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he luxury watch market in 2026 is two markets at once. The Swiss industry shipped fewer watches in 2025 than in 2023, while the best pieces at auction keep setting records. This guide sets out what the industry’s own numbers show, and what they mean if you are buying in Australia.
Swiss watch exports fell 1.7% in 2025, to CHF 25.55 billion, and were up 1.7% in January to August 2026, according to the Federation of the Swiss Watch Industry. Watches exported at over CHF 3,000 make up about 80% of wristwatch export value.
At the top of the market, demand held: Phillips sold 937 of 939 lots in its spring 2026 season. Closer to home, Swiss exports to Australia grew 5.5% in January to August 2026.
Summary
Swiss watch exports fell for a second year in 2025: CHF 25,552.4 million, down 1.7%, after CHF 25,993.1 million in 2024.[1][2] The number of wristwatches exported fell faster, to 14.6 million, down 4.8%.[1]
In January to August 2026, exports were CHF 17,240.7 million, up 1.7% on the same months of 2025.[3] In August 2026 the twelve-month average turned positive ‘for the first time in two years’, the federation says.[4]
The auction rooms tell a stronger story. Phillips’ watch auctions totalled US$290,463,315 in 2025, and its spring 2026 season sold 937 of 939 lots.[9][10]
For Australian buyers, the dollar has helped. On the Reserve Bank’s rates, A$1 bought CHF 0.5305 on 31 December 2025 and CHF 0.5794 on 8 October 2026. So CHF 100,000 converted to about A$188,500 then and about A$172,600 on 8 October 2026.[26]
This article is general information about the watch market. It is not a valuation of any particular piece, and it is not advice on whether to buy, sell or hold one.
Every watch HYPA offers, buys or sources is assessed on its own: authenticity, condition, provenance and completeness, in the market as it stands on the day.
Key takeaways
How this guide was prepared
Every figure comes from the organisation that produced it. Export figures are the Federation of the Swiss Watch Industry’s; company figures are Richemont’s and Swatch Group’s own results. Auction prices come from the auction houses’ own results pages and press releases. Tariff dates come from United States government documents, and overseas tax rules from each country’s government or tax authority. Australian figures come from the Reserve Bank, the Australian Bureau of Statistics, the ATO and the Australian Border Force; prices and stores come from the brands’ own websites. This guide uses FH’s export figures, the industry’s own count, instead of a market-size estimate. All were read on 8 October 2026. Auction prices include the buyer’s premium, as each house states.
Swiss watch exports: fewer watches, higher value
The Federation of the Swiss Watch Industry (FH) publishes Switzerland’s watch exports every month. They are exports, not sales to buyers, but they are the industry’s own count.[1]
| Period | Export value | Change | Wristwatches exported |
|---|---|---|---|
| 2024 | CHF 25,993.1m | −2.8% | 15.3 million[2] |
| 2025 | CHF 25,552.4m | −1.7% | 14.6 million[1] |
| Jan–Aug 2026 | CHF 17,240.7m | +1.7% | 9.75 million[5] |
The count fell faster than the value. In 2025 Switzerland exported 740,000 fewer wristwatches than in 2024, and in 2024 it exported 1.6 million fewer than in 2023.[1][2] FH says gold and the Swiss franc ‘reached record highs’ in 2025, raising the cost of Swiss watches abroad.[1]
Since 2019, Swiss watch export value has risen from CHF 21.7 billion to CHF 25.6 billion, while the number of wristwatches exported has fallen from 20.6 million to 14.6 million.[8]
