto the older Galbée, which offers a more accessible alternative. Chrono24 notes that models like the Santos have more than doubled in value in 5 years. The model’s liquidity remains decent: Cartier enjoys a wide audience, and even though the Galbée XL is no longer produced, it can be found at many vintage dealers. Its moderate progression makes it a quiet outperformer – no speculative peak, just the steady appreciation of an iconic design актуализированный to modern tastes. This path recalls that even “classic” watches can prove to be excellent relative investments, as long as they benefit from a trend revival and a strong image. Your next Cartier Santos Galbée XL could be on Catawiki, check out the auctions Exquisite Timepieces is another excellent option for the Cartier Santos Galbée XL, especially if you appreciate bespoke service.

10. Breitling Navitimer 806 (1960s)

Technical Specs: Venus 178 caliber (manual, triple-counter chronograph). ~41mm steel case. Slide rule (circular slide rule) on the bezel. Reference 806 produced late 1950s–1960s.

2013 Price: ~€3,000 (pre-owned). 2025 Price: ~€5,000 (pre-owned). CAGR ≈ 5%. Liquidity Index: Low (vintage collector’s watch, requires knowledgeable buyer, limited volume). Analysis: A legendary chronograph for aviators, the Breitling Navitimer ref. 806 is a charismatic piece whose value has risen quietly. In 2013, a vintage example in good condition could be found for around €3,000. Twelve years later, the same watch can sell for around €5,000, or even more for rare series (AOPA logo, specific years). The modest CAGR (~5%) indicates it has barely outperformed the overall market – it’s one of the weakest performers in the basket, justifying its 27th rank. However, compared to other Breitlings (a brand generally stagnating on the pre-owned market), it’s a star: most Breitling references have declined or hardly changed from 2013–2025, whereas the historic Navitimer has managed to hold and slowly gain value. Its liquidity is quite low: it’s a collector’s watch, typically traded through specialized sales or among insiders. Breitling’s 2019 reissue of the 806 sparked interest in the original but also provided a modern alternative, possibly limiting the older model’s rise. Regardless, the Navitimer remains more of a passion investment than a pure speculative play – its appreciation mainly reflects the sustained interest in iconic vintage chronographs, which allowed it to slightly outperform a global market less favorable to Breitling. Catawiki offers a selection of Breitling Navitimer 806: find yours now Consider Exquisite Timepieces for your Breitling Navitimer 806 if you prioritize an immediate purchase and top-tier customer service.

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This overview of the “affordable” segment clearly shows the diversity of trajectories. We see models with meteoric rises (62MAS, Polerouter) alongside established values with stable growth (Datejust, Air-King). The common thread is that they have all beaten the market over the period, proving that even with a reasonable budget in 2013, it was possible to assemble a watch portfolio whose 10–12 year valuation surpassed average indices.

€5,001 – €15,000 Segment: The Core “Value” Range (10 watches)

This intermediate bracket includes ten references whose current value популярность ranges from ~€5,000 to ~€15,000. These are often watches already well-established in the collector’s landscape, combining popularity and limited supply. It features several models from major houses (Rolex, Patek Philippe, Audemars Piguet) some variants of which have exploded, as well as pieces from formerly more affordable second lines (Tudor, Jaeger-LeCoultre) that benefited from the wave of interest in alternatives. Volatility is more pronounced here: some of these watches experienced veritable bubbles (e.g., the turquoise OP41 or the 2015 Omega Snoopy), with double-digit CAGRs, while others climbed more linearly. Liquidity is generally good, especially for models from highly sought-after brands (Rolex GMT, AP Royal Oak…), while a few more specialized references maintain medium liquidity.

11. Rolex GMT-Master II “Pepsi” (16710, 1989–2007)

Technical Specs: Rolex 3185 caliber (later 3186 конца of series). 40mm steel Oyster case, blue/red bicolour bezel (“Pepsi”). Oyster or Jubilee bracelet. Production 1989–2007.

2013 Price: ~€6,000 (pre-owned). 2025 Price: ~€14,000 (pre-owned). CAGR ≈ 8%. Liquidity Index: High (iconic Rolex sports watch, highly demanded, significant trading volume). Analysis: The Rolex GMT-Master II 16710 embodies one of the notable success stories of the last decade. In 2013, this reference – the last classic GMT with an aluminum bezel – traded for around €5,000–€6,000 depending on condition and accessories. This relatively stable price at the time didn’t foreshadow the surge that would follow. But several factors played a role: Rolex released a new “Pepsi” on a Jubilee bracelet in 2018, reigniting the flame for the historic colorway, and at the same time, the stock of vintage 16710s in good condition dwindled. As a result, its value more than doubled to reach ~€14,000 in 2025 (peaking at ~€16–18k in 2022 at the height of the bubble). Its CAGR is around 8%, well above the global index. It’s a fine example of a sporty Rolex whose discontinued production and strong aura (black dial, typical Pepsi bezel) created a cross-sectional desire among collectors. Its liquidity is obviously excellent: it’s a watch that sells within days on any platform, as global and continuous demand is so high. As an investment, the 16710 has shone, even compared to other Rolex sports models (it outperformed a Sub 16610 over the same period). It should be noted, however, that since the 2022 peak, its value has slightly receded (~-20%), proof that no rise is eternally linear. Nevertheless, over the long term, the Pepsi 16710 remains a quasi-blue-chip asset in a portfolio, combining prestige, liquidity, and robust performance. The Rolex GMT-Master II Pepsi 16710 is available here on Catawiki (many rare models and great auction opportunities) The Rolex GMT-Master II 16710 Pepsi is also offered at Exquisite Timepieces (for a direct purchase with premium customer service).

12. Rolex Milgauss 116400GV (2007–2023)

Technical Specs: Rolex 3131 caliber (automatic, anti-magnetic cage). 40mm steel case, green sapphire crystal (GV for Glace Verte). Black or blue dial, orange lightning bolt second hand. Production 2007–2023.

2013 Price: ~€5,000 (pre-owned). 2025 Price: ~€10,000 (pre-owned). CAGR ≈ 7%. Liquidity Index: Medium (appreciated Rolex but not a classic sports model, interest boosted by discontinuation). Analysis: When Rolex announced the discontinuation of the Milgauss in March 2023, the market التهبت for this atypical reference (green crystal, orange hands) which had been somewhat languishing in the catalog. Yet, those who had owned one since 2013 had already seen its value quietly climb from ~€5,000 to ~€8,000 even before the announcement. Now, post-discontinuation, 116400GV versions trade for around €10,000. Over 12 years, this is almost a doubling, or ~7% CAGR. This is better than the Rolex average (around ~5% over 10 years) and especially very respectable for a model that wasn’t initially a big « hype. » The Milgauss benefited from the more general phenomenon of hunting for non-sports Rolexes: while Subs and GMTs soared, some collectors turned to this scientifically cool Rolex (anti-magnetic, revamped vintage look). Its liquidity is good – it’s a Rolex – but perhaps slightly lower than Sub/GMTs due to its particular style. Since its discontinuation, many buy it as a collectible, consolidating its price. It’s thus a case where the end of production acted as a catalyst to fully recognize a model’s value. Over time, the Milgauss never lost pre-owned value, even progressing slowly but surely; its recent appreciation confirms its deserved place among Rolexes that, without being media stars, proved to be excellent relative investments. Discover the Rolex Milgauss 116400GV and other horological treasures on Catawiki To acquire the Rolex Milgauss 116400GV via an authorized dealer with impeccable service, visit Exquisite Timepieces.

