Luxury Watch Market Stabilizes While Crypto Market Weakens

• Luxury watch secondary prices rose about 4% in six months, while Bitcoin fell roughly 25%.
• Luxury watch prices stabilize as inventory declines and global retail prices rise 7%.
• Top luxury watch brands lead recovery, aided by certified pre-owned resale programs.

Luxury watch prices are moving higher again, even as crypto markets continue to weaken, pointing to a growing divergence between physical scarcity assets and digital risk trades.

Secondary-market prices for high-end watches have risen by about 4% over the past six months, according to WatchCharts data, while Bitcoin has fallen roughly 25% and the broader crypto market, as measured by the CoinDesk 20 index, has dropped more than 30% over the same period.

Secondary Watch Prices Stabilize After Prolonged Decline

Data from WatchCharts shows that the index tracking thousands of luxury watch references across major brands has climbed over the past half-year. The increase follows nearly two years of declining prices, which weighed on the secondary market after the pandemic-era surge.

In a recent joint report, Morgan Stanley and WatchCharts said the recent gains signal stabilization rather than a return to speculative excess. The bank noted that excess inventory accumulated during the downturn has largely been cleared, while forced selling has faded. Sellers have also become less willing to accept further price cuts, contributing to firmer secondary-market pricing.

Retail price increases have also played a role. According to the report, global retail prices for luxury watches have risen by roughly 7% since early 2025, helping to anchor resale values even as overall transaction volumes remain subdued.

Gains Concentrated at the Top End

The recovery has been uneven across the market. Morgan Stanley said price strength has been concentrated in brands with established pricing power, while most other watch brands continue to trade at large discounts in the secondary market.

The report also pointed to the growing influence of controlled resale channels, particularly certified pre-owned programs, which have helped reduce volatility and support prices for high-end models. These channels have introduced more structure into the resale market, limiting abrupt price swings seen during the earlier downturn.

The rebound in watches stands in contrast to recent performance in crypto assets. After moving largely in tandem during the pandemic years, luxury watches and cryptocurrencies began to diverge in 2024. At that time, Bitcoin rallied on expectations of and eventual approval for spot exchange-traded funds, while watch prices continued to decline amid tighter financial conditions. That gap has since flipped, with secondary watch prices rising in recent months as Bitcoin and the broader crypto market retreat.

Related: Bitcoin’s 2025 Decline Was a Liquidity Event, Not a Failure