| Period | Export value, CHF billion | Wristwatches exported, million |
|---|---|---|
| 2019 | 21.7 | 20.6 |
| 2020 | 17.0 | 13.8 |
| 2021 | 22.3 | 15.7 |
| 2022 | 24.9 | 15.8 |
| 2023 | 26.7 | 16.9 |
| 2024 | 26.0 | 15.3 |
| 2025 | 25.6 | 14.6 |
The expensive end has held up better since 2023. Watches exported at over CHF 3,000 were worth CHF 19,539.9 million in 2025, about 80% of all wristwatch exports.[5] FH puts that segment’s fall at 1.9%.[1] In 2024 that segment grew 1.0% while watches under CHF 3,000 fell 15.6%.[2] Over the two years, watches over CHF 3,000 lost 0.8% of their export value; cheaper watches lost 16.5%.[2][5] In January to August 2026 it was CHF 13,328.6 million, 2.6% higher than a year earlier.[5]
Where the watches went, and what US tariffs did
The United States is the largest market for Swiss watches: CHF 4,352.9 million in 2025, 17% of the total.[1][6] China fell 12.1% in 2025 and Hong Kong 6.5%.[6] FH says exports to China fell ‘by over a third in two years’.[1]
FH says that in 2025 ‘US trade policy weighed heavily on the sector’s exports to its largest market’.[1] The United States government’s own documents give the dates:
- 7 August 2025: a 39% tariff on Swiss goods, on top of normal duties, under Executive Order 14326.[33]
- 14 November 2025: 15% in total, normal duty included, under a Federal Register notice of 18 December 2025.[34]
- 20 February 2026: the US Supreme Court held that the emergency-powers law behind those tariffs ‘does not authorize the President to impose tariffs’.[36]
- 24 February to 24 July 2026: a temporary 10% surcharge on top of normal duties.[37]
- From 24 July 2026: 12.5% in total on Swiss goods, normal duty included.[35]
In January to August 2026, exports to the United States were 8.3% lower than a year earlier. The United Kingdom was up 10.5%, Hong Kong 2.7% and Singapore 2.9%.[3]
Australia: a small market that is growing
Australia was Switzerland’s 13th-largest watch market in 2024, 2025 and January to August 2026.[2][3][6]
| Period | Swiss exports to Australia | Change |
|---|---|---|
| 2024 | CHF 410.4m | −0.3%[2] |
| 2025 | CHF 424.9m | +3.5%[6] |
| Jan–Aug 2026 | CHF 273.5m | +5.5%[3] |
Australia’s own import figures point the same way. The Australian Bureau of Statistics counts watches and clocks together: A$1,316.7 million of imports in 2025, 80% of it from Switzerland, and 11.8% more in January to August 2026 than a year earlier.[27]
Richemont, which owns Vacheron Constantin and A. Lange & Söhne, said the growth in its group sales in Asia Pacific in its year to March 2026 was ‘led by strength in the South Korean, Australian and Singapore markets’.[50] Swatch Group reported Australian sales up 5% at constant exchange rates in the first half of 2026.[51]
Where the brands sell in Australia
The brands’ own store locators, read on 8 October 2026, list five points of sale for Patek Philippe, including boutiques in Sydney and at 110–114 Collins Street, Melbourne.[57] Vacheron Constantin lists four, including its boutique at 88 Collins Street, Melbourne.[58] Richard Mille lists one, in Sydney, as does F.P. Journe.[59][60]
Patek Philippe publishes Australian prices on its own site. On 8 October 2026 it showed A$128,100 for the Nautilus 5811/1G-001 and A$42,550 for the Aquanaut 5167A-001.[61][62]
The Australian dollar and Swiss prices
A watch priced in Swiss francs costs its franc price divided by the exchange rate. When the A$ buys more francs, the same watch costs fewer dollars.
