2025 Hong Kong Ultra-High-Net-Worth Individuals (UHNWIs) Watch Consumption & Collection Report
Reporting Institution: Pridebay (the world’s leading research institution on the lifestyle of ultra-high-net-worth individuals)
Report Date: December 2025
Abstract: As Asia’s premier luxury watch trading, auction, and collection hub, Hong Kong has long been a core gathering place for global ultra-high-net-worth individuals (UHNWIs) to pursue high-end watch consumption and collection. In 2025, against the backdrop of global luxury market polarization and the structural adjustment of the Swiss watch industry, Hong Kong’s UHNWI watch market has completed a critical transition from "speculative consumption" to "value-oriented collection and asset-class allocation". Based on Pridebay’s proprietary survey of 420 Hong Kong UHNWIs (with personal assets of no less than US$30 million), combined with authoritative data from top auction houses (Phillips, Christie’s, Sotheby’s), official certified pre-owned (CPO) transaction statistics, and insights from high-end watch retailers, this report comprehensively analyzes the market performance, consumption and collection behaviors, brand preferences, investment value, core driving factors, potential risks, and 2026-2028 outlook of Hong Kong UHNWIs in watch consumption and collection in 2025. It decodes the triple value of high-end watches for Hong Kong UHNWIs—symbol of status taste, liquid alternative asset, and cross-generational legacy carrier—and provides professional and in-depth insights for global UHNWIs, watch collectors, family offices, and luxury watch institutions. This report aims to consolidate Hong Kong’s position as Asia’s watch capital and provide authoritative reference for stakeholders in the global high-end watch industry.
I. Market Context: Hong Kong’s Status as Asia’s Watch Capital in 2025
(I) Wealth Foundation & UHNWI Scale
Hong Kong’s solid wealth foundation provides strong support for the development of the high-end watch market. As of mid-2025, Hong Kong is home to 17,215 UHNWIs (net worth ≥ US$30 million), representing a 22.9% year-on-year increase—the fastest growth rate among the world’s top 10 wealth markets. The city’s private banking assets under management (AUM) exceeded HK$35.1 trillion in 2025, up 13% year-on-year, with 41% of global high-net-worth individuals ranking Hong Kong as their top offshore investment destination. With a UHNWI density of 1 per 440 residents, Hong Kong has become the most concentrated wealth hub globally, laying a solid foundation for the prosperity of the high-end watch consumption and collection market.
(II) Overall Market Performance & Structural Characteristics
In 2025, Hong Kong’s watch market showed a clear "two-tier differentiation" trend, with the primary and secondary markets presenting opposite performance:
1. Primary Market: Moderate contraction. Affected by the weakening consumption capacity of the middle class and the shift of UHNWIs’ demand to the secondary and auction markets, Hong Kong’s primary watch market (new watches) contracted by 13.3% year-on-year. However, the high-end segment (priced above HK$500,000) remained stable, accounting for 68% of the primary market’s total sales, with top brands such as Rolex, Patek Philippe, and Audemars Piguet maintaining stable pricing power and even implementing modest price increases.
2. Secondary & Auction Market: Strong expansion. The secondary market of high-end watches in Hong Kong maintained robust vitality, with the transaction scale increasing by 28% year-on-year. The auction market performed brilliantly: Phillips Hong Kong’s May 2025 watch auction achieved a total turnover of over HK$212 million, a year-on-year increase of 30%, and 70% of the lots were won by online bidders from nearly 70 countries and regions . Christie’s Hong Kong’s watch auctions in 2025 achieved a total turnover of nearly HK$5.5 billion, with the November autumn auction setting a record high for Asian auction houses’ autumn watch auctions, refreshing 9 Patek Philippe model world auction records and 3 model configuration world auction records . Sotheby’s Hong Kong’s "Precious Watches" auction also achieved remarkable results, with a total turnover of HK$196.8 million and a 92% turnover rate .
3. Certified Pre-Owned (CPO) Market: Rapid growth. The CPO market has become a mainstream channel for UHNWIs’ watch consumption and collection. Rolex’s CPO program achieved a global revenue of US$594 million in 2025, and as of September 2025, more than 240 sales points worldwide (accounting for more than one-sixth of Rolex’s retail network) participated in the program . In Hong Kong, Rolex’s CPO program officially launched in October 2024, with sales limited to Oriental Watch Company in Central, and quickly gained recognition from UHNWIs for its standardized authentication and quality assurance . The CPO market has effectively improved the transparency, liquidity, and price stability of the secondary market, reducing the authenticity risks faced by UHNWIs in purchasing pre-owned watches.
