veryWatch released the Secondary Market Movements Report — Year 2025, a comprehensive data analysis of global pre-owned luxury-watch transactions across dealers, auctions, and regions.

The report finds that global secondary-market sales reached $16.73 billion in 2025, representing 36.4% year-on-year growth. Dealer-led pre-owned transactions accounted for $15.65 billion, while auctions contributed $1.09 billion, confirming that most market expansion occurred within the broader dealer ecosystem rather than the trophy-driven auction segment.

Crucially, the year’s growth was liquidity-driven rather than price-driven. Transaction volume, turnover rates, and time-to-sell emerged as the primary indicators of real demand, replacing speculative appreciation as the dominant market narrative. Institutional participation accelerated significantly.

Rolex Certified Pre-Owned alone generated approximately $590 million in secondary-market sales, expanding more than 200% year-on-year and reinforcing the strategic shift toward retailer-mediated resale.

At the same time, collector behavior revealed a decisive shift toward conviction at the high end: a $150,000 F.P. Journe sold as quickly as a $3,500 Tudor, illustrating that price sensitivity weakened where confidence and scarcity aligned.

The report also documents a continued expansion of the trophy segment, with million-dollar watch sales rising from 63 to 79 year-on-year, alongside multiple eight-figure auction results. Taken together, the findings indicate that the secondary market has evolved from a reflection of the watch industry into one of its primary pricing and liquidity mechanisms.