The global watch market reflects a blend of tradition and technology. Global watch sales were worth roughly $75.8 billion in 2024, with projections reaching $116.7 billion by 2034 and an annual growth rate of around 4.5%. Despite this surge, the luxury segment remains strong. Rare Patek Philippe, Rolex and Audemars Piguet watches routinely fetch seven or even eight-figure sums at auction.
"Every timepiece is a masterwork of engineering. As watch enthusiasts, we created WAX coverage to respect their intricacies and honor the horological craft." says Jeremy Caparas, Head of Customer Success.
Why Watches Need Specialized Coverage
- Portability and theft - Fine watches are small and easy to steal, making them prime targets.
- Mechanical complexity - High-end mechanical movements can be damaged by drops, magnetism, or improper servicing.
- Water and environmental damage - Vintage pieces often lack water resistance.
- Transit exposure - Most damage and disappearances occur while shipping watches for servicing or trade shows.
WAX Collect's Watch Coverage
- High limits and agreed values - Schedule individual watches or insure a blanket collection. WAX pays up to 150% of agreed value.
- Worldwide transit coverage - Nail-to-nail protection for shipment to service centers, auctions or private sales.
- Automatic coverage of new pieces - Newly purchased watches are covered immediately up to 25% of the category limit.
- Claim separation - Claims won't affect your homeowners insurance.
- Expert valuation and repair - WAX partners with watchmakers, auction houses and authorized service centers.
Tips for Collectors
- Keep documentation - Maintain purchase receipts, certificates, service records and photographs.
- Invest in storage - Use a safe, watch winder and humidity-controlled environment.
- Service regularly - Mechanical movements need periodic lubrication and inspection.
Ready to protect your collection?
Collectors can request a quote in minutes through WAX's digital platform, and brokers can contact us to discuss multi‑asset coverage. WAX is your trusted partner for safeguarding every facet of your collection.