13. Rolex Oyster Perpetual 41 “Turquoise” (124300, 2020)

Technical Specs: Rolex 3230 caliber (automatic). 41mm steel Oyster case. Lacquered turquoise dial (ref. 0006, 2020–2022 series nicknamed “Tiffany”). Oyster bracelet. 2020 Price: €5,500 (new catalog). 2025 Price: ~€15,000 (pre-owned). CAGR ≈ 20% (over 5 years).

Liquidity Index: High (strong speculative demand, highly prized recent piece, easy to sell). Analysis: Here is the speculative UFO of the ranking: in just ~3 years, the turquoise OP41 multiplied its value by ~3 (even after correction). When Rolex launched new colored dials on the Oyster Perpetual in 2020, no one anticipated the explosion of the turquoise version, dubbed “Tiffany” by the public. At its peak in late 2021, after the buzz around the Nautilus Tiffany, this OP41 sold for up to €30,000 on the grey market – more than 5 times its catalog price. Even though there has been a return to reason (value dropped to ~€15k by mid-2023), the gain remains spectacular. Annualized, we’re looking at around +20%/year, making it the highest-performing watch in the basket over the short term (2020–2025). It illustrates the “media hype” dynamic: a simple light blue dial associated with the aura of a luxury brand (Tiffany) was enough to create a speculative rush. With Rolex discontinuing this color in 2022, relative scarcity reinforces the bubble. In terms of liquidity, it’s maximal – it’s a highly fungible asset on the secondary market, prized by flippers and young collectors. Obviously, such a surge over a few years is exceptional and potentially fragile: the turquoise OP41 lost a lot after 2022 (from 30k to 15k), a reminder that unsustainable growth eventually corrects. Nevertheless, over the entire period, it outclasses everything, proving that a recent watch can, thanks to social media and a trend, become an investment with stratospheric returns (but with high risk, correlated to speculation). It pulls our basket average upwards, while also highlighting the necessary caution regarding overly rapid crazes. Explore auctions for the Rolex Oyster Perpetual 124300 Turquoise on Catawiki and grab a great deal Discover the Rolex Oyster Perpetual 124300 Turquoise at Exquisite Timepieces if you prefer a more traditional and high-end shopping experience.

14. Audemars Piguet Royal Oak 14790 (36mm, 1992)

Technical Specs: AP 2225 caliber (automatic, JLC 889 base). 36mm steel case, 7.5mm thickness. Small tapisserie dial. Ref. 14790ST produced ~1990–2000 (midsize version of the Royal Oak). 2013 Price: ~€5,000 (pre-owned). 2025 Price: ~€15,000 (pre-owned). CAGR ≈ 9–10%. Liquidity Index: Medium (sought-after AP Royal Oak, but midsize format attracts a more limited audience).

Analysis: With the 39mm Royal Oak Jumbo long being an expensive grail, some 건물주 turned to the 36mm Royal Oak midsize ref. 14790. In 2013, one could be found for around €5k – a bargain price for a Genta AP, but its 36mm size deterred many male buyers. From 2017–2018, the explosion of Royal Oak hype (15202ST sold for 5 times retail at one point) mechanically pulled up the value of other references, including the 14790. The latter now trades for around €15k, or even more for rare dial versions (panda, blue…). Its CAGR approaching 10% makes it a superb performance for a watch once deemed “too small” – proof that the re-evaluation of more contained sizes has taken effect. It must be said that at 36mm, this Royal Oak is very wearable, including by a female clientele, broadening its audience. In terms of liquidity, however, it remains below the Jumbo model: the volume of 14790s on the market is limited, and many potential buyers still prefer the more publicized 39/41mm versions. Nevertheless, its collector appeal is well-established (there will be no more ROs in these diameters with this classic design). Its journey shows that within the same range, neglected variants can catch up once overall demand exceeds supply – and that’s exactly what happened at AP. Ultimately, those who bet early on the 14790 tripled their investment and benefited from the Royal Oak’s rise without having to shell out the exorbitant amounts required for a Jumbo. Your next Audemars Piguet Royal Oak 14790 could be on Catawiki, check out the auctions Exquisite Timepieces also offers the Audemars Piguet Royal Oak 14790 for those seeking a direct transaction and personalized service.

15. Patek Philippe Calatrava “Vintage” (ref. 96)

Technical Specs: Patek 12-120 caliber (manual). 31mm yellow gold case. Two-hand dial + small seconds. Reference 96 manufactured from 1932 to the 1970s.

2013 Price: ~€5,000 (pre-owned). 2025 Price: ~€15,000 (pre-owned). CAGR ≈ 9%. Liquidity Index: Low (collector’s watch, small period diameter, restricted audience). Analysis: The Calatrava ref. 96 is the archetype of the Patek dress watch – but its small diameter (~31mm) and very sober style long limited its appeal on the pre-owned market, compared to complications or the sporty Nautilus/Aquanaut models. In 2013, a yellow gold ref. 96 could be acquired for around €5,000, sometimes less at auction. However, the last decade has seen a renewed love for vintage Patek “classics”. References like the 570 or 96, historically undervalued, were rediscovered by collectors focused on the purity of Patek design. As a result, their value has risen मानव sharply: the small Calatrava 96 now trades for around €12–15k depending on condition/completeness. Its CAGR is around 9%, well above the average Patek index (~7% over 10 years according to Knight Frank). This is less spectacular than the Nautilus/Aquanaut crazes, but notable for a two-hand gold watch. Its liquidity, however, remains limited: the clientele for a 31mm gold watch dating from the 50s-60s is a niche of connoisseurs. On the market, it will sell via auctions or specialized vintage dealers, rather than in a snap on Chrono24. Nevertheless, the progression of the vintage Calatrava shows that watchmaking fundamentals eventually pay off – quality, timeless elegance, and rarity (few examples in good condition on the market) eventually get recognized. For Patek Philippe, which has heavily invested in its sports models in recent years, it’s also a reminder of its DNA: the Calatrava is one of those “silent” watches whose valuation appreciates over the long term, despite less media attention. Catawiki offers a selection of Patek Philippe Calatrava 96: find yours now If auctions aren’t your cup of tea, the Patek Philippe Calatrava 96 is available at Exquisite Timepieces with top-notch customer support.

