Looking to invest in a Patek Philippe or Piaget? A vintage watch may be your answer.

In 2021 alone, pre-owned watch sales reached an astounding US$22 billion ($28 billion), accounting for nearly one-third of the overall US$75 billion luxury watch market. This segment is expanding faster than the first-hand watch market, and this trend is projected to continue. However, with this year’s slower global growth and trade policy uncertainty, it is worth noting that every investment comes with its own risks, so buyer’s discretion is always advised.

Why invest in timepieces over fashion? 

While designer handbags and ready-to-wear outfits are must-haves for a fashion collector, luxury timepieces offer a compelling advantage with fewer barriers to entry, particularly in the pre-owned market. Investor attention has notably concentrated on a handful of models – the Patek Philippe Nautilus, Audemars Piguet Royal Oak, and Rolex Daytona and GMT-Master II – driven by strong growth in online consumer conversations. In the second-hand market, these coveted models typically command prices up to 200 per cent of their first-hand market value.

For instance, individual Rolex Cosmograph Daytona watches, with a retail price of US$14,800, were recently selling on pre-owned watch exchanges for US$24,250 to US$38,500. This stark contrast highlights the significant appreciation potential of certain timepieces, making them a more tangible and often more lucrative investment than the majority of fashion items, which can quickly depreciate. As far as investments go, only a few luxury bags gain value over time. According to CNBC, the Hermes Birkin has a value retention rate near 90 per cent or higher, but one must note the investment return depends heavily on the bag colour, condition and demand. And according to Sotheby’s, the 40-year compound annual growth rate of a Birkin bag is 5 per cent.

Where to buy vintage timepieces?

The journey to acquiring a vintage timepiece has never been more accessible. While buying pre-owned luxury watches was once primarily limited to auction houses, the landscape has evolved with the emergence of reputable online sources such as Hodinkee, Chrono24, and Crown & Calibre.

Online sales have already surpassed auction and traditional store sales, and studies indicate that they are on track to account for nearly 60 per cent of the second-hand luxury watch market by 2026, according to a BCG report.

Indeed, the booming demand for vintage watches has spurred a significant shift within the industry, leading storied watchmakers like Audemars Piguet, Longines and Rolex to establish their own certified pre-owned programmes. Younger brands such as Richard Mille were early adopters, having launched its programme back in 2015.

Jaeger-LeCoultre launched “The Collectibles” line in 2023, offering the watch community a meticulously curated selection of rare timepieces in peerless condition. This initiative encompasses iconic models such as the Reverso, Geophysic, Futurematic, and Memovox. Clients purchasing timepieces from “The Collectibles” capsule not only enjoy a three-year warranty, but also receive an extract from the archive, detailing the watch’s original factory specifications.

Matthieu Sauret, director of Product Marketing & Heritage at Jaeger-LeCoultre, shares: “The vintage market for the Maison has changed a lot in recent years, as research through the use of the Internet and Instagram enables aficionados to leave the common trails and discover the stories of rare timepieces with a great pedigree.”

The surge in interest in vintage watches has propelled brands” restoration departments into overdrive. Rolex has a dedicated restoration atelier at its Geneva headquarters, where master watchmakers expertly combine traditional and modern techniques to ensure that vintage pieces run like new, while preserving their original patina.

A similar commitment is seen at Piaget, where specialists can repair any Piaget timepiece from the last 150 years. The restoration takes place at Piaget’s historical manufacture in La Cote-aux- Fees, Switzerland, where master watchmakers meticulously disassemble the watch, restore faulty parts, replace components, or even manufacture new parts if they are no longer available.

Which vintage timepieces should you purchase?

For those venturing into the world of vintage watch collecting, expert advice can be invaluable in making smart investment choices and finding truly special pieces. Accountant Shawn Tan, who is also the owner of Heirloom Gallery, suggests that every lady should invest in at least three vintage watches for their collection, as “every occasion – sport, casual and dress – definitely calls for a different watch”. He emphasises the importance of thorough research before making a purchase, advising against rushed decisions.

