<div id="readability-page-1"><div><p>After a 3-year period of relative stagnation, secondary-market prices for luxury watches are rising again. The WatchCharts Overall Market Index, composed of 300 watches taken from the top 10 luxury watch brands, has climbed more than 10% in the last year.</p><p>According to a May Morgan Stanley report made available to its institutional clients, secondary watch prices rose 1.9% in 1Q26.<strong> </strong>This marks the third consecutive quarter in which secondary prices have risen by more than 1%. “Value retention also improved QoQ for all tracked brands, marking the first quarter in which this occurred since 2022,” Morgan Stanley notes.</p><h2>WatchCharts Overall Market Index</h2><p>Underneath the surface, several trends are worth monitoring. As in the past, the market has been led higher by the large, well-known Swiss manufacturers. The WatchCharts Patek Philippe index jumped 18% in the last year and the Rolex index rose 9%. Cartier watches performed well, climbing 9%, while the Audemars Piguet index increased a more modest 5%.</p><h2>Small Watches Are Growing In Popularity</h2><p>Looking even further into the data, a notable trend that is translating into strong secondary-market performance is the shift to smaller watch sizes. Most of the large Swiss brands are embracing the trend, with many showcasing smaller case sizes of popular models at Watches and Wonders, the world’s largest watch trade show held in Geneva last month.</p><p>Patek Philippe launched the smaller, 38mm Nautilus ref. 5610, Audemars Piguet released multiple smaller Royal Oak references; Cartier further expanded its lineup of smaller references; and even Rolex, a company known for its reluctance to change, reinforced the move with new 28mm, 34mm, and 36mm Oyster Perpetual models.</p><p>Why the move to smaller case sizes? There are several explanations. The large, showy sport watches from several years ago are going out of style. Today, watch buyers are looking for more understated pieces that are more refined and comfortable to wear. A smaller watch looks more elegant, even on a large wrist.</p><p>The increased demand for reduced-sized models is evident in the secondary market. The 35mm Patek Philippe Nautilus 7118 is an excellent example. While it has historically been marketed as a ladies' watch, the demand for smaller case sizes has made it an attractive and attainable way to own the more expensive, larger 40mm Patek Philippe Nautilus, though the price gap is beginning to close.</p><p>Over the last two years, the secondary price of the smaller Patek 7118 has risen 52%, compared with a 27% increase for the larger Patek 5711, according to data from WatchCharts. The desirability of reduced-size watches, combined with a more attractive price point, is behind the outperformance.</p><h2>Some Independent Watchmakers Are Ahead Of The Trend</h2><p>It’s not just the large Swiss manufacturers that are driving the trend. Independent watchmakers, who are often less constrained than the larger manufactures, are also introducing smaller models. </p><p>Japan’s Naoya Hida, one of the most respected figures in modern independent watchmaking, is one example. “When I began working in the watch industry in 1990, I was drawn to smaller timepieces. Despite the industry’s shift toward larger cases, my desire to create a refined, compact watch remained,” Hida said. Already known for his 37mm case sizes, Naoya Hida just released the 31mm NH Type 8A. “For me, this model represents the first step toward creating the ideal small watch.”</p><p>NOMOS Glashütte, famously praised by Philippe Dufour, is an independent brand that combines precision engineering, minimalist design, and in-house movements. It embraced the shift toward more refined timepieces long before the industry pivoted to smaller, making compact offerings a core part of its brand identity rather than following recent trends. NOMOS markets many of its models as unisex options, a trend becoming more common as dimensions shrink.</p><p>Demand and interest for luxury watches are rebounding. Dealers are raising prices in stores, and secondary-market values are once again moving higher. For collectors interested in investment value, the next big gains may come from smaller-sized watches.</p></div></div>

西格內特珠寶

KLXY

<p>奢侈手錶的價格在經歷了三年的停滯後再次上漲，WatchCharts 整體市場指數在過去一年中上漲了超過 10%。摩根士丹利的一份報告顯示，2026 年第一季度二手手錶價格上漲了 1.9%，標誌着連續三個季度的增長。值得注意的是，小尺寸手錶越來越受歡迎，百達翡麗和愛彼等品牌推出了更小的型號。獨立製表商也在擁抱這一趨勢。隨着奢侈手錶需求的回升，小尺寸型號可能具有顯著的投資潛力</p>

Luxury Watch Prices Are Rising Again, With Big Gains In Small Watches

福布斯

Tema Luxury ETF

Kraneshares Global Luxury Index ETF

摩根士丹利

MORGAN STANLEY DEP SHS EA REP 1/1000 SHS NON CUM PFD O

MORGAN STANLEY DEP SHS REPSTG 1/1000TH PFD SER Q

MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

MORGAN STANLEY NON-CUM DEP SH REP 1/1000 PFD SER I

MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

MORGAN STANLEY DEP SHS REPS 1/1000 PFD SER 'A'

MORGAN STANLEY DEP SHS REPR 1/1000TH INT PFD SER 'F' FX

MORGAN STANLEY DEP SHS REP 1/1000 NON-CUM PFD STK SER K

奢侈手錶價格再次上漲，小型手錶的漲幅尤為顯著