Secondary watch market rebounds, but Panerai is left behind

The resale market for luxury watches is showing a clear recovery after several soft years, but the gains are uneven, according to FashionNetwork. Cartier is drawing strong buyer attention, and Vacheron Constantin is enjoying renewed enthusiasm, while Panerai's larger, bulkier timepieces are struggling to attract the same demand. The divergence highlights how sharply taste has moved towards smaller, more versatile case sizes and away from the oversized diver and pilot watches that defined the previous cycle.

This matters for brand owners because the secondary market has become a leading indicator of primary demand and brand health, shaping how retailers and collectors value waiting lists and allocation. Richemont, which owns both Cartier and Vacheron Constantin, is benefiting from a design language that has aged well with changing tastes, while Panerai, part of Richemont's stable, illustrates the risk of being tied to a signature aesthetic just as preferences shift towards restraint.

The broader implication is that watch brands can no longer rely on past design signatures to hold resale value, and that secondary market data is increasingly used by retailers to calibrate primary allocation and pricing strategy. Watch for whether Panerai attempts a design pivot towards smaller cases, and whether other brands built around oversized statement pieces face similar resale pressure as the smaller-case trend consolidates.

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