| Date | A$1 buys | CHF 100,000 in A$ |
|---|---|---|
| 31 December 2025 | CHF 0.5305 | about A$188,500 |
| 8 October 2026 | CHF 0.5794 | about A$172,600 |
Those are the Reserve Bank of Australia’s rates.[26] Watches carry 10% GST in Australia. The ATO’s luxury car tax is a tax on cars, not watches.[28][29]
Where to buy a luxury watch: country by country
Prices and tax differ from country to country. Audemars Piguet publishes its prices by country, though not for Australia. Here is its Royal Oak Selfwinding 15510ST.OO.1320ST.06, converted at the Reserve Bank’s rates for 8 October 2026.[26][63]
| Country | AP’s price | In A$ | Tax a visitor pays |
|---|---|---|---|
| Japan | ¥4,400,000 | A$39,982 | 10%; refunded after export from 1 November 2026[38][39] |
| Hong Kong | HK$232,000 | A$42,499 | None[40] |
| Switzerland | CHF 25,200 | A$43,493 | 8.1%; export exemption through the seller[41][42] |
| United States | US$31,900 | A$45,860 | Plus sales tax: 8.875% in New York City[43] |
| France | €28,900 | A$46,553 | 20%; détaxe where the shop offers it[44][45] |
| Singapore | S$42,600 | A$47,833 | 9%, refunded less a fee[46][47] |
| Great Britain | £25,200 | A$47,854 | 20%, no tourist refund[48][49] |
What changes country by country
- Japan: from purchases made on 1 November 2026, visitors pay the full price and the tax is refunded after customs confirms the export.[39]
- Hong Kong: the Hong Kong government states there is ‘no sales tax or VAT’.[40]
- Switzerland: the export exemption applies from CHF 300, and only the seller claims it.[42]
- Singapore: the refund is paid through the Tourist Refund Scheme, less a handling fee.[47]
- Great Britain: tax-free shopping applies only when goods are sent straight to an address outside the UK.[49]
- France: the détaxe needs more than €100 in one shop, and the shop, not the state, makes the refund.[45]
- New York City: state and city sales tax is 8.875% in total.[43]
Bringing it home to Australia
An adult can bring A$900 of general goods into Australia duty free. Above that, the Australian Border Force charges ‘duty and tax on the entire importation’.[30][31] Wristwatches pay no customs duty.[32] GST is 10%, so a watch that cost A$40,000 abroad pays about A$4,000 in GST on arrival.[31]
Audemars Piguet’s international warranty ‘applies to watches purchased under warranty in any country, with some specifications for Australia’.[64] Patek Philippe says the Certificate of Origin, delivered with every new watch, ‘serves as a warranty’.[65] Our guide to buying a Richard Mille overseas or in Australia covers the rest.
What the big groups reported
Richemont’s Specialist Watchmakers, which include Vacheron Constantin, A. Lange & Söhne and Jaeger-LeCoultre, had sales of €3,149 million in the year to March 2026, down 4%, or up 1% at constant exchange rates, with an operating margin of 3.4%.[50] A year earlier sales had fallen 13%, at actual and constant rates.[52] In April to June 2026 they were up 8% at constant rates.[53]
Swatch Group’s sales were CHF 6,280 million in 2025, down 1.3% at constant rates. Its sales in the Americas rose ‘almost 20%’.[54] In the first half of 2026 its sales were up 8.5% at constant rates, with the United States up 27% and Japan up 20%.[51]
Richemont also owns Watchfinder, which sells pre-owned watches. It reported double-digit growth at Watchfinder in its years to March 2025 and March 2026, and in April to June 2026.[50][52][53] Richemont reports its half year to September on 13 November 2026.[53]
The auction rooms in 2025–26
Phillips, Christie’s and Sotheby’s each reported record sales in 2025–26, and their main sales sold almost every lot.[10][12][14]
| Sale | Date | Total | Lots sold |
|---|---|---|---|
| Phillips, Decade One, Geneva | November 2025 | CHF 66.8m[15] | 100% |
| Sotheby’s, Important Watches, New York | December 2025 | US$42.8m[12] | 100% |
| Christie’s, Rare Watches, Geneva | May 2026 | CHF 33.1m[14] | 99% |
| Phillips, Geneva Watch Auction XXIII | May 2026 | CHF 74.8m[13] | 99.6% |
| Phillips, Hong Kong Watch Auction XXII | May 2026 | HK$403.8m[16] | 99.6% |
| Phillips, New York Watch Auction XIV | June 2026 | US$75.8m[11] | 100% |
Phillips calls its 2025 total of US$290,463,315 the highest annual total for any watch auction house. It calls its May 2026 Geneva sale, at CHF 74.8 million, the highest-grossing watch auction in history.[9][13] Christie’s called its May 2026 Geneva sale its highest for any watch sale with several sellers.[14] Sotheby’s called its December 2025 sale its most successful watch auction to date.[12]
The top prices were for rare, early pieces. A 1943 Patek Philippe 1518 in steel sold for CHF 14,190,000 at Phillips in Geneva in November 2025.[15] A Patek Philippe 2499 sold for HK$80,370,000 in Hong Kong in May 2026, which Phillips calls ‘the most valuable timepiece ever sold at auction in Asia’.[16] An F.P. Journe Chronomètre à Résonance ‘Souscription’ No. 007 sold for US$13,922,000 in New York in June 2026.[11]
In London on 28 September 2026, Phillips sold four unique Rolex Daytonas, the ‘Four Seasons’, for £37.3 million in total, with no buyer’s premium. All proceeds go to the Federer Foundation and Re:wild, and Phillips called the sale the ‘single largest consignment to a charity auction ever’.[21]
Brand by brand
The records of 2025–26 went well beyond any one maker. Here is how 2025–26 went, brand by brand.
