June’s numbers confirm what insiders have been sensing all year: the secondary market is alive with energy, but the drivers of value are shifting. Transaction value jumped 30.6% month-on-month as listings rose nearly 46%, underscoring both abundant supply and an aggressive hunt for opportunity.
Top Ten Brands
Among the top 10 brands, the average quarter-over-quarter 2025 change in sales was +24%,highlighting broad-based growth across the board. As of June 2025, Rolex continues to dominate the secondary market, accounting for nearly 30% of total market value and 22% of volume, with an aggregated value of $3.66 billion spread across more than 163,000 active listings. The brand’s median time on market sits at just 40 days, underscoring both its scale and the consistent liquidity of its references
Among the heritage maisons, Patek Philippe leads in aggregated value at $2.09 billion, supported by a 19% turnover rate and a 62-day median time to sell. Audemars Piguet matches Patek Philippe's turnover rate but requires a longer 83-day cycle, while Vacheron Constantin posts an 18% turnover with a more efficient 56-day selling period.
Tracking Performance among the Big 3: Audemars Piguet, Patek Philippe, and Rolex
Audemars Piguet closed the quarter with a striking rebound in market performance, proving that strategic pricing adjustments can drive demand. While the brand’s average listing price fell 5.2%, this reset coincided with a surge in momentum: sales volume climbed nearly 47%, and total sales value rose 46.2% compared to the previous quarter. In contrast, Patek Philippe advanced by a more measured 14.3%, and Rolex managed just 2.9%, underscoring how AP’s willingness to ease pricing has given it a sharper competitive edge.
The numbers also highlight differing dynamics at the top of the market. Patek Philippe continues to trade at a premium, maintaining stability but growing at a slower pace, while Rolex’s immense scale shows diminishing marginal returns as inventory expands. By contrast, Audemars Piguet’s growth reflects a balance of accessibility and desirability, where modest price corrections are unlocking a wave of new buyers.
Rolex CPO: A Market Within The Market
Rolex’s Certified Pre-Owned program has now reached critical mass, with 12,138 listings and June sales totaling $67.2 million. The CPO market is valued around $280 million, led by Bucherer at 24% of sales and Watches of Switzerland peaking near $41 million in April. U.S. buyers remain the backbone, contributing $37.7 million in June. Pricing has held steady, with an average of $20,446 in May, the highest since February. Steel and yellow-gold dominate case preferences, reflecting both liquidity and trust in Rolex’s long-term CPO strategy
F.P. Journe and The Independent Surge
F.P. Journe is the undisputed pace-setter among independents. Its turnover rate climbed from 36% in May to a blistering 43% in June, the highest of H1 2025. Journe’s neo-vintage references, averaging $176,000, continue to command premiums above both modern and current pieces, highlighting deep collector conviction in early production eras.
More broadly, independents as a category now hold $282.5 million in aggregated value with stable ~2% market share. While average pricing eased slightly to $19,369, volume growth (+11% since January) shows consistent absorption. Greubel Forsey, De Bethune, and MB&F all recorded double-digit jumps in sales or value, while niche players like Urwerk remain volatile. For serious collectors, the signal is clear: liquidity in the high-independent segment is no longer experimental, it's structural.
The Takeaways for Experts
July’s report confirms the rebalancing at the heart of today’s market: independents are setting the pace, Audemars Piguet is finding fresh traction through pricing corrections, and Rolex is learning the limits of infinite liquidity. For journalists and collectors, this is not just a market update, it’s a realignment of power, and one that will shape how the next season of auctions and private sales are framed.