Hong Kong’s free-port status, zero tariffs on luxury watches, mature logistics system, and global buyer access have further consolidated its position as the de facto pricing center for Asian luxury watch trading, attracting UHNWIs from the Chinese mainland, Southeast Asia, and around the world to conduct watch transactions and collections in Hong Kong.
II. 2025 Hong Kong UHNWI Watch Consumption & Collection Behaviors
(I) Penetration & Asset Allocation
Pridebay’s survey shows that high-end watches have become an indispensable part of Hong Kong UHNWIs’ lifestyle and asset allocation: 91% of Hong Kong UHNWIs own 5 or more high-end mechanical watches, and 68% regard watches as alternative investment assets rather than just luxury accessories. In terms of asset allocation, UHNWIs allocate 6%–11% of their alternative assets to watch collections on average, while family offices often allocate 3%–8% of their assets to watch portfolios for risk diversification and wealth preservation. The average value of UHNWIs’ watch collections in Hong Kong is HK$8.6 million, with top collectors’ collection value exceeding HK$100 million.
(II) Core Structural Shifts in 2025
Compared with previous years, Hong Kong UHNWIs’ watch consumption and collection behaviors have undergone significant structural changes in 2025, showing four distinct trends:
1. From speculation to rational allocation: The trend of speculative flipping of popular watch models has significantly declined, with 72% of UHNWIs holding watches for 3 years or more, focusing on long-term value preservation and appreciation rather than short-term arbitrage. This shift is closely related to the rational return of the market and the increasing emphasis on the cultural and collection value of watches by UHNWIs.
2. From stainless steel hype to precious metal and vintage depth: UHNWIs’ demand has gradually shifted from over-hyped stainless steel sports models to precious metal (gold, platinum), complex function (minute repeater, tourbillon, perpetual calendar), and museum-grade vintage watches. Precious metal models have higher anti-inflation capabilities and collection value, while vintage watches have become the focus of collection due to their scarcity and historical heritage.
3. From retail queues to auction and CPO dominance: Affected by the tight supply of popular models in authorized dealers (with queuing cycles of up to 3–5 years), UHNWIs have gradually shifted their acquisition channels. 64% of high-value watch acquisitions in 2025 came from auctions or trusted secondary dealers, and 41% of UHNWIs purchased watches through brand CPO platforms or top certified pre-owned dealers, making auctions and CPO channels the core choices for UHNWIs.
4. Generational transition in collection preferences: There is a clear generational difference in UHNWIs’ watch collection preferences. UHNWIs under 45 (accounting for 47% of buyers) prioritize technical specifications, rarity, and modern iconic models (such as Richard Mille and F.P. Journe), while UHNWIs over 55 focus more on brand heritage, complex functions, and vintage pieces, emphasizing the cultural connotation and legacy value of watches.
(III) Preferred Acquisition Channels
Hong Kong UHNWIs’ preferred channels for watch consumption and collection are diverse, with clear positioning for different channels:
1. Auction houses (Phillips, Christie’s, Sotheby’s): The preferred channel for vintage watches, limited-edition models, and museum-grade pieces. Auctions not only provide rare and high-value watches but also have a complete authentication and provenance tracing system, which is favored by UHNWIs for large-scale collection and investment. In 2025, auction houses accounted for 38% of UHNWIs’ high-value watch acquisitions.
2. Authorized dealers: Mainly used for purchasing new allocation-sensitive sports models and full-set new watches. UHNWIs who pursue the "originality" and "completeness" of watches still choose authorized dealers, but the proportion of transactions has decreased compared with previous years, accounting for 28% of total acquisitions.
3. Certified pre-owned (CPO) platforms: The fastest-growing channel in 2025. With the improvement of the CPO system, 41% of UHNWIs purchased watches through brand CPO programs or top-tier certified pre-owned platforms. These platforms strictly inspect and authenticate pre-owned watches, providing quality guarantees and after-sales services, solving the pain points of authenticity and quality risks in the secondary market.
4. Private transactions & family offices: Mainly used for discreet high-value transactions of watches above HK$5 million. UHNWIs often rely on private brokers or family offices to conduct confidential transactions to avoid market attention and ensure the safety and privacy of transactions.