Richard Mille
An RM UP-01 Ferrari sold for HK$8,005,000 at Bonhams in Hong Kong in May 2025.[17] A unique RM 52-01 ‘Skull’ sold for US$1,397,000 at Phillips in New York in June 2026.[18] See HYPA’s Richard Mille watches.
Audemars Piguet
Sotheby’s sold an Audemars Piguet ‘Grosse Pièce’ pocket watch for US$7.7 million in New York in December 2025, which it calls a new auction record for the brand.[12] In Geneva in May 2026, Christie’s sold a vintage Audemars Piguet chronograph for CHF 2,134,000, a world auction record for a vintage Audemars Piguet chronograph.[14] See HYPA’s Audemars Piguet watches.
F.P. Journe
Besides the Souscription No. 007, Christie’s sold a Résonance Black Label ‘Parking Metre’ for HK$12,065,000 in Hong Kong in May 2026, a world auction record.[19] See HYPA’s F.P. Journe watches.
Vacheron Constantin and Greubel Forsey
Phillips sold a unique Vacheron Constantin reference 6448 for CHF 698,500 in Geneva in May 2025.[20] Phillips also set a record for Greubel Forsey’s ‘Naissance d’une Montre’, at CHF 1,651,000, in Geneva in May 2026.[13] See Vacheron Constantin and Greubel Forsey.
Rolex
In October 2025, a Rolex Cosmograph Daytona ‘The King’, reference 6270, sold for US$5,230,100 at auction. It leads Sotheby’s own list of the most expensive Rolex watches sold at auction since 2024.[25] In Geneva in May 2026, Sotheby’s sold a yellow-gold Daytona ‘Paul Newman’ 6239 for CHF 1,151,999, a world record for the reference in yellow gold.[24]
Cartier
Cartier set several auction records in 2026. Sotheby’s sold a 1987 Crash London for HK$15,616,000 in Hong Kong in April, a new record for the most valuable Cartier wristwatch.[22] In May, Christie’s sold a 1990 Crash London for CHF 1,585,000 in Geneva, a world auction record for the model.[14] In September, Sotheby’s sold a unique white-gold Cartier Cheich for HK$26,520,000, which it calls the most valuable Cartier wristwatch ever sold at auction.[23] Richemont said its jewellery maisons, which include Cartier, made ‘further market share gains in both jewellery and watches’ in the year to March 2026.[50]
A. Lange & Söhne
At Sotheby’s in Hong Kong in April 2026, a Tourbillon Pour le Mérite, reference 701.007, sold for HK$10,368,000, a world record for an A. Lange & Söhne wristwatch.[22] In Geneva in May, a 1916 Lange Grande Complication clock watch in pink gold made CHF 1,587,007, which Sotheby’s calls a world record for any A. Lange & Söhne.[24] Richemont named Lange among the maisons ‘standing out’ in April to June 2026.[53] In Australia, Lange lists one boutique, on King Street in Sydney.[67]
Omega, Breguet and the Swatch Group brands
Breguet won the 2025 Aiguille d’Or, the top prize of the Grand Prix d’Horlogerie de Genève, for the Classique Souscription 2025.[7] Swatch Group says Omega’s retail business grew 20% at constant rates in the first half of 2026, and that Longines, Tissot and Hamilton grew by double digits.[51]
TAG Heuer, Hublot and Zenith
TAG Heuer became the Official Timekeeper of Formula 1 again in January 2025.[66] LVMH credited ‘much-remarked limited editions from Hublot and Zenith’ in its 2025 results.[55] It also said Bvlgari’s Eclettica line of high jewellery and prestige watches ‘generated record-breaking revenue’ in the first half of 2026.[56]
Other independent makers
At Phillips in Geneva in May 2026, an Akrivia AK-06 in steel by Rexhep Rexhepi sold for CHF 3,000,000, a world record for the maker.[13] In New York in June, a Kari Voutilainen Masterpiece Chronograph II made US$1,841,500, a world record for the maker.[11] At the same sale, a unique Roger Smith Series 3 reached US$1.2 million, a record for any wristwatch signed by Smith alone.[10][11] In Hong Kong, a steel Philippe Dufour Simplicity sold for HK$9,461,500, a world auction record for the model in steel.[16] Sotheby’s set an auction record for a Daniel Roth Tourbillon Skeleton, at HK$6,784,000, in April 2026.[22]
Frequently asked questions
Is the luxury watch market going up or down in 2026?
