With the New York auctions now behind us, the first half of the 2026 auction season has effectively come to a close. And if Geneva and Hong Kong had already given us some important signals, New York has only reinforced them. Across the major auction houses, collectors once again competed fiercely for some truly exceptional watches, confirming that the auction market remains one of the most accurate ways to capture the current state of collecting, and, perhaps more importantly, to validate the trends shaping the future of the industry.
One of the clearest stories of the year has undoubtedly been Cartier. From Hong Kong to Geneva, back to Hong Kong, and now New York, the French maison continues to dominate collectors’ attention. Exceptional shapes, unusual designs, unique executions, and historical significance are being rewarded more than ever. The remarkable results achieved by rare Cartier pieces have not only pushed individual records higher, but have also elevated interest in the entire ecosystem surrounding the brand. Today, originality matters. Distinctive design matters. And collectors are increasingly willing to pay a premium for watches that stand apart from the crowd.
The other major confirmation came once again from F.P. Journe.
The brand needs little introduction. We have covered its technical innovations, unique philosophy, and extraordinary founder, François-Paul Journe, many times before. While Journe has long been appreciated by seasoned collectors, what we are witnessing today feels different. It feels like the brand’s definitive consecration.
The evidence is everywhere. Modern pieces continue to trade comfortably above retail, while early production watches, particularly Subscription models and brass movement examples, are setting new benchmarks at auction. The highlight in New York was undoubtedly the bi-colour Souscription No. 007, which achieved nearly $14 million, further demonstrating the extraordinary demand surrounding the brand.
But what is really driving this seemingly unstoppable rise?
Part of the answer is undoubtedly the growing appreciation for independent watchmaking among top collectors. Yet there is another factor that is often overlooked. F.P. Journe has become one of the easiest stories for collectors from other worlds, particularly the art world, to understand. François-Paul Journe is not perceived merely as a watchmaker; he is increasingly viewed as an artist and a creative genius within his discipline.
For collectors accustomed to spending tens or even hundreds of millions on works of art, acquiring a historically important Journe still represents a relatively accessible entry point into collecting one of the defining creators of his generation. In that context, today’s prices begin to look less surprising.
For this reason, I do not believe we are looking at a speculative bubble. Production remains intentionally limited, with roughly 1,000 mechanical watches produced each year. Supply is unlikely to increase significantly, while global demand continues to expand as new collectors enter the market. The result is a dynamic that, while dramatic, still appears fundamentally healthy.
Not every brand, however, is enjoying the same momentum.
Audemars Piguet continues to face a more challenging environment. Auction results and secondary market performance, particularly for modern references, have struggled to generate the enthusiasm many would have expected. In my view, the brand may benefit from looking beyond the Royal Oak and Offshore ecosystem and rediscovering some of the technical creativity, unusual shapes, and distinctive watchmaking that characterized parts of its historical production.
In many ways, Cartier’s recent success offers an interesting lesson. So does Patek Philippe’s enduring ability to create excitement across very different types of watches. Collectors are increasingly rewarding diversity, originality, and strong narratives rather than simply buying into a single iconic product line.
Ultimately, for those of us who love high-end watchmaking, these trends are difficult not to celebrate. The market continues to evolve, new collectors continue to arrive, and the definition of what makes a watch desirable is becoming richer and more sophisticated. If the first months of 2026 have taught us anything, it is that discovery remains one of the most exciting forces in collecting.
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