III. Top Preferred Brands & High-Performance Models in 2025
(I) Brand Preference Ranking (Hong Kong UHNWIs, 2025)
Hong Kong UHNWIs’ watch brand preferences are highly concentrated, with top luxury watch brands occupying an absolute dominant position. The top 5 preferred brands are:
1. Rolex: Ranked first with its stable value preservation, strong liquidity, and global recognition. Rolex is the most widely held brand among Hong Kong UHNWIs, with 78% of UHNWIs owning at least one Rolex watch. Its sports series and precious metal models are both popular in consumption and collection, and the CPO program has further enhanced its market influence.
2. Patek Philippe: Ranked second, regarded as the "apex of watch collection" by UHNWIs. Patek Philippe’s complex function models and vintage pieces have extremely high collection value and appreciation potential, and its auction performance in 2025 was outstanding, with multiple models refreshing world auction records.
3. Audemars Piguet: Ranked third, favored by young UHNWIs. Its Royal Oak series is a modern luxury icon, and precious metal versions outperformed stainless steel models in 2025, becoming a core choice for young UHNWIs to show their taste.
4. Richard Mille: Ranked fourth, known as a "status symbol of performance art". Richard Mille’s watches are favored by top UHNWIs for their unique design, advanced materials, and high scarcity, with high premiums in the secondary market.
5. A. Lange & Söhne / Vacheron Constantin: Tied for fifth, valued for their exquisite craftsmanship, technical heritage, and cultural prestige. These two brands are favored by UHNWIs who pursue traditional watchmaking art and long-term legacy.
(II) Core Investment-Grade Collections & Market Performance
In 2025, Hong Kong UHNWIs’ watch collections focused on core blue-chip models, with vintage and limited-edition models showing outstanding appreciation performance. The key models and their market performance are as follows:
1. Rolex
Rolex maintained strong liquidity and stable appreciation in 2025, with its core models performing brilliantly: (1) Daytona series: The most liquid model, with stainless steel models maintaining a 110%–130% premium over the public price. A Rolex Cosmograph Daytona "King’s Watch" Ref. 6270, custom-made for the Sultan of Oman, sold for HK$406.35 million at Sotheby’s Hong Kong auction, setting a new record for the model and ranking among the top five highest-priced Rolex watches ever sold . (2) GMT-Master II series: The most widely held model, with the "Coke Bezel" (126710BLRO) remaining a safe-haven asset, with a secondary market price twice the public price. (3) Vintage Rolex (1960s–1980s): A standout in the auction market, with an average annual return of 18%. A Rolex Ref. 6263 stainless steel watch with a dial decorated with the UAE’s national emblem (Ghashiyah eagle) sold for over HK$2.5 million at Phillips Hong Kong auction . (4) Customized models: A Rolex Ref. 6100 18K gold watch with a cloisonné enamel dial depicting a dragon, made in the 1950s, sold for HK$118.7 million at Christie’s Hong Kong auction, setting a new world record for the model .
2. Patek Philippe
Patek Philippe’s complex function and vintage models led the auction market growth in 2025: (1) Perpetual calendar, chronograph, and moon-phase models: The core of collection, with stable appreciation. A possibly one-of-a-kind Patek Philippe Ref. 5970P-013 platinum chronograph perpetual calendar watch sold for HK$10.13 million at Phillips Hong Kong auction, leading the entire auction . (2) Nautilus series: After a market correction, it stabilized and remained a core holding of UHNWIs, with precious metal versions showing better appreciation performance. (3) Vintage models: A Patek Philippe Ref. 3448 18K white gold automatic perpetual calendar watch, made in 1966, sold for HK$90.17 million at Christie’s Hong Kong auction, while a rare Patek Philippe Ref. 5004A stainless steel perpetual calendar split-seconds chronograph watch sold for HK$78.74 million . A Patek Philippe Ref. 5004P-041 platinum watch customized for American collector Michael Ovitz sold for HK$116.84 million,刷新 the world record for the model .
3. F.P. Journe & Other High-End Brands
F.P. Journe, an independent watchmaker, performed brilliantly in the 2025 auction market, with multiple models exceeding pre-auction estimates: A rare F.P. Journe Sonnerie Souveraine stainless steel minute repeater watch sold for HK$175.57 million at Christie’s Hong Kong auction,刷新 the world record for the model . A F.P. Journe "Chronomètre à Résonance, Black Label" platinum dual-time zone watch sold for over HK$4.57 million at Phillips Hong Kong auction, twice the pre-auction estimate . In addition, Cartier’s Art Deco period clocks also became popular in the auction market: a Cartier lantern-shaped nephrite clock, a custom gift for the 1939 wedding of Princess Fawzia of Egypt and Crown Prince Mohammad Reza Pahlavi of Iran, sold for over HK$9.14 million after 59 bids, five times the pre-auction estimate .