Slightly up. Swiss watch exports were CHF 17,240.7 million in January to August 2026, 1.7% more than a year earlier, according to the Federation of the Swiss Watch Industry. That followed falls of 2.8% in 2024 and 1.7% in 2025. At auction, Phillips sold 937 of its 939 lots in its spring 2026 season.[1][2][3][4][10]
Are luxury watch prices falling in Australia?
The exchange rate has moved in buyers’ favour, though each brand sets its own Australian prices. On the Reserve Bank’s rates, A$1 bought CHF 0.5305 on 31 December 2025 and CHF 0.5794 on 8 October 2026. So CHF 100,000 converted to about A$188,500 then and about A$172,600 on 8 October 2026.[26]
How did US tariffs affect Swiss watches?
The United States charged 39% on Swiss goods, on top of normal duties, from 7 August 2025, then 15% in total from 14 November 2025. The Supreme Court ruled on 20 February 2026 that the law used did not authorise tariffs. Since 24 July 2026 Swiss goods pay 12.5% in total, normal duty included, according to US government documents.[33][34][35][36]
Is it cheaper to buy a luxury watch overseas?
It depends on the country and its tax. Audemars Piguet publishes no Australian price, but its own prices for the Royal Oak Selfwinding 15510ST.OO.1320ST.06 converted to between A$39,982 in Japan and A$47,854 in Great Britain on 8 October 2026. Above the A$900 traveller allowance, Australia charges 10% GST on the whole value when you bring a watch home; wristwatches pay no customs duty.[26][30][31][32][63]
How big is Australia’s watch market?
Switzerland exported CHF 424.9 million of watches to Australia in 2025, its 13th-largest market, up 3.5%. Australia imported A$1,316.7 million of watches and clocks in 2025, 80% of it from Switzerland, according to the Australian Bureau of Statistics. Swiss exports to Australia rose a further 5.5% in January to August 2026.[3][6][27]
Sources and references
- ↑[1] Federation of the Swiss Watch Industry: Swiss watch exports in 2025 (29 January 2026)
- ↑[2] Federation of the Swiss Watch Industry: Swiss watch exports in 2024 (30 January 2025)
- ↑[3] Federation of the Swiss Watch Industry: World distribution by market, January–August 2026
- ↑[4] Federation of the Swiss Watch Industry: Swiss watchmaking in August 2026
- ↑[5] Federation of the Swiss Watch Industry: Historical series by price category
- ↑[6] Federation of the Swiss Watch Industry: World distribution by market, January–December 2025
- ↑[7] Grand Prix d’Horlogerie de Genève: 25th GPHG prize list (13 November 2025)
- ↑[8] Federation of the Swiss Watch Industry: Swiss watch exports by product, January–December 2025 (2019–2025 series)
- ↑[9] Phillips: Year in Review 2025
- ↑[10] Phillips: A Grand Slam Season (29 June 2026)
- ↑[11] Phillips: The New York Watch Auction: XIV
- ↑[12] Sotheby’s: Landmark $42.8 million in most successful watch auction to date
- ↑[13] Phillips: Geneva Watch Auction XXIII
- ↑[14] Christie’s: Rare Watches achieves CHF 33 million (May 2026)
- ↑[15] Phillips: Decade One (2015–2025), Geneva
- ↑[16] Phillips: The Hong Kong Watch Auction: XXII
