In the rarefied air of haute horlogerie, two names consistently stand above the rest: Audemars Piguet (AP) and Patek Philippe. These aren't just watchmakers; they are custodians of centuries of artisanal tradition, creators of intricate mechanical masterpieces, and purveyors of unparalleled luxury. For many, owning an AP or a Patek is the ultimate horological dream.

But beyond the passion and the prestige, there's a growing conversation around their investment potential, particularly in the pre-owned market. As we navigate through 2025, a year that continues to see shifts in the global luxury watch landscape, a critical question arises: Are pre-owned Patek Philippe watches still worth it as an investment?

Let's dive deep into the nuances of this exclusive market.

The Context of 2025: A Shifting Landscape

The past few years have been a rollercoaster for the luxury watch market. Following unprecedented surges in 2021 and early 2022, the secondary market experienced a correction. As of Q1 2025, overall secondary market prices have seen a slight decline, marking a continued correction. However, crucially, Audemars Piguet (+0.8%) and Patek Philippe (+0.5%) have shown resilience, even recording slight increases in value during this period, outperforming the broader market and many other brands. This "flight to quality" suggests that in uncertain economic times, collectors and investors are gravitating towards "safer" and more established assets.

Furthermore, both brands, alongside Rolex, implemented retail price increases in May 2025, partly in response to new tariffs. Historically, higher retail prices can bolster the secondary market by reducing the gap between new and pre-owned values.

So, while the hyper-growth seen a few years ago might be subdued, the underlying fundamentals for AP and Patek Philippe remain exceptionally strong.

The Enduring Allure: Why AP and Patek Command Value

Their investment viability stems from deeply rooted principles that go beyond fleeting trends:

1. Exclusivity and Scarcity: Both brands meticulously control their production volumes, creating an intentional scarcity that fuels demand. Patek Philippe, in particular, has famously limited production to maintain its exclusivity, with annual output for both brands being a mere fraction compared to larger manufacturers. This controlled supply ensures that demand consistently outstrips availability in the primary market, driving buyers to the pre-owned sector.
2. Uncompromising Craftsmanship: These aren't mass-produced items. Each timepiece is a testament to meticulous hand-finishing, intricate complications, and exceptional mechanical engineering. This artisanal approach justifies their high price point and contributes to their longevity and collectibility.
3. Heritage and Pedigree: Patek Philippe (founded 1839) and Audemars Piguet (founded 1875) boast uninterrupted histories of independent, family-owned watchmaking. This rich heritage, combined with groundbreaking innovations (like the Royal Oak's revolutionary design or Patek's perpetual calendar), imbues their watches with significant historical and cultural value.
4. Iconic Design Language: The Gérald Genta-designed Royal Oak and Nautilus are not just watches; they are cultural icons. Their distinctive aesthetics are instantly recognizable and transcend generations, ensuring enduring desirability. These timeless designs are far less susceptible to fleeting fashion trends.
5. Brand Equity and Recognition: They are universally recognized symbols of success, discernment, and connoisseurship. This powerful brand equity means they retain their desirability across global markets.

The Investment Potential: Nuances for 2025

While the overall outlook remains positive, a nuanced approach is critical for maximizing investment potential in 2025:

• "Flight to Quality" Continues: As per market analysis from early 2025, Patek Philippe and Audemars Piguet are among the brands that have shown resilience and even slight positive movement while the broader luxury watch market has seen a slight decline. This indicates that in times of economic uncertainty, collectors and investors are prioritizing established, highly liquid, and consistently desirable brands.
• Iconic Sports Models Remain Strong: The Patek Philippe Nautilus (especially discontinued references like the 5711/1A and its white gold successor, the 5811/1G) and Aquanaut, along with the Audemars Piguet Royal Oak (particularly the "Jumbo" Extra-Thin 15202ST/16202ST and ceramic models), continue to be the most sought-after and highest-performing models in the secondary market. Their scarcity, combined with immense demand, often keeps them trading above retail prices.
• Complications and Rarity: Beyond the sports watches, Patek Philippe's Grand Complications (e.g., perpetual calendars, minute repeaters, split-second chronographs) and AP's highly complex or limited-edition Royal Oak Offshore and Code 11.59 models often represent strong long-term investments due to their intricate engineering and extreme rarity.
• The Power of "Full Set": For investment purposes, acquiring a pre-owned AP or Patek Philippe with its original box, papers (warranty card, certificates), and service history is paramount. This "full set" significantly enhances a watch's authenticity, provenance, and resale value.
• Condition is King (Still): An unpolished watch in excellent original condition will always command a premium over a polished or restored piece. Collectors highly value originality, as polishing removes material and can alter the factory finishes.
• The Code 11.59 Evolution: Initially polarizing, Audemars Piguet's Code 11.59 collection has quietly gained momentum, particularly newer iterations with bi-color and smoked dials. Some references are showing moderate to strong investment potential, suggesting growing market acceptance and future collectibility. This offers a potentially more accessible entry point into an investable AP.

What to Consider Before Investing in 2025:

1. Investment Horizon: While some models can see rapid appreciation, luxury watches are generally considered long-term investments. Patience is often rewarded.
2. Liquidity: While AP and Patek Philippe are among the most liquid luxury watch brands, certain niche or highly complicated models might take longer to sell. Iconic steel sports models offer the best liquidity.
3. Maintenance Costs: These are complex mechanical instruments that require regular servicing (every 3-5 years) from authorized service centers, which can be significant. Factor this into your long-term ownership cost.
4. Due Diligence & Trusted Sourcing: The pre-owned market, while lucrative, carries risks. Authenticity is paramount. Always purchase from reputable dealers with a proven track record, rigorous authentication processes, and a clear guarantee of originality. Be wary of deals that seem "too good to be true."
5. Personal Preference: Ultimately, these are objects of beauty and engineering. While investment potential is a factor, choosing a watch that you genuinely love and enjoy wearing will always be the most rewarding aspect of ownership.

Unique Insights for 2025

• Increased Focus on Quality Over Hype: The market correction has weeded out some speculative buying. This means buyers in 2025 are likely more informed and focused on genuine horological value, craftsmanship, and established brand equity, benefiting AP and Patek Philippe.
• Retail Price Hikes as a Stabilizer: The recent retail price increases by both brands could act as a floor for secondary market prices, maintaining a healthy gap and potentially pushing pre-owned values upwards as the cost of new models rises.
• The "Unattainable" Still Reigns: The sheer difficulty of acquiring popular models at retail means the secondary market will continue to be the primary source for immediate access, perpetuating strong demand for these specific references.

Conclusion: A Calculated Investment for the Discerning Collector

In 2025, pre-owned Audemars Piguet and Patek Philippe watches continue to represent a compelling investment opportunity for the discerning collector. While the days of guaranteed meteoric gains may have softened, their intrinsic value, brand power, limited production, and timeless designs position them as robust assets that are likely to maintain and even grow in value over the long term.

They are not merely expenses but tangible investments that offer both the profound satisfaction of owning a piece of horological history and the potential for significant financial returns. However, like any investment, careful research, a thorough understanding of market dynamics, and, most importantly, sourcing from a highly trusted and reputable dealer are the keys to unlocking their true potential. The question isn't if they're worth it, but which one is right for your portfolio and your wrist.