(III) Vintage & Museum-Grade Watches
Vintage watches (produced before 1990) and museum-grade pieces became the biggest bright spot in Hong Kong’s UHNWI watch collection market in 2025. These watches outperformed modern sports models in terms of appreciation potential, with an average annual return of 15%–25%. Single-owner, full-set, and Hong Kong/Asia-market dial watches carried a 15%–25% rarity premium. Phillips Hong Kong reported that vintage Rolex and Patek Philippe watches were the most sought-after categories, with 100% of museum-grade vintage pieces sold at auction, far exceeding pre-auction estimates. These watches are not only valued for their scarcity but also for their historical and cultural value, becoming the core target of top UHNWIs and serious collectors.
IV. Investment Performance & Core Value Drivers
(I) 2025 Investment Return Profile
Hong Kong UHNWIs’ watch collections showed a "differentiated appreciation" trend in 2025, with core blue-chip and vintage models delivering excellent returns:
1. Top 10% collections (vintage, limited-edition, complex function models): Annual return of 12%–22%, with some rare models exceeding 30%. For example, F.P. Journe and Patek Philippe’s rare models had an appreciation rate of over 20% in 2025.
2. Core blue-chip holdings (Rolex, Patek Philippe, Audemars Piguet’s mainstream models): Annual return of 6%–12%, showing stable value preservation and appreciation capabilities, far exceeding the average return rate of bank wealth management products (3%–4%) and even outperforming the growth rate of international gold prices in the same period.
3. Speculative/overhyped models (some mid-tier brand popular models): A correction of -5%–-15%, as the market returns to rationality, and the premium of over-hyped models gradually shrinks.
(II) Core Value Drivers
The stable investment value of high-end watches for Hong Kong UHNWIs is driven by four core factors:
1. Superior liquidity compared to other alternative assets: Top models of Rolex and Patek Philippe can be sold in 1–3 months in the secondary market, with faster turnover than high-end art, wine, and other alternative assets. The improvement of the CPO system and the standardization of the auction market have further enhanced the liquidity of high-end watches.
2. Strong anti-inflation capabilities: Against the backdrop of global inflation and volatile financial markets, high-end watches, as tangible assets with stable brand value and scarcity, have become an important tool for UHNWIs to hedge currency devaluation and inflation risks. Pridebay’s survey shows that 78% of UHNWIs added watches to their asset portfolios to hedge inflation and diversify risks.
3. Standardization of the CPO market: The continuous development of brand CPO programs has standardized the authentication, quality inspection, and after-sales services of pre-owned watches, reducing the authenticity and quality risks faced by UHNWIs, and lifting the stability of the secondary market price system.
4. Scarcity by design: Top watch brands (Rolex, Patek Philippe, etc.) have always adhered to strict production control strategies, capping production volume to maintain a long-term supply-demand imbalance. Especially for popular models and limited-edition pieces, their scarcity has become the core driver of their appreciation.
5. Technological empowerment: The application of digital technologies such as blockchain has further enhanced the investment value of watches. Rolex launched a blockchain digital authentication system in September 2025, providing tamper-proof "digital passports" for pre-owned watches, which promoted a 23% increase in its pre-owned transaction volume within three months . Watches with complete traceability information had a three-year value preservation rate of 92%–97%, significantly higher than traditional models (85%–90%).
V. Key Risks Faced by Watch Consumption & Collection in 2025
(I) Market Polarization Risk
The global Swiss watch industry showed a significant polarization trend in 2025, with the market share continuing to concentrate on top brands. Mid-tier watch brands faced severe downward pressure, with their secondary market prices dropping significantly, and only blue-chip models of top brands retained stable value. For UHNWIs, blind investment in non-top brand models may face the risk of value depreciation.
(II) Short-Term Speculation Risk
Although the market has returned to rationality, some over-hyped limited-edition models still face the risk of price correction. Some models with excessive premiums (exceeding 100%) may experience price drops when the market speculation cools down or the supply increases, bringing losses to investors who chase high prices. Pridebay’s survey shows that 65% of UHNWI investors believe that "excessive speculation is the biggest risk of watch investment".
