Business News: Secondary Market Prices Climb, James Marks Jumps To Sotheby’s, Christie’s Grabs Cartier Watch Record
Summer shows no signs of slowing down - it's been a busy few weeks in the watch industry. Secondary market prices have posted gains for three consecutive quarters, the first sustained climb since 2022, suggesting the market may finally be stabilizing after the post-pandemic boom and correction. In the auction world, a veteran executive has made a high-profile move from Phillips to Sotheby's, and Christie's has just claimed the record for the most expensive Cartier wristwatch ever sold - a title that changed hands twice in the span of a few weeks. Here's a round-up of some of the latest business stories from around the industry. Secondary Market Watch Prices On A Winning Streak After years of declines, prices on the secondary watch market are stabilizing and have posted gains of more than 1% for three consecutive quarters, according to an analyst report from Morgan Stanley and WatchCharts. An index of pre-owned watch prices compiled by WatchCharts rose 1.9% in the first three months of the year from the previous quarter, led by gains from a wide swath of brands including Longines, Patek Philippe, and Zenith, the data shows. It's the first time since 2022 that prices have climbed significantly for an extended period. The results suggest a broad recovery in secondary market values, driven by rising primary market prices, tariffs on watches entering the U.S., and increased confidence and interest in the pre-owned premium watch market. The gains were broad-based, with 25 of...
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