Rolex, Patek Philippe or Audemars Piguet: which holds its value best in 2026?
The three houses of the sports-watch "holy trinity" do not behave the same way on resale. Liquidity, premium, depth of range: what our 2026 surveys show, reference by reference.
Market · · 8 min read
Rolex, Patek Philippe and Audemars Piguet are often cited together as the brands that "never lose value". That is true for a few references, false for many others, and above all misleading if you compare the three houses without distinguishing their ranges. The useful question is not "which brand", but "which reference, and with what liquidity". Here is what our 2026 surveys say.
Three ways of holding value
Before comparing, we need to agree on what we are measuring. A watch's value retention can be read in three ways, which do not always give the same ranking.
- The market value / retail price ratio. A watch that resells for 120% of its boutique price has 120% retention. It is the most cited measure, but it depends on price increases: when the retail price rises, the ratio mechanically falls.
- Liquidity. How long does it take to sell, and at what discount? A highly valued watch that only finds a buyer after three months is in practice worth less than a slightly less valued one that sells in a week.
- Stability. A reference that lost 40% between 2022 and 2024 is not of the same nature as one that stayed stable, even if their current ratios are close.
The three houses differ clearly on these three axes.
The 2026 comparison table
The ranges below cover watches in good condition, complete, according to our surveys of certified dealers and private sales in Europe. Retail prices are orders of magnitude from the French price list; for discontinued references, they are the last known price.
| Reference | Indicative retail price | Observed range 2026 | Approximate ratio |
|---|---|---|---|
| Rolex Submariner Date 126610LN | ~€11,000 | €11,500 – €13,500 | 105 – 120% |
| Rolex Daytona steel 126500LN | ~€16,500 | €26,000 – €33,000 | 160 – 200% |
| Rolex Datejust 41 126300 | ~€9,200 | €7,800 – €9,600 | 85 – 105% |
| Patek Philippe Nautilus 5711/1A-010 | ~€31,000 (discontinued) | €100,000 – €125,000 | 320 – 400% |
| Patek Philippe Aquanaut 5167A | ~€27,000 | €55,000 – €68,000 | 200 – 250% |
| Patek Philippe Calatrava 6119G | ~€33,000 | €20,000 – €25,000 | 60 – 75% |
| Audemars Piguet Royal Oak 15510ST | ~€34,000 | €38,000 – €46,000 | 110 – 135% |
| Audemars Piguet Royal Oak Chronograph 26240ST | ~€46,000 | €52,000 – €62,000 | 110 – 135% |
| Audemars Piguet Code 11.59 15210ST | ~€28,000 | €15,000 – €19,000 | 55 – 70% |
The reading is clear: retention is concentrated on steel sports models. In each house, the classic range or the recent novelty depreciates like an ordinary watch in its segment.
Rolex: liquidity above all
Rolex does not have the most spectacular ratios, except on the Daytona. Its strength lies elsewhere: the depth of its market. A Submariner, a GMT-Master II or a Datejust finds a buyer within days, in France as abroad, at a predictable price. Few watches in the world offer this liquidity.
It is also the most stable brand over the long term. The 2022-2024 correction was real, but it mainly hit the Daytona and the coloured-bezel versions, which were more speculative. Wearing models stayed close to their retail price. For details by reference, see our Submariner market value guide and our Daytona market value guide.
The flip side: the Rolex range is broad, and not all references are equal. A steel Datejust with a smooth bezel or a gold Day-Date can resell below retail. The name on the dial is not enough.
Patek Philippe: peaks, and a sharp contrast
Patek Philippe holds the highest ratios on the market, driven by the Nautilus and the Aquanaut. The 5711/1A-010, discontinued in 2021, still trades at three to four times its last retail price according to our surveys, after what was nonetheless a severe correction from the peak. The details are in our article on Nautilus 5711 and 5811 market values.
The contrast with the rest of the range is striking. A Calatrava, the house's emblematic watch, resells on average 25 to 40% below its retail price. Recent complications, such as annual calendars, also depreciate, though less than the haute horlogerie average.
Patek's liquidity is real but narrower than Rolex's. The number of buyers able to pay €100,000 for a watch is limited; sale times lengthen as soon as an example is incomplete or has a flaw.
Audemars Piguet: the Royal Oak, and the rest
For the pre-owned market, Audemars Piguet largely comes down to the Royal Oak. The 41 mm steel references and the chronograph resell above their retail price, with a more modest premium than in 2022. The extra-thin "Jumbo" is a case apart, detailed in our Royal Oak 15500 and 16202 market value guide.
Audemars Piguet is also the house where volatility has been greatest. Royal Oak prices rose faster than Rolex's during the frenzy, and fell faster. The Royal Oak Offshore, long in high demand, now trades around or below its retail price depending on the version.
The Code 11.59, launched in 2019, illustrates how hard it is to establish a new line: despite real technical qualities, it depreciates by 30 to 45% according to our surveys. This is not a judgement on the watch, it is a market observation.
What this comparison does not say
A high ratio does not make a good investment. It reflects a balance between constrained supply and strong demand at a given moment; it can shrink if either changes. The 2022 buyers who paid €180,000 for a 5711 learned that.
It is also worth remembering that these premiums reflect restricted access in boutiques. On this point, our article on the waiting list and the grey market describes the mechanisms that maintain the gap between retail price and market.
Finally, these comparisons concern complete watches in good condition. A watch without papers, polished or serviced outside the brand's network loses part of its premium, whatever its house.
Then there is tax, which applies in the same way to all three houses. In France, a private individual selling a watch for more than €5,000 pays by default the 6.5% flat tax on the sale price, unless they opt, with proof of acquisition, for the capital gains regime. On a Nautilus resold for €110,000, the gap between the two regimes runs into thousands of euros: our guide to the taxation of selling a watch details the calculation. If you live outside France, check the rules of your own country.
How to choose according to your goal
- You want a watch that is easy to resell at any time: a steel Rolex sports watch. A less spectacular ratio, but unmatched liquidity.
- You are aiming for maximum retention and accept a narrow market: a Patek Philippe Nautilus or Aquanaut, provided you buy at a price consistent with the current range.
- You love the design and accept more volatility: a steel Audemars Piguet Royal Oak.
- You are buying a Calatrava, a Code 11.59 or a Day-Date: buy it to wear, preferably pre-owned, where the initial depreciation has already been absorbed.
In short
None of the three houses holds its value "across the board". Rolex offers the best liquidity, Patek Philippe the highest premiums on two models, Audemars Piguet a solid Royal Oak and a more fragile range. Before buying or selling, compare your example with recent data: see the Rolex Daytona, Patek Philippe Aquanaut or Audemars Piguet Royal Oak pages, then calculate your watch's market value to get a range based on our surveys.