- ↑[17] Bonhams: Hong Kong Watches, 23 May 2025: lot 878
- ↑[18] Phillips: Richard Mille RM 52-01 ‘Skull, Piece Unique’ (lot 109)
- ↑[19] Christie’s: Hong Kong Important Watches spring sale (May 2026)
- ↑[20] Phillips: Vacheron Constantin reference 6448 (lot 57)
- ↑[21] Phillips: Rolex soars at Phillips: four exclusive timepieces raise £37.3 million for charity (28 September 2026)
- ↑[22] Sotheby’s: Important Watches, Hong Kong, April 2026: post-sale release
- ↑[23] Sotheby’s: Important Watches, Hong Kong, 21 September 2026: post-sale recap
- ↑[24] Sotheby’s: Important Watches, Geneva, May 2026: post-sale release
- ↑[25] Sotheby’s: The 5 most expensive Rolex watches
- ↑[26] Reserve Bank of Australia: Exchange rates, F11.1
- ↑[27] Australian Bureau of Statistics: International merchandise imports, SITC 885 watches and clocks
- ↑[28] ATO: How GST works
- ↑[29] ATO: How LCT works
- ↑[30] Australian Border Force: Duty free
- ↑[31] Australian Border Force: GST and other taxes
- ↑[32] Australian Border Force: Working Tariff, chapter 91
- ↑[33] The White House: Executive Order 14326, Further Modifying the Reciprocal Tariff Rates (31 July 2025)
- ↑[34] Federal Register: Implementing Certain Tariff-Related Elements of the Framework for a United States–Switzerland–Liechtenstein Agreement, 90 FR 59281 (18 December 2025)
- ↑[35] Federal Register: USTR notice, 91 FR 47318 (28 July 2026)
- ↑[36] Supreme Court of the United States: Learning Resources, Inc. v. Trump, No. 24-1287 (20 February 2026)
- ↑[37] Federal Register: Proclamation 11012, 91 FR 9339 (25 February 2026)
- ↑[38] Ministry of Finance, Japan: Consumption tax
- ↑[39] Japan Tourism Agency: Tax-free system
- ↑[40] Hong Kong Legal Hub: Our tax system
- ↑[41] Swiss Federal Tax Administration: VAT rates in Switzerland
- ↑[42] Swiss Federal Tax Administration: Tax-free for tourists
- ↑[43] NYC Department of Finance: NYS sales tax
- ↑[44] impots.gouv.fr: Plusieurs taux de TVA
- ↑[45] Douane (France): Achats en détaxe
- ↑[46] IRAS: Current GST rates
- ↑[47] IRAS: Tourist Refund Scheme
- ↑[48] GOV.UK: VAT rates
- ↑[49] GOV.UK: Tax-free shopping
- ↑[50] Richemont: Results for the year ended 31 March 2026
- ↑[51] Swatch Group: Half-Year Report 2026
- ↑[52] Richemont: Results for the year ended 31 March 2025
- ↑[53] Richemont: Sales for the quarter ended 30 June 2026
- ↑[54] Swatch Group: Key figures 2025
- ↑[55] LVMH: 2025 annual results (27 January 2026)
- ↑[56] LVMH: 2026 half-year results (27 July 2026)
- ↑[57] Patek Philippe: Points of sale, Australia
- ↑[58] Vacheron Constantin: Stores, Australia
- ↑[59] Richard Mille: Store locator
- ↑[60] F.P. Journe: Boutiques, Australia
- ↑[61] Patek Philippe: Nautilus 5811/1G-001
- ↑[62] Patek Philippe: Aquanaut 5167A-001
- ↑[63] Audemars Piguet: Royal Oak Selfwinding 15510ST.OO.1320ST.06
- ↑[64] Audemars Piguet: International Sales Warranty (2023)
- ↑[65] Patek Philippe: FAQ: Extract from the Archives
- ↑[66] TAG Heuer: Official Timekeeper of Formula 1 (1 January 2025)
- ↑[67] A. Lange & Söhne: Boutiques, Australia
