Once the crown jewel of hype-fueled horology, Audemars Piguet now finds itself at a crossroads. After years of riding the momentum of limited drops and social media cachet, the brand’s recent moves, and market response. Suggest something deeper is shifting beneath the surface.
Strong Sales, Softer Story
Yes, AP posted a 15% sales bump in Q1 2025 per Thomson Reuters, outpacing Rolex and Patek. But raw sales don’t tell the full story. Behind those numbers lies a more complex picture: one where long-term brand equity is being tested against collector patience, resale realities, and a maturing asset class.
Secondary market data from WatchCharts shows resale value appreciation for the Royal Oak at just under 12% year-over-year. That’s solid, but not invincible. The same model saw post-pandemic spikes north of 40% in 2021 and 2022. Meanwhile, Code 11.59, once branded as AP’s design misstep, is finding redemption, not because of mass appeal, but because of its rarity and refinement. Limited production runs and better complications are doing the heavy lifting, not organic demand.
What Collectors Are Doing Now
WAX clients are already adapting. Over the past two quarters, we've seen a 19% increase in requests for updated appraisals on AP pieces. That usually signals two things: buyers looking to sell while prices hold, and collectors wanting insurance aligned with accurate, current valuations. Neither group is casual. Both are reading the room.
A WAX client with holdings across Rolex, Patek, and AP summed it up this way:
AP still turns heads, but it’s not a guaranteed rocket ship anymore. You need to be selective. Condition, reference, and provenance matter more than ever.
From Hype Cycle to Data-Driven Acquisition
This is part of a broader trend: the deceleration of brand-first collecting and the rise of data-driven acquisition. In an environment where economic pressure is forcing liquidity, even trophy assets are being reassessed. The watches that continue to perform? They’re the ones with historical relevance, documented scarcity, and strong paper trails.
Search data supports the shift. Chrono24 reported an 18% increase in AP search volume in Q1, but total completed sales only rose 9%. Translation: more people are window shopping, but they’re also thinking twice before clicking “buy now.”
Institutional interest hasn’t disappeared, it’s just getting smarter. Deloitte’s 2025 Swiss Watch Industry Report notes that 30% of collectors now treat watches as part of a formal portfolio strategy. That doesn’t mean flipping hype pieces. It means tracking valuation history, factoring in servicing costs, and understanding holding periods. Welcome to the big leagues.
The Takeaway
So what does AP’s Q1 really tell us? Not that the brand is back, but that the collector class is maturing. Status symbols are becoming spreadsheet assets. The flex is still alive, but now it wears a blazer and checks resale comps before dinner.
In 2025, a good watch isn’t just a vibe. It’s a vetted position. And in this climate, every brand, even the icons. Has to earn its place on the wrist.
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