Over the past year the watch market has continued to normalize after the extraordinary highs reached roughly four years ago, at the peak of the speculative bubble that reshaped the entire industry. While it is no longer accurate to speak of a significant market downturn, it is equally clear that the uniform growth we once saw across almost all brands has disappeared. Today the market is moving in a far more selective way.
Some brands are performing better than others. Certain references are rewarded while others stagnate. Sport models still attract strong attention, new releases are closely watched, and collectors increasingly focus on pieces that feel culturally or historically important rather than simply fashionable. With Watches and Wonders just around the corner, many enthusiasts are once again waiting to see how brands will respond to this new phase of the market.
This reflection was sparked by reading several recent industry reports published over the last few days. Among them, the data from Everywatch, which focuses specifically on the secondary market, offered some particularly interesting insights. One figure stood out immediately: the remarkable performance of F.P. Journe.
Considering that F.P. Journe is a small independent manufacture, with an estimated annual production of around 1,000 watches, the brand appears to be playing a completely different game from most of the industry.
A deep analysis of F.P. Journe Rise
According to the report, the average prices of F.P. Journe watches on the secondary market have increased by roughly 60–70% over the past 12 months across multiple references. Some models have appreciated more than others, of course, but the magnitude of this increase in such a short time is striking.
Unsurprisingly, the strongest performers remain the rarest pieces.
At the very top of the market we find unique watches or special commissions, often created for highly established clients. These include pieces set with diamonds or other precious stones, watches that rarely appear publicly and are typically reserved for collectors with an exceptional relationship with the brand. When these pieces surface at auction, the results can reach into the millions of euros.
Another category that has seen significant appreciation is the Black Label series. These watches, identifiable by their dark dials, are produced in extremely limited numbers and historically distributed only to the brand’s most loyal collectors through F.P. Journe boutiques. Their exclusivity and controlled distribution have made them increasingly desirable on the secondary market.
Vintage Journe pieces have also continued to perform strongly. Early models from the late 1990s and early 2000s, including Tourbillon Souverain, Chronomètre à Résonance, and various stone dial executions, regularly generate strong results at auction. These watches represent the earliest years of the brand and capture a moment when François-Paul Journe was establishing the foundations of what would become one of the most respected independent watchmakers in the world.
Yet perhaps the most surprising category is the exact opposite of these ultra-rare pieces.
The Élégante, the brand’s unconventional quartz watch, have experienced extraordinary appreciation. With a retail price of roughly €20,000–25,000 for the larger size, these watches are now trading on the secondary market between €110,000 and €140,000. By any objective measure, these are extraordinary numbers.
My Thoughts
Explaining such dramatic price movements is never easy, especially when they occur over such a short period as a single year. Markets driven by collecting are inherently emotional and often volatile.
However, I believe this phenomenon is fundamentally different from the speculative bubble that affected the entire watch industry a few years ago.
At that time, virtually everything was rising. Today the market is far more selective, and the brands that are being rewarded tend to represent something deeper than simple hype. In this context, F.P. Journe stands in a unique position.
This is a manufacture built around the vision of a true horological genius. François-Paul Journe has consistently pursued mechanical innovation, distinctive aesthetics, and a philosophy rooted in traditional high watchmaking. The brand was also among the first independent manufactures to achieve widespread recognition and commercial success while maintaining a strong creative identity.
In other words, the appreciation we are witnessing is not entirely irrational.
Of course, a 60–70% increase in a single year cannot be described as entirely healthy for any collectible market. Yet it is easier to understand when we consider several factors: extremely low production, a growing global collector base, and increasing interest from buyers who are looking beyond mainstream luxury brands.
In many ways, this trend may also signal a positive shift in collecting culture. It suggests that new enthusiasts, as well as experienced collectors with significant purchasing power, are beginning to appreciate what many would consider the most intellectually compelling side of watchmaking.
Auction numbers confirm it
One statistic illustrates this point particularly well.
In 2025 auction results, F.P. Journe ranked third overall by total value sold, placing behind only Rolex and Patek Philippe and ahead of Audemars Piguet. For a brand producing roughly a thousand watches per year, this is a remarkable achievement.
Personally, I hope prices stabilize sooner rather than later. We are currently standing right on the boundary between a justified appreciation of extraordinary watches and a speculative surge that risks distorting their true meaning within the industry.
F.P. Journe represents some of the most thoughtful and innovative watchmaking of our time. The watches deserve recognition and admiration, but like any great work of horology, their true value should ultimately lie in the craftsmanship, the ideas, and the legacy behind them, not simply in the numbers they reach at auction.
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