16. Vacheron Constantin Overseas Gen. 2 (47040, 2004)

Technical Specs: VC 1226 caliber (JLC 889/2 base, automatic). 42mm steel case, Maltese cross motif bezel. Blue or silver dial, date. Ref. 47040/B01A released in 2004 (2^nd generation of the Overseas, without interchangeable bracelet).

2013 Price: ~€5,000 (pre-owned). 2025 Price: ~€12,000 (pre-owned). CAGR ≈ 7–8%. Liquidity Index: Medium (Overseas increasingly sought after, but previous generation less liquid than the latest). Analysis: Long the underdog of the integrated “Holy Trinity” (against AP and Patek), the Vacheron Overseas saw its fate change in 2016–2020. The 3^rd generation (ref. 4500V) was a runaway success, creating a trickle-down effect on older Overseas models. The 2^nd generation ref. 47040, introduced in 2004, traded at derisory prices in 2013 (~€5k) given its luxury level. It was shunned (slightly large diameter, no extra bracelet, non-in-house movement). But since 2018, its value has gradually climbed. In 2025, it’s seen around €12k – still much less than a current Overseas 4500V (~€25k), but more than double its price 10 years ago. Its CAGR of ~7–8% reflects this late revaluation. Most impressive is its straight-line progression: when the market went wild in 2021, the Overseas Gen.2 didn’t suddenly soar, as it was already rising before, and its post-2022 correction was minimal. It’s a case of measured but steady outperformance, linked to a brand (Vacheron) that has regained interest and the enduring trend of sporty-chic watches with integrated bracelets. In terms of liquidity, it remains intermediate: easier to sell than in 2013 when no one wanted it, but not as fluid as an AP or a recent Overseas (potential VC buyers often seek the latest generation). Nevertheless, the Overseas 47040 perfectly illustrates how an initially ignored model can, through a simple shift in market perception, see its value multiply by >2: proof that one shouldn’t write off « unloved » references, as they can become tomorrow’s “value picks.” The Vacheron Constantin Overseas 47040 is available here on Catawiki (many rare models and great auction opportunities) Find your Vacheron Constantin Overseas 47040 at Exquisite Timepieces, an excellent alternative for a secure purchase and luxury service.

17. Omega Speedmaster “Snoopy Award” 2003 (3578.51)

Technical Specs: Omega 1861 caliber (manual). 42mm steel case of Speedmaster Professional. Limited edition of 5,441 pieces in 2003, Snoopy “Eyes on the Stars” patch on the small subdial and decorated sapphire case back.

2013 Price: ~€4,000 (pre-owned). 2025 Price: ~€12,000 (pre-owned). CAGR ≈ 10%.

Liquidity Index: Medium (relatively numerous limited edition, strong demand from Omega fans). Analysis: The saga of the Speedmaster Snoopy editions is emblematic of the rise of “collector” watches. The first Snoopy Award from 2003 sold rather slowly at the time (5,441 pieces, which was a lot for an LE). On the secondary market, it didn’t gain particular value for 10 years – in 2013, ~€4,000 was enough, barely more than a standard Moonwatch. But with the space craze around the 50th anniversary of Apollo 13, the 2003 Snoopy became “THE” collectible Speedmaster to have. Especially since the even more limited 2015 Silver Snoopy was a huge success, reflecting on the 2003 model. As a result, in 2025 the 2003 Snoopy is worth around €12,000, three times its 2013 price. That’s a CAGR of ~10%, significantly above the Omega trend (+27% over the recent 5 years). During the 2021 peak, it neared €15–18k, benefiting from the explosion of the 2015 model (which reached €30k). It has since stabilized around €12k, which remains a high level. Its liquidity is quite good – the Omega collector community is large, and 5,441 examples isn’t that many worldwide. The 2003 Snoopy therefore sells quite easily at a good price (it regularly appears at auctions or on Chrono24). What was a “gimmick” (Snoopy on a professional watch) has turned into a real valuation asset thanks to historical storytelling (Omega received the Silver Snoopy Award from NASA) and the positive speculation that settled on the Snoopy series. It’s a demonstration that a limited-edition watch can become a formidable investment, provided it captures the collective imagination – here, the link with the space epic and pop culture (Snoopy) created a sought-after cocktail. Discover the Omega Speedmaster Snoopy Award 2003 and other horological treasures on Catawiki For a serene acquisition and attentive customer service, explore the Omega Speedmaster Snoopy Award 2003 on Exquisite Timepieces.

18. Jaeger-LeCoultre Reverso “Tribute to 1931” (2011)

Technical Specs: JLC 822 caliber (manual). 46 × 27.5mm steel case (Grande Reverso Ultra Thin). Black “Reverso 1931” dial without logo (Tribute US edition). Launched in 2011, limited series. 2013 Price: ~€6,000 (new). 2025 Price: ~€12,000 (pre-owned). CAGR ≈ 6%.

Liquidity Index: Low (Reverso special edition, coveted but few examples on the market). Analysis: When it was released in 2011, the Grande Reverso Ultra Thin Tribute 1931 was praised for its vintage elegance – a clean dial inspired by the original model. Sold for ~€6k new, it quickly sold out, especially the “US” edition without the JLC logo on the dial. On the secondary market, its value climbed steadily as stock dwindled and JLC gained prestige. In 2025, acquiring one requires shelling out around €12k (when available). This represents a doubling in ~12–13 years, or ~6% CAGR. It’s not the performance of the century, but for a dress watch, it’s remarkable – most standard Reversos rather stagnated during this period. Here, the limited edition factor is key: the Tribute 1931 is considered one of JLC’s finest reissues, giving it cult status. Its liquidity remains limited, however: the Reverso audience is knowledgeable and specific, and few examples change hands (many are preciously kept by their owners). Nevertheless, the strong relative demand means the few pieces on the market go for high prices. One can see the effect of the “Quiet Luxury” phenomenon: the Reverso is the archetype of the discreet luxury watch, and this historic version ticks all the boxes for the refined enthusiast seeking authenticity. Thus, without fanfare, the value of this Reverso has progressed faster than the global index, reinforcing the idea that historic icons, even classic-styled ones, are solid investments as long as they combine limitation and timelessness. Explore auctions for the Jaeger-LeCoultre Reverso Tribute to 1931 on Catawiki and grab a great deal The Jaeger-LeCoultre Reverso Tribute to 1931 can also be yours via Exquisite Timepieces, a specialist in luxury watches with exceptional customer service.

19. Tudor Submariner “Snowflake” (ref. 9401, 1970s)

Technical Specs: ETA 2776 caliber (automatic). 39mm steel case, black bezel. Black “Snowflake” dial, square indexes, snowflake-shaped hands. Ref. 9401 no-date (1975–1980). 2013 Price: ~€4,000 (pre-owned). 2025 Price: ~€12,000 (pre-owned). CAGR ≈ 8%.

Liquidity Index: Medium (highly prized vintage Tudor, but limited volume and collector’s market). Analysis: In 2013, vintage Tudor Submariners – “little sisters” of Rolex Subs – were still a well-kept secret. The 9401 reference, with its iconic Snowflake dial and hands, could be found for around €3–4k. Since then, the game has changed: Tudor has gained image (brand relaunch, Black Bay reissues inspired by the Snowflake), and collectors have flocked to 70s Tudor Subs. The no-date 9401 in particular has seen its value triple, nearing €12k today for a fine, complete example. Its CAGR of ~8% far surpasses the average Tudor brand (whose contemporary models have rather declined вторичный until recently). This illustrates that vintage is a world apart, where Tudor benefits from the Rolex aura (identical case, supplier to the French Navy, etc.) and the original “Snowflake” look to stand out. Liquidity is relatively medium: demand for these vintage Tudors is strong, but supply is low, and most transactions happen within specialized circles. The general public isn’t necessarily familiar, but in the community, it’s a hot item. The Snowflake’s huge performance has somewhat flattened since 2020 (price stabilization), but over the period, it has knocked out many more common Rolexes. It’s a fine example of a brand’s revaluation through its heritage: by repositioning Tudor as a historic brand, the market reread its archives, propelling these long-ignored Submariners to must-have status for discerning collectors – and at the same time, to a prime investment. Your next Tudor Submariner Snowflake 9401 could be on Catawiki, check out the auctions Exquisite Timepieces is another excellent option for the Tudor Submariner Snowflake 9401, especially if you appreciate bespoke service.

20. Cartier Tank Cintrée CPCP (2004)

Technical Specs: Cartier 9780 MC caliber (manual, Piaget 430P base). Cintrée yellow gold case ~46 × 23mm, highly curved. Painted “Cartier Paris” numeral dial. Collection Privée Cartier Paris (CPCP) edition circa 2004, limited run ~150 ex.

2013 Price: ~€8,000 (pre-owned). 2025 Price: ~€15,000 (pre-owned). CAGR ≈ 7%. Liquidity Index: Low (very few examples circulate, ultra-collectors market). Analysis: Watches from the Collection Privée Cartier Paris (CPCP) took time to be recognized. In 2013, a piece as sumptuous as a yellow gold Tank Cintrée CPCP – a faithful reproduction of the 1929 model, extra-thin Piaget movement – could be negotiated for barely €8,000, the equivalent of a new watch from an average manufacturer. Today, one must expect to pay closer to €15,000 (if one can be found, as they are so rare). This ~+90% increase in 12 years (≈7% annualized) reflects growing collector awareness of the value of CPCP watches: limited production, hand-finishing (dial guilloché, etc.), haute horlogerie movements. With the original Tank Cintrée being virtually unobtainable, this 2004 reissue became the accessible grail – and since the general surge in Cartier prices (Cartier ranked #1 for models with value appreciation over 5 years), it has taken off. Its liquidity remains very low: the circle of potential buyers is restricted (very high-end vintage) and supply is extremely rare. It’s more of a patient investment than a liquid asset. Nevertheless, in percentage terms, it has largely outperformed the global index and even the Cartier index (+12% over 1 year according to Knight Frank). This illustrates the rise of the “collector” segment at Cartier: for a long time, only Rolex or Patek were seen as investments, but the last decade has consecrated Cartier as a new collecting frontier, driving up the valuation of historic and CPCP models. The Tank Cintrée CPCP thus benefited from a double effect: absolute rarity + relative hype around its audacious dressy style – a winning cocktail for those who acquired it before the Cartier watch explosion. Catawiki offers a selection of Cartier Tank Cintrée CPCP: find yours now Consider Exquisite Timepieces for your Cartier Tank Cintrée CPCP if you prioritize an immediate purchase and top-tier customer service.

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This intermediate segment shows diverse profiles – from hype machines (turquoise OP41, Snoopy 2015) to revalued classics (midsize Royal Oak, Tank CPCP). It symbolizes the broadening of the collector’s market: besides the predictable Rolex/Patek, we see Tudor, Omega, and Cartier making their mark with comparable, or even superior, performances.

€15,001 – €50,000 Segment: Exceptional “Value” Pieces (10 watches)

The final tier, these ten watches are valued between ~€15k and €50k in 2025. Here we find models that were already high-end, which have reached even greater heights. Some have literally exploded (Nautilus/Aquanaut, Royal Oak Jumbo…) with CAGRs sometimes >10%, while others show more measured progress. All have outperformed the global index, confirming that even at the top of the market, there are clear winners. This segment includes several watches now considered “cult investments,” as well as independent or complicated pieces whose rarity has been rewarded. Liquidity is mixed: very high for anything Rolex sports or AP (frequent trades, strong international market), lower for independents or classic QPs (more specialized).

21. Patek Philippe Aquanaut 5167A (2007)

Technical Specs: Patek 324 SC caliber (automatic, date). 40mm steel case, sapphire case back. Black square-patterned dial, tropical rubber strap. Launched 2007.

2013 Price: ~€10,000 (pre-owned). 2025 Price: ~€40,000 (pre-owned). CAGR ≈ 10%. Liquidity Index: High (highly sought-after Patek sports watch, easy to resell). Analysis: The Aquanaut 5167A has gone from “entry-level Patek” status to near-icon in a decade. In 2013, its grey market value was around €10k (the watch was ~€12k new but could be found slightly below list). Then the wave of madness for steel Patek sports watches (Nautilus leading the way) hit it убийца full force: its value quadrupled to around €40k in 2025. Its CAGR of ~10% is in the same league as the Nautilus 5711 (~+8–9%/year over 15 years, despite the peak followed by correction). It’s interesting to note that in 2022–2023, the Aquanaut softened (it had reached ~€60k at its peak in early 2022, falling back to ~€40k), but this is still +300% vs 2013, phenomenal. Liquidity is excellent – it’s a very liquid Patek because it’s relatively “affordable” for the brand, and prized by a wide clientele. They are constantly for sale, and they sell quickly. The Aquanaut has managed to capture a younger audience, consolidating demand. For the initial investor, the bet more than paid off: few mass-produced watches have offered a 4x return in 12 years. This illustrates the trickle-down effect of the Nautilus phenomenon: the rarity of the 5711 reflected onto the Aquanaut, transforming a watch designed as casual chic into a speculative asset. Although it has corrected, its current price still places it in clear outperformance vs. the global index and even vs. the Patek index (+33% in 5 years alone). It’s the archetype of “value” revealed by the market: the Patek brand, combined with sports design, eventually convinced anyone doubting its potential. The Patek Philippe Aquanaut 5167A is available here on Catawiki (many rare models and great auction opportunities) The Patek Philippe Aquanaut 5167A is also offered at Exquisite Timepieces (for a direct purchase with premium customer service).

22. Audemars Piguet Royal Oak “Jumbo” 15202ST (2012)

Technical Specs: AP 2121 caliber (automatic extra-thin, JLC 920 base). 39mm steel case, 8mm thickness. Blue Petite Tapisserie dial. Ref. 15202ST.OO.1240ST.01 launched in 2012 (40^th anniv.), produced until 2021.

2013 Price: ~€15,000 (pre-owned). 2025 Price: ~€45,000 (pre-owned). CAGR ≈ 10–11%. Liquidity Index: High (Royal Oak Jumbo extremely sought-after, many buyers). Analysis: Few watches have fueled investment conversations as much as the Royal Oak Jumbo. The 15202ST reference, a modern reissue of the original RO, was worth around €15k in 2013 on the secondary market (at the time, it was available without a waiting list). Then, enthusiasm climbed exponentially: by late 2021, it was trading for over €100k! After the 2022–23 correction, its pre-owned value stabilized around €45k in 2025, which still represents a threefold increase compared to 2013. Its CAGR is close to 11%, aligned with the AP index, which showed +65% over 5 years from 2019-24. What makes its case notable is the amplitude of the cycle: from ~€20k in 2017 to €100k in 2022, then back to ~€45k – but even this latter level places it in strong outperformance. Liquidity is naturally very high: the Jumbo is almost standard currency among high-end collectors. Even after the drop, there are far more buyers than available examples (AP discontinued the 15202 in 2021). For the long-term investor, the outcome remains very positive: ignoring short-term noise, the underlying trend is a tripling of the price in ~12 years. This is explained by the confluence of all factors: legendary design (Genta), limited production, hype-oriented communication, and speculative overheating orchestrated by dealers. The Royal Oak Jumbo was thus the standard-bearer of the 2020–21 watch bubble. Even “rationalized” at €45k, it ranks among the absolute winners of the last 10 years, far surpassing the average performance of stocks or gold. It’s A+B proof that an iconic watch in limited quantities can become a formidable investment instrument… but not without volatility. Discover the Audemars Piguet Royal Oak Jumbo 15202ST and other horological treasures on Catawiki To acquire the Audemars Piguet Royal Oak Jumbo 15202ST via an authorized dealer with impeccable service, visit Exquisite Timepieces.

Rolex Daytona 116500LN (“Ceramic,” black dial) – one of the recent watches that has best maintained its hype. Launched at ~€11,000 in 2016, it’s worth ~€24,000 in 2025. Its peak was ~€38k in early 2022, followed by a contained decline. It thus outclasses most competing chronographs and remains very liquid.

23. Rolex Daytona 116500LN (2016)

Technical Specs: Rolex 4130 caliber (automatic, in-house chronograph). 40mm steel Oyster case, black Cerachrom bezel. White or black dial. Introduced 2016, production until 2023 (replaced by 126500). 2016 Price: €12,000 (new catalog). 2025 Price: ~€24,000 (pre-owned). CAGR ≈ 9–10%. Liquidity Index: High (ultra-demanded steel Daytona, very easy to resell). Analysis: The Daytona has always been a star of residual value, and the 116500 ceramic version provided further proof. Upon its release in 2016, it had a boutique price of €11,800 – and immediately resold for €18–20k on the grey market. This premium only grew until 2022 (the white model reaching €38k at its peak). In 2025, after a correction, the Daytona 116500 trades for around €24k (black) to €28k (white dial). Compared to 2016, this represents ~2x the price, or a CAGR of ~10% over 9 years. It’s not the most spectacular in the basket, but it’s still impressive for a watch produced in relatively large numbers for 7 years. Liquidity is obviously maximal: it’s the symbolic watch, with a perpetual waiting list, making it a quasi-liquid asset on the secondary market – sellable within hours at the right price. Why did it rise so much? Organized scarcity by Rolex (very low boutique availability), the mythical aura of the Daytona fueled by the media, and a shift in positioning (the Daytona has become a status symbol, like a Nautilus or a Royal Oak). One can say that a 116500 bought in 2016 has never been worth less than its purchase price and is even worth twice as much today: zero depreciation, only appreciation, an extremely rare situation for a recent “new” good. Even considering the peak value (€38k) and subsequent fall (€24k), it remains a globally upward curve over 9 years. The Daytona thus perfectly illustrates the notion of an “investment-grade watch” – its performance and liquidity bring it close to a financial asset, with volatility убийца, but a return largely superior to stock market indices (over 2016-2025, +100% vs S&P500 ~+140%, but with a beta disconnected from the stock market). It’s no surprise then to see the Daytona appear in numerous “top watches to invest in” lists – it ticks all the boxes for outperformance. Explore auctions for the Rolex Daytona 116500LN on Catawiki and grab a great deal Discover the Rolex Daytona 116500LN at Exquisite Timepieces if you prefer a more traditional and high-end shopping experience.

24. Rolex GMT-Master II “Batman” 116710BLNR (2013)

Technical Specs: Rolex 3186 caliber. 40mm steel case, Cerachrom blue/black bezel (nickname Batman). Polished/center Oyster bracelet. Launched in 2013.

2013 Price: €7,500 (new catalog). 2025 Price: ~€18,000 (pre-owned). CAGR ≈ 8%. Liquidity Index: High (highly prized modern Rolex sports watch, fluid trades). Analysis: Released right in 2013, the GMT “Batman” experienced the typical meteoric rise of ceramic Rolex sports watches. Initially offered at ~€7.5k new, it quickly became scarce, exceeding €10k in 2016, €15k in 2019… to culminate at over €20k at the heart of the 2022 bubble. In 2025, it stabilizes around €18k, or +140% vs. its original price in 12 years (CAGR ~8%). This performance places it well above average Rolex growth and even that of a contemporary ceramic Sub. Its liquidity is excellent: very widespread (Rolex produced it for 6 years) but still highly demanded, meaning any example finds a buyer quickly. The BLNR benefited from a particular aura by being the first ceramic two-tone bezel, and its color combination was an instant hit. It was also relatively spared by crashes (the arrival of the Jubilee bracelet version in 2019 didn’t lower its predecessor’s price). One could say it’s an uneventful investment: ~doubled in 12 years, easy liquidity, enduring appeal thanks to the relay by the 126710BLNR version. Compared to the Pepsi 16710 (older, seen above), the Batman illustrates that buying modern can also yield big returns, not just vintage. Obviously, this worked because it was a steel Rolex sports watch – many other watches launched in 2013 are not worth more in 2025. The BLNR is one of those safe bets confirming that over a ~10-year horizon, a sporty Rolex has every chance of beating the global index: the brand is ultra-healthy, demand doesn’t wane, and range evolutions create winners as was the case here. Your next Rolex GMT-Master II Batman 116710BLNR could be on Catawiki, check out the auctions Exquisite Timepieces also offers the Rolex GMT-Master II Batman 116710BLNR for those seeking a direct transaction and personalized service.

25. Cartier Tortue Monopoussoir CPCP (2000)

Technical Specs: Cartier 045 MC caliber (manual, single-pusher chronograph, THA/Lemania base). ~43 × 35mm rose gold Tortue case. Guilloché dial, Roman numerals. CPCP edition ~2000, run of ~200 ex.

2013 Price: ~€10,000 (pre-owned). 2025 Price: ~€30,000 (pre-owned). CAGR ≈ 10%. Liquidity Index: Low (very rare watch, large budget, occasional sales only). Analysis: Another gem from the Collection Privée Cartier, the Tortue Monopoussoir has literally exploded in value recently. A single-pusher chronograph watch housed in an elegant Tortue case, produced in barely a few hundred examples, it was worth around €10k pre-owned 10 years ago – few people were looking for this type of piece then. Today, rare auction appearances exceed €30k. The CAGR is around 10%, aligning with the best in the panel. The reason is simple: it’s an exceptional watch, combining independent haute horlogerie (movement developed with FP Journe/D. Flageollet of THA) and vintage Cartier prestige. For a long time, this cocktail was misunderstood by the market; but since around 2018, there’s been an enormous appeal for complicated Cartier CPCPs. The Tortue Monopoussoir is its spearhead, its « Milan » edition even reaching records (€60k). Admittedly, liquidity remains low – we’re talking about a few pieces in circulation, sold among major collectors. Nevertheless, this Cartier chrono has gone from an insider’s secret to a sought-after grail, resulting in a threefold valuation. It’s a striking example of extreme revaluation through the confluence of rarity and hype: when major media and watch influencers pointed out, « look at the CPCPs, they’re undervalued, » the market recalibrated at lightning speed. For those who owned one before, the return was meteoric. This phenomenon is not unlike what’s been seen in art or rare wines – hence the relevance of including such pieces in a « value » index despite their high price segment. Catawiki offers a selection of Cartier Tortue Monopoussoir CPCP: find yours now If auctions aren’t your cup of tea, the Cartier Tortue Monopoussoir CPCP is available at Exquisite Timepieces with top-notch customer support.

26. Vacheron Constantin 222 “Jumbo” (1977)

Technical Specs: VC 1121 caliber (automatic extra-thin, JLC 920 base). 37mm steel case, integrated design by Jorg Hysek. Tritium dial, date. Production ~500 ex. from 1977 to 1985.

2013 Price: ~€10,000 (pre-owned). 2025 Price: ~€50,000 (pre-owned). CAGR ≈ 14–15%. Liquidity Index: Low (very rare watch, now very expensive, few buyers/sellers). Analysis: Perhaps the most spectacular turnaround on this list is that of the Vacheron 222 Jumbo. Long the poor cousin of the “big three Genta sports watches” against the Royal Oak and Nautilus, the steel 222 could be found for around €8–12k in 2013. It then interested only a handful of enlightened collectors. And then, like a phoenix, the 222 re-emerged: Vacheron made it the centerpiece of its heritage marketing (Historiques 222 gold reissue in 2022), and suddenly demand for the original ignited. In the space of 5 years, its value quadrupled or quintupled: it now trades between €40k and €60k depending on condition, with a top example even reaching €100k at auction (mid-2022). If we take ~€50k, that’s +400% in 12 years, or ~15% CAGR – one of the highest in the panel, rivaling the Snoopys or turquoise OP41. Obviously, this is a late surge concentrated in 2018–2022, but the result is there. Liquidity: very low, as most owners don’t sell and potential buyers are handpicked. Nevertheless, every auction appearance sends prices психический. The VC 222 Jumbo has become a trophy, partly thanks to the narrative: it’s the missing piece of the 70s Genta trio, produced in much smaller numbers. The market aligned with this argument, hence the brutal correction of a historic undervaluation. For our “value” index, it’s a home run: it literally outclassed everything, including the Nautilus/APs in the recent period. It’s proof that late revaluation opportunities still exist, especially when a major house decides to push a model from its heritage – here, Vacheron’s strategy directly benefited owners of vintage 222s, transforming a good gold investment watch into a veritable gold mine. The Vacheron Constantin 222 Jumbo is available here on Catawiki (many rare models and great auction opportunities) Find your Vacheron Constantin 222 Jumbo at Exquisite Timepieces, an excellent alternative for a secure purchase and luxury service.

27. F.P. Journe Chronomètre Bleu (2009)

Technical Specs: FPJ 1304 caliber (manual, double barrel). 39mm tantalum case. Mirror blue lacquered dial. Production introduced 2009, Souveraine collection (not limited but low production). 2013 Price: ~€20,000 (new). 2025 Price: ~€40,000 (pre-owned). CAGR ≈ 8%.

Liquidity Index: Medium (strong collector demand, but restricted supply, sometimes takes time). Analysis: In the realm of independents, François-Paul Journe’s Chronomètre Bleu has achieved cult status. In 2013, this watch was worth €20k new and could be found slightly below that pre-owned, with FP Journe still relatively under the radar. But the master watchmaker’s notoriety exploded mid-2010s, triggering a rush for his pieces, particularly this “Bleu” model – simpler but boasting a unique style (tantalum case, dazzling blue dial). In early 2022, a CB went for €80k at auction! After a cooldown, its value is around €40k in 2025, still double its 2013 price. Its CAGR of ~8% over 12 years is excellent, though non-linear (huge 2021 bubble followed by a 50% correction). Liquidity is medium: demand is enormous (every example listed finds a buyer), but supply is sparse, as FP Journe produces few and owners are attached to their watches. It can sometimes take patience to acquire one at the right price. Nevertheless, compared to many independents, FP Journe has become a blue-chip independent: the valuation of his watches places him just after Patek/AP in terms of desirability. The Chronomètre Bleu is its accessible flagship, and its journey exemplifies the boom in the high-end independent segment. For an investor in 2013, it was a bet on a living watchmaker – a bet that paid off by multiplying its value by ~2 (or even 4 at the bubble’s zenith). It demonstrates that investing in a recognized creator can be as rewarding as investing in an artist: higher risk (low liquidity, niche market), but extremely strong valuation potential if the creator achieves ultra-cult status, as is the case for Journe today. Discover the F.P. Journe Chronomètre Bleu and other horological treasures on Catawiki For a serene acquisition and attentive customer service, explore the F.P. Journe Chronomètre Bleu on Exquisite Timepieces.

28. Patek Philippe Perpetual Calendar 3940J (1985)

Technical Specs: Patek 240 Q caliber (automatic, perpetual calendar, moon phase, micro-rotor). 36mm yellow gold case. Cream dial, 3 subdials (day-date, month-year, 24h-moon phase). Produced 1985–2007. 2013 Price: ~€25,000 (pre-owned). 2025 Price: ~€35,000 (pre-owned). CAGR ≈ 3%.

Liquidity Index: Low (complicated dress watch, restricted audience). Analysis: The only perpetual calendar on the list, the Patek 3940 shows a more modest performance. In 2013, this magnificent gold QP traded for ~€25k, already considered “far too cheap for a Patek grand complication.” In 2025, it’s worth around €35–40k depending on configuration (sealed, etc.). The CAGR of about 3%/year is the lowest in the basket – roughly, the 3940 just kept pace with inflation and the general rise in gold prices, nothing more. Nevertheless, compared to the global index, it held its own, and compared to other dress QPs (often declining on the market), it resisted well. Liquidity remains low: the clientele for these classic Pateks isn’t the most active, and many 3940s sit in safes. Patek has released multiple QPs since, putting downward pressure. So, it’s a relative success: it didn’t frankly “outclass” the market, but it preserved its capital, which is already a form of victory for a watch of this kind (many other QPs, from Lange or Vacheron for example, lost value between 2010 and 2020). The explanation lies in its love affair with purists: the 3940 is considered one of the most elegant and accomplished Pateks of the late 20th century. Its revaluation isn’t speculative; it’s progressive through generational collector renewal. As an investment, it’s the tortoise to the Rolex/AP hares: slow but steady progress. It reminds us that classic grand complications are a foundational investment, possibly offering fewer quick gains but bringing the prestige of a Patek complication to their owners. For a diversified index, it provides stability. However, it’s clear that in the 2013–2025 context, it was mainly sports watches that outperformed in pure performance, relegating QPs to the bottom of the table despite their intrinsic beauty. Explore auctions for the Patek Philippe Perpetual Calendar 3940J on Catawiki and grab a great deal The Patek Philippe Perpetual Calendar 3940J can also be yours via Exquisite Timepieces, a specialist in luxury watches with exceptional customer service.

29. Panerai Luminor Marina Pre-V (5218-201/A, 1993)

Technical Specs: Panerai OP I caliber (manual, Unitas 6497 base). 44mm Luminor steel case, crown guard. “Marina” 2-line dial. Pre-V series (pre-Vendôme) produced 1993, ~120 ex. 2013 Price: ~€15,000 (pre-owned). 2025 Price: ~€40,000 (pre-owned). CAGR ≈ 8%. Liquidity Index: Low (ultra-rare, Paneristi collectors only, extremely rare sales). Analysis: Here’s a counter-intuitive performance: while contemporary Panerais plummeted from 2013 to 2020, pre-1997 Panerais (Pre-Vendôme era) exploded. The 5218-201/A reference, a 44mm Luminor Marina from 1993 produced in ~120 examples, was worth around €15k in 2013 (already more than a new modern Panerai). Today, it’s one of the most sought-after by historic Paneristi, and its rare auction appearances peak at ~€40k. Its CAGR is around 8%, comparable to Rolexes. What’s happening? Essentially a reallocation of Panerai passion: the “mass” brand disappointed and saturated the market, while hardcore collectors retreated to the very first series of the 90s, produced by the small family manufacture for the Italian Navy. These Pre-V pieces are the Panerai holy grail, and their ultra-limited number created an organized shortage. With the nostalgia effect (90s vintage), they rose while the rest of the brand plunged. Liquidity is low: it’s a micro-market of Panerai connoisseurs, often sales are private. But demand is there and willing to pay the price. For those following the global index, it’s a nice case of a contrarian play: when most said “Panerai is dead” (values halved between 2013 and 2018), those who invested in the few mythical Pre-V references actually did very well. This proves that even in a declining brand, there can be gems that appreciate, because the collector’s market isn’t monolithic. Ultimately, the 5218-201/A outclasses most watches from major brands over 12 years, despite the gloomy image attached to Panerai during this period – it’s all about choosing the right reference. Your next Panerai Luminor Marina Pre-V 5218-201/A could be on Catawiki, check out the auctions Exquisite Timepieces is another excellent option for the Panerai Luminor Marina Pre-V 5218-201/A, especially if you appreciate bespoke service.

30. Omega Speedmaster “Silver Snoopy Award” 2015 (311.32.42.30.04.003)

Technical Specs: Omega 1861 caliber. 42mm steel case. White dial with Snoopy comic strip + inscriptions, silver Snoopy on blue enamel sapphire case back. Limited edition of 1,970 ex. released in 2015.

2015 Price: €6,000 (new catalog). 2025 Price: ~€30,000 (pre-owned). CAGR ≈ 17%. Liquidity Index: Medium (highly sought-after, few on the market, sells дорого but buyers scramble). Analysis: Let’s close with one of the decade’s sensations: the 2015 Speedmaster Silver Snoopy. We saw the 2003 Snoopy triple – the 2015 did much more. Sold for €6k new, instantly sold out, it reached €30k in a few years, or +400%. Its CAGR of ~17% over 8 years places it almost on par with the turquoise OP41 (except this is over a full 8 years, a remarkable performance). It symbolized collector appeal for limited series with fun storytelling. The successful execution of the 2015 Snoopy design (illustrations, « Failure is not an option » quote) created a love-at-first-sight effect, turning this Speedmaster into a speculative object from the start. Its price steadily climbed sale after sale, up to ~€40k in 2022. After normalization, ~€30k in 2025. Liquidity is medium-low because at this price level, buyers are selective, but demand still outstrips supply (only 1,970 examples). Omega, of course, released an unlimited Snoopy 50th in 2020, which somewhat calmed the frenzy over the 2015 model while consecrating it as a cult object for being the « last limited Snoopy. » For investors, it’s a jackpot: +400% in <10 years excluding fees. Of course, one had to dare to spend €6k on a new Speedy in 2015 and refuse to wear it, but those who did literally outperformed the stock market. This final example confirms a strong trend from 2013–2025: playful limited-edition watches have acquired collectible status (think also of the Swatch-Omega MoonSwatch which, without reaching these heights, generated its own bubble). The 2015 Snoopy will go down in history as the watch that proved you can link humor, heritage, and financial value. It closes this ranking beautifully, demonstrating that with flair and a bit of luck, the passionate buyer of 2015 could achieve one of the best capital gains of the watchmaking decade – all while enjoying a decidedly likable watch. Catawiki offers a selection of Omega Speedmaster Snoopy Award 2015: find yours now Consider Exquisite Timepieces for your Omega Speedmaster Silver Snoopy Award 2015 if you prioritize an immediate purchase and top-tier customer service.

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After this overview of the 30 references, it appears that the highest performances predominantly come from models with strong enthusiasm (social media hype or collector hype), often combined with limited supply (limited editions, restricted or discontinued production). Conversely, more classic or mass-produced watches (e.g., Patek QP 3940, JLC Memovox) have more modest performances, sometimes barely above the global index. Graph 1 (described above) already showed the outperformance of the Value Index vs. the global market from 2013–2025. It can be added that this outperformance was accentuated during the euphoric phases of the market (2020–2022 bubble), where our “value” watches grew much faster than average, and then generally held up better during pullbacks (some corrected, but none fell back to their initial level). In summary, the recurring key drivers are detailed below.

Analysis of Performance Drivers

Several key factors emerge from the study of these market-outperforming watches:

• • • • Real or perceived rarity: This is probably the most obvious common denominator. Many of these references were either produced in small quantities (Cartier CPCP, FP Journe, Patek 5711/Aquanaut by quota, etc.), discontinued, or limited in time (Rolex OP turquoise 2-year production, Speedmaster Snoopy 1970 ex., etc.). Rarity fuels price increases by imbalancing supply/demand in favor of sellers. In some cases, rarity is organized by the brand (Rolex, Patek), in others it’s natural (small manufacturer or old, finished production). For example, the Vacheron 222 (≈ 500 historic ex.) largely outperformed because it was intrinsically rare. Similarly, the Royal Oak Jumbo was allocated sparingly, creating long waiting lists – fertile ground for speculation.
    • • “Hype” effect & media narrative: Several watches in the panel saw their value explode following intense media or social media exposure. The “Tiffany” OP is the emblematic example, boosted by Instagram and the turquoise trend. The Snoopy editions clearly owe their aura to numerous publications celebrating the pop culture nod and the Apollo 13 story, even becoming a meme in the community. One can also cite the Nautilus 5711A “last edition Tiffany” sold for $6.5M in late 2021, which had a ripple effect on all turquoise watches and the Nautilus/Patek craze globally. Another case, the Tank Cintrée CPCP: an article from Hodinkee or Collectability can suffice to “reveal” such pieces to the wealthy general public. Thus, positive media coverage – whether orchestrated by the brand (anniversary campaign, reissue, invited influencers) or spontaneous (virality of a color) – creates a powerful demand pull that drives up prices. This phenomenon has intensified with the financialization of the watch market: as soon as a model is perceived as “hype,” many speculative buyers enter the fray, exacerbating the rise. This is the dynamic that propelled the Royal Oak to the top (hypebeast culture seized upon the tapisserie motif and AP’s value).

• • Accessibility of entry price: A more subtle factor is the role of the relatively low initial price of some watches, which favored wide dissemination among buyers – and thus a possible demand explosion later. For example, the 2015 Snoopy cost “only” €6k, making its purchase feasible for many collectors, creating a very broad fan base once sold out (hence strong residual demand, hence price increase). Ditto for the turquoise Oyster Perpetual: it’s an entry-level steel Rolex, which made it ultra-coveted among a young audience seeking a “fun Rolex entry ticket.” Its relative accessibility paradoxically contributed to its skyrocketing value once scarcity set in. It’s often observed that the highest percentage gains are made on initially affordable watches; conversely, pieces expensive from the start (e.g., a Patek Grande Complication) have less room for percentage growth because the customer base is smaller. This is evident in our index: the top 5 CAGRs are occupied by watches that initially cost between €5k and €15k, not those already worth €50k. The collector market loves to unearth cheap “sleeper hits” and push them upwards, more so than rewarding ultra-high-end pieces (with exceptions like the Nautilus).

• • “Business-Casual” compatibility and lifestyle trend: A non-quantifiable but real aspect is suitability for contemporary lifestyles. The 2010-2020s cemented the dominance of casual chic, luxury streetwear, etc. Many outperforming watches fit these codes perfectly: versatile steel Rolex sports watches, Royal Oak/Nautilus in steel that go just as well with a t-shirt as a suit – the famous “one watch collection” watch. Cartier benefited from the “quiet luxury” wave (discreet but luxurious models worn by style figures, e.g., Succession). Ultimately, watches that pair well with a young, dynamic, versatile style have had the wind in their sails. For example, the GMT Batman, the Daytona, the Aquanaut, embody this vibe of everyday-usable luxury items: this is what the new affluent clientele seeks, boosting demand. Conversely, very formal or anachronistic watches (yellow gold, 33mm, dressy triple calendar) have lagged in value. The market values what is “worn and seen,” and thus watches aligned with current fashion codes have acquired a valuation premium. Our index is living proof: over 70% of the references are sports models or have a distinctly casual design (Graph 2 above, blue + green + red sector), very few purely “dress” watches. This factor is linked to the previous ones: media hype often revolves around an aesthetic (Tiffany blue, fun Snoopy, etc.), and price accessibility is more common in steel/casual lines than in complicated watchmaking.

Combining these factors, we can outline the typical profile of an outperforming watch: limited production + strong lifestyle desirability + reasonable initial price. Obviously, not all of them cumulate these (a Royal Oak Jumbo isn’t cheap initially, a Snoopy isn’t a versatile business design), but each ticks at least two boxes, forming a favorable cocktail for creating a horological “safe haven” that appreciates in value. A major contextual ingredient must be added: overall market liquidity and investor inflow. From 2013–2022, luxury watches transitioned from passion objects to a recognized asset class, supported by indices, financial reports (Morgan Stanley, etc.), and media coverage of record sales. This capital inflow amplified the rise of models deemed most “bankable” (hence bubbles on Rolex/AP). In other words, our index’s performance didn’t happen by chance: it benefited from an exceptional macro context (low rates, abundant liquidity, new wealthy individuals in Asia, etc.) that boosted demand for watches as a pleasure investment. In conclusion, while the 2025 Index highlights excellent performances and watch investing from 2013–2025 could have been more lucrative than many other investments, the specific risks of this passion-driven market must not be overlooked. Patience, rigorous selection of pieces (as we did with these 30 references), and management of practical aspects (insurance, framed resale) are indispensable for transforming potential “virtual” capital gains into real, secure profit for the collector-investor. Ultimately, the analysis of these “value” watches underscores that luxury watchmaking, when targeting the right references, offered from 2013–2025 not only horological pleasure, but also more than respectable returns – while reminding us that the market is not unidirectional and that prudent management is necessary to realize these performances. The future will tell if the 30 chosen for our index will continue to outperform the market in the coming decade, but their history already establishes a valuable benchmark for anyone wishing to combine passion and investment in the world of haute horlogerie. « `