“Watch collectors usually go through phases,” he shares, adding that the more you know about brands, history and movements, the better choices you’ll make. Each vintage timepiece has its own historical significance and offers a peek of the past from each era.”

Stephanie Soh, 50, co-founder of TickTockBelles, is particularly fond of vintage Cartier, especially those with Paris dials. She has personally witnessed their skyrocketing value: “I used to spend less than $5,000 for a vintage Cartier, but these days, a pristine condition vintage Cartier can run into six digits, as seen in the recent Bonhams auction where the Cartier Bamboo Coussin went for £76,600 ($133,600).”

Toby Sutton, co-founder and director of Watches of Knightsbridge, echoes this sentiment, stating: “Vintage Cartier is the hottest thing at the moment. They are much rarer than most other vintages because Cartier didn’t make as many watches as Rolex, Omega, and all the other brands. They’re a lot rarer and the demand is really high, which has pushed prices up.”

Helbert Tsang, 38, co-founder of The Horology Club, an inclusive watch-collecting community in Hong Kong, suggests that vintage Patek Philippe watches from the 1930s to 1950s are consistently appreciated by collectors. He says: “Their classical design and the incredible craftsmanship that has gone into those watches make them timeless and pair well with most outfits. The fact that Patek Philippe keeps detailed records of all the watches it has manufactured makes them even more collectible.”

For those seeking a truly distinctive aesthetic, Deborah Wong, co-founder of TickTockBelles, recommends stone dials. A big fan herself, Deborah says: “There are a variety of vintage stone dials timepieces that are worth noting, such as those from Piaget and Baume & Mercier.” She advises collectors to “look for rare stones and different stone combinations set within a dial”.

This escalating demand for unique, historically rich pieces was strikingly evident at the recent Bonhams Hong Kong watches auction in May, which achieved a 100 per cent sell-through rate for two single-owner collections. One collection showcased neo-vintage timepieces, while the other highlighted Piaget’s distinctive stone dials – lapis lazuli, malachite and meteorite – celebrated for their craftsmanship and unique design.

Caring for your new old friend

Once you’ve acquired your vintage treasure, proper care is essential to preserve its beauty and functionality. Most vintage watches are not designed to be water-resistant, so it’s crucial to keep your vintage watch away from water. Water can damage the dial and lead to mechanical failure and rust.

Additionally, steer clear of strong magnets, as they can disrupt the watch’s delicate movement. Just like a car needs regular maintenance, your vintage watch requires professional care. Get it serviced every three to five years to ensure that it continues to tick perfectly.

“Always keep a digital record of your collection with regular updates of your new purchases showing the value and time of purchase, as well as their service history,” advises Shawn. This systematic approach helps you track your investment’s performance and remember crucial service dates.

Watches to watch

For those looking for a starting point in their vintage watch investment journey, there are several brands with admirable provenance that remain undervalued. This includes brands like Longines, Zenith, Vacheron Constantin, Girard-Perregaux, Breguet and Blancpain. Here are some models that experts recommend keeping on your radar.

Universal Geneve Polerouter

This dashing watch boasts a great design and a rich history. While the larger sizes (34/35mm) are becoming pricier, there’s still excellent value in the smaller 27mm or 24mm models – ideal for those with daintier wrists.

Vacheron Constantin

These watches are often hailed as part of the “holy trinity” of watchmaking. A lesser- known secret is that their vintage pieces frequently offer a better value proposition than vintage Pateks from the same era, despite being equally beautifully crafted. Furthermore, fewer Vacheron Constantin watches were produced, making each one even rarer.

Franck Muller

As part of a vanguard of independent watchmakers in the 1990s, Franck Muller earned recognition for his exceptional ability to restore and create complex movements. Early watches frequently showcased sophisticated complications such as tourbillons, minute repeaters, and perpetual calendars. Watches signed “Franck Geneve” predate the official launch of the Franck Muller brand in 1991, and are particularly coveted by collectors.