Otis Ingle describes himself as a “backpack dealer”, an aficionado in the buying and selling of watches. It’s a legitimate operation in what’s known as the “grey market”, a bustling economy trading timepieces outside of authorised dealers (ADs), stores that sell new models straight from the factory floor.
“I’m a middle man and I’m known around. I can get a phone call today from someone who is thinking of opening a coffee shop and they are looking to raise funds,” he explains. “That person will say, ‘my father left me a Rolex and I hear you’re the man to buy it’, and from there I’ll show him the exact value of it on a marketplace like Chrono24, so they are free to try and sell it themselves, or let me buy it.
“Let’s say that watch is for sale on that marketplace for €8,000, and I work off 10 per cent commission. I’ll give the person who wants a quick sale €7,000, and I’ll find a buyer for that watch, knowing it can sell for €8,000. It’s all above board and tax compliant.”
Ingle agreed to meet to discuss whether time has run out for the luxury watch market as a credible investment option, given much discussion in recent years around a steep decline in demand in the pre-owned and secondary market space. Was there still scope to turn a profit on watches purchased as investments?
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Days earlier, I had, with the permission of administrators of a Facebook page called Watch Collectors Ireland, a closed group of around 3,000 watch enthusiasts, requested to interview people around timepieces as potential investment opportunities. But the response was cool.
“Watches aren’t an investment though,” replied one collector. “This is a story that’s about 3yrs late for catching peak investment hype too.”
The author of the post had a valid point. The “pandemic watch bubble” was a short-lived rush on high-end brands that saw luxury watch prices rise by 20 per cent in just the fourth quarter of 2021. A flurry of interest borne out of lockdown boredom and hyped-up trends saw growth in the demand for luxury models.
Companies were accused of being too greedy too, with watchmaker Rolex twice increasing prices in 2022 alone, while Omega, Tissot and IWC were among other big brands pushing up prices. Post-pandemic, and once society reopened, a perfect storm awaited.
“Historically, from when Rolexes were in production from the mid to late 1950s and into the early 1960s, prices from that point up to 2022, steadily increased but only in line with inflation,” explains Corrie, a 26-year-old from south Dublin and a rising social media star with watch fans who goes by the handle @WatchCorrie. His popularity centres around his love for collecting watches, and his knowledge of horology history.
“But what happened then is that, during Covid, demand for watches skyrocketed for many reasons. Some were investing online and wanted to turn profits into something tangible like watches, while others were spending money because they couldn’t go anywhere and so could purchase something like a watch.
“Another reason is that watch factories weren’t operating. Demand went through the roof and the supply of high-end watches dropped off, so prices went through the roof. Some people say the watch market collapsed but it was actually just more of a correction, and now prices are back to what they were before Covid.”
To put this into context, Ingle shared an example of what resellers stood to gain at the bubble’s peak as opposed to now.
“In 2022, from an official AD, a Rolex Pepsi – that’s a sports model, a rose gold GMT – cost €9,250,” he said. “On the grey market, you could sell that watch for €29,000 through a third party like Done Deal or Adverts or a pre-owned watch shop. Now, that same watch with inflation is €11,250, and resale value on the grey market is €16,000. That’s the difference in price in one watch.”
But isn’t there an argument for potential investors or watch owners looking to “flip”, that a Rolex Pepsi – if you’re lucky enough to own one – would still turn a profit of around €4,000 today?
“Yeah, there’s been a big drop but there’s still a profit in a watch like that,” Ingle agrees. “But the key is, if you’re trying to make money out of a watch, you must get the right model, you must know what you’re looking for and if something is worth buying.
“I’ll go back to Chrