Switzerland’s luxury watch industry is showing signs of recovery in the secondary market, with record auction prices for independent watchmaker F.P. Journe helped to restore confidence among collectors and investors. According to the Financial Times, Phillips achieved a record CHF 74.8 million, approximately $96.3 million, across its May 2026 Geneva watch auctions, the highest total ever recorded for a watch auction. A rare F.P. Journe Chronomètre à Résonance Souscription, No. 007, made approximately $13.92 million, setting a record for the independent watchmaker and highlighting the growing appetite for exceptional timepieces. The results suggest that demand is strengthening for rare watches with distinctive engineering, craftsmanship and provenance, even as the broader luxury market continues to navigate economic uncertainty.
The strength at the top of the market contrasts with more uneven conditions across Switzerland’s watchmaking industry. In a September 2026 report, Bloomberg noted that Swiss watch exports stabilised at CHF 12.2 billion in the first half of the year, although their value remained 0.6 per cent below the same period in 2025. Export volumes increased by 2.3 per cent, while approximately 75 per cent of value growth was concentrated in watches representing just 1.3 per cent of export volume. Independent makers such as F.P. Journe have benefited from collectors’ interest in limited production, technical innovation and individual watchmakers’ reputations. Meanwhile, brands operating in the CHF 25,000 to CHF 50,000 price segment have faced weaker demand, demonstrating that the recovery is concentrated in particular parts of the market rather than spread evenly across the industry.
The renewed interest in F.P. Journe also reflects a wider shift in luxury watch collecting towards rarity, craftsmanship and long-term desirability. Auction houses including Phillips, Sotheby’s and Christie’s have reported strong results, while secondary-market data cited by the Financial Times showed prices for Patek Philippe rising 17.1 per cent year on year in the first quarter of 2026. Across 35 Swiss watch brands tracked in the same analysis, prices increased 1.9 per cent quarter on quarter, extending a recovery that began in early 2025 after the market’s 2022 peak. However, exceptional auction results should not be mistaken for a universal price recovery: highly unusual pieces with significant provenance can command sums far above ordinary production models. For Swiss manufacturers, the challenge is to translate renewed collector confidence into sustainable demand across a wider range of products while navigating tariffs, currency pressures and changing consumer spending patterns.
