The pre-owned luxury watch market has undergone significant changes over the past five years.
The pandemic-era boom, which elevated prices on the secondary market for nearly all sought-after models to record highs, has since adjusted. Today, the market has become more balanced, discerning, and mature. For buyers, this is a mostly positive signal. Prices for most watches in the secondary market have become more accessible, yet there remain opportunities to purchase watches from an official dealer that are more expensive on the secondary market than their purchase price - a situation that is always pleasing. For those who bought watches at the peak prices in 2021-2022, the situation is more challenging: generally, these same models are now selling for less on the open market.
Vacheron Constantin holds a special place in this overall picture. As a member of the "Holy Trinity" of Swiss watchmaking, the brand occupies a prestige segment that partially shields it from the fluctuations that affect lesser-known brands. However, protection does not equal complete immunity. The ChronoPulse index clearly illustrates the situation: the VC index reached a peak of around 2600 points in early 2022, after which it steadily declined to the current level of approximately 1514 points. Nonetheless, this figure reflects a growth of about 6% over the entire five-year period. The market surged sharply, then significantly corrected, and recently began showing the first signs of stabilization, with moderate growth noticeable in early 2026 when prices rose by about 5% from the low values of the first quarter of 2025.
Vacheron Constantin Index (June 2026)
This correction should be considered in context. Many watches trading below the peaks of 2022 are still selling for more than their pre-COVID retail prices. This means that long-term owners are not incurring losses in the full sense of the word but merely did not realize the significant profit that was briefly available. As for current retail prices, there are still enough models in the industry that trade above their retail value, and Vacheron Constantin boasts several such watches in its catalog. Of course, their numbers are fewer than during the boom times, and the relative increase from retail is lower, but profit, even on brand-new watches, albeit unrealized, is a significant factor.
The undeniable driver of demand and hype on the secondary market for Vacheron Constantin is the Overseas collection, although not all its models are equally popular. The sports watch format with an integrated bracelet and their history places Overseas in direct competition with the Royal Oak from Audemars Piguet and the Nautilus from Patek Philippe. The most popular model - ref. 4500V/110A-B128 - accounts for 15.61% in the ChronoPulse index, the highest weight among all tracked VC models. If you add up all the Overseas versions, their total weight in the index is about 73%.
Over five years, ref. 4500V/110A-B128 also lost 18.91% in price, becoming one of the most significant declines in the portfolio when calculated from the peak to the current moment. This is due to how actively this model was purchased during the boom period and immediately after the pandemic. The Overseas with a blue dial became one of the most sought-after on the secondary market, regularly trading at a substantial premium to the retail price of around €22,000–24,000. As the market normalized, these premiums compressed, and secondary market prices decreased.
However, this trend does not equally reflect on all Overseas variants. The model ref. 4520V/210A-B128 in the same period rose by 17.97%, indicating that the correction affected some configurations more strongly than others. The Overseas Moonphase Retrograde Date ref. 4000V/210A-B911 showed a slight growth of 1.28%, while Dual Time displayed mixed results with minor losses in most variants over five years. The yellow gold Overseas ref. 4500V/000R-B127 fell by 9.95%, and the less noticeable model with a brown dial ref. 4500V/110A-B146 lost a significant 32.93% - the sharpest decline in the data.
The Rest of the Catalog
Like many other brands, the secondary market for Vacheron Constantin presents a complex picture, as seen in the Historiques 222 and American 1921 collections. These modern interpretations of vintage models are functionally and aesthetically different, but both show good and similar results.
The 222 collection, a reissue of the famous 1977 model with an integrated bracelet, demonstrated very different results depending on the case material. The steel version ref. 4200H/222A-B934 barely changed in price, showing a growth of only 0.72% over five years. Meanwhile, the yellow gold model ref. 4200H/222J-B935 lost 24.22%. It is worth noting that the gold version was released in 2022, while the steel one in 2025, when market conditions were significantly different.
When Vacheron reissued the 222 in 2022, it sparked huge interest in a more liquid and speculative market. This was a historically significant model during the peak popularity of watches with integrated bracelets. The fact that it retained its value relative to retail even after the correction speaks to the high level of collector interest. The steel version, meanwhile, continues to trade at a noticeable premium on the secondary market, which has hardly decreased since its launch. Steel sports watches, even at Vacheron's price levels and considering the reduced demand in this segment, remain a more liquid asset than models made of precious metals, despite the significant increase in the cost of gold as a raw material over the past 12 months.
On the other side of the catalog is the Historiques American 1921. With a diameter of 40 mm, the model ref. 82035/000G-B735 is a leader in the Historiques family. Over five years, its weight in the ChronoPulse index grew by 11.19%, and over the past three years, the price on the secondary market increased by 9.5%. This model stands out with its asymmetrical case and off-center dial, making it one of the most visually unique in the Vacheron catalog. It has deservedly gained a loyal audience of collectors who appreciate originality and an aesthetic that differs from the integrated bracelet formula. The model also reflects the growing demand for classic watches, driven by the popularity of models like the Cartier Tank and others.
The Question of Classic Watches
As with the Overseas and 222, not all classic watches are increasing in price. For example, the Traditionnelle model ref. 82172/000R-9382 lost 13.22% in index weight over five years. This reflects the overall issue with classic watches: they are less popular and harder to sell at a premium, although there are successful exceptions, such as the Historiques 1921. The market continues to favor more sporty or aesthetically unique models over classic ones.
At the same time, the silver dial Patrimony in white gold ref. 81180/000G-9117 shows a slight growth of 2%. Although the increase is minimal, it demonstrates that the cleaner and more minimalist design of the Patrimony is better received by the market than the more decorative Traditionnelle. The 1921 model is so unique that it gains an additional advantage, whereas the Traditionnelle does not stand out enough to receive similar support, making it the most affected by the correction following the temporary hype and changes in liquidity.
Market Prospects
The recent rise in the ChronoPulse index, albeit moderate, is an important signal. From 1405 points on September 8, 2025, to 1512 today - this is an increase of about 8%. After three years of steady decline from the 2022 peak to the September low, the index appears to be finding a bottom and slowly recovering more steadily. This corresponds with the general trend in the secondary market, where the sharpest corrections for other brands are also nearly complete, and stability is returning.
For Vacheron Constantin, the forecast should be considered cautiously optimistic. The brand demonstrates a willingness to engage with collectors through the release of new models and long-awaited reissues, rather than simply changing prices or releasing new dial colors, which typically supports interest in the secondary market better than stagnation faced by other brands. Steel models Overseas are unlikely to return to the peak prices of 2022, but their position as a stable asset for long-term holding is quite strong, especially when purchasing now. American 1921 appears as a quiet leader that will attract more collectors over time, and the moderate resilience of Patrimony suggests that the pendulum of demand for classic watches may slowly swing the other way.
The Vacheron Constantin watch market over the next 12 months is likely to be characterized by selective price growth rather than broad increases, as with more popular brands like Rolex. Models with genuine rarity, strong design identity, or a successful combination of metal and configuration will perform well.
Everything else will continue to trade at a discount to retail prices and previous secondary market highs, which for new buyers is a much more attractive entry point than three years ago. If you are considering buying a Vacheron, now is a favorable moment to make your choice.