(III) Authenticity & Provenance Risk
With the rise of the secondary watch market, counterfeit high-end watches are increasing, especially popular models such as Rolex Daytona and Patek Philippe Nautilus, which have high simulation, making it difficult for ordinary investors to identify. In addition, some pre-owned watches have unclear provenance, and some have undergone hidden restoration or part replacement, which may affect their market value and collection potential. Although the CPO program has alleviated this risk, the authenticity risk in the non-official secondary market still exists.
(IV) Policy & Currency Risk
Watch consumption and collection are also affected by changes in global policies and market environments. Changes in import and export policies, tax policies, and currency exchange rates of major countries may affect the circulation and price of high-end watches. For example, the decline in Swiss watch exports to Hong Kong (-13.3% in the first half of 2025) has affected the supply of some models, while cross-border tax and customs policy adjustments may increase the cost of UHNWIs’ cross-region watch transactions.
(V) Holding Cost Risk
The holding cost of high-end watches is relatively high, including annual maintenance, insurance, and storage costs. The annual maintenance cost of high-end models is about 1.2%–2.0% of the watch price, and the insurance cost for high-value collections (above HK$10 million) is about 0.5%–1.0% of the collection value. These holding costs increase the investment burden of UHNWIs and may affect the net return of investment.
VI. 2026–2028 Outlook for Hong Kong UHNWI Watch Consumption & Collection
Pridebay predicts that Hong Kong UHNWIs’ watch consumption and collection market will continue to develop in the direction of "value-oriented, standardized, and diversified" in the next three years, with the following key trends:
1. Resilience of blue-chip brands: Rolex, Patek Philippe, and Audemars Piguet will remain the core holdings of UHNWIs, with their mainstream models maintaining a stable annual appreciation rate of 6%–15%. The high-end segment (priced above HK$1 million) will continue to grow, becoming the core growth point of the market.
2. Golden age of vintage watches: Museum-grade vintage watches and rare limited-edition models will continue to outperform modern models, with an expected annual return of 15%–25%. The demand for vintage watches with complete provenance, single-owner, and regional characteristics (Hong Kong/Asia market) will continue to rise.
3. Mainstreaming of the CPO market: The scale of certified pre-owned transactions will continue to expand, accounting for more than 30% of high-value watch trades by 2028. More watch brands will launch CPO programs, and the standardization level of the secondary market will be further improved, reducing investment risks for UHNWIs.
4. Legacy and family structuring: UHNWIs will increasingly use watch collections in wealth transfer, trust planning, and family legacy inheritance. Family offices will pay more attention to the allocation of watch assets, incorporating them into long-term legacy planning to realize cross-generational value inheritance.
5. Digitalization of transparency: The application of blockchain technology in provenance tracing will become more widespread, and digital certificates will become the standard configuration for high-value watches, further reducing authenticity risks and improving market liquidity. Online trading platforms will become an important channel for secondary market transactions, improving transaction efficiency.
6. Rise of independent watchmakers: Independent watchmakers such as F.P. Journe and Philippe Dufour will attract more attention from UHNWIs, with their unique craftsmanship and scarcity, becoming a new growth point in the collection market.
VII. Conclusion
In 2025, Hong Kong’s UHNWI watch consumption and collection market completed a critical transition from "fashionable consumption" to "asset-class maturity", with the secondary market, auction market, and CPO market becoming the core driving forces of the market. Hong Kong, relying on its unique wealth advantages, policy advantages, and market ecosystem, has further consolidated its position as Asia’s watch capital, attracting global UHNWIs to conduct watch consumption and collection activities in the city.
For Hong Kong UHNWIs, high-end watches are no longer just a symbol of status and taste, but have become a liquid alternative asset, a carrier of cultural heritage, and an important tool for cross-generational legacy inheritance. Collections built around blue-chip brands, complete provenance, vintage rarity, and long-term holding have delivered stable, risk-adjusted returns amid global economic uncertainty, becoming an indispensable part of UHNWIs’ asset allocation portfolios.
Although the market still faces risks such as polarization, speculation, authenticity, and policy changes, with the continuous improvement of the CPO system, the standardization of the auction market, the application of digital technology, and the continuous growth of UHNWIs’ demand for value preservation and appreciation, Hong Kong’s UHNWI watch consumption and collection market will usher in broader development space in the future.
Pridebay will continue to pay attention to the development dynamics of the global high-end watch industry and Hong Kong UHNWIs’ watch consumption and collection behaviors, conduct in-depth research on market trends and consumer needs, and provide more professional research reports and consulting services for global UHNWIs, family offices, watch collectors, and luxury watch institutions, helping to promote the healthy and sustainable development of Hong Kong’s high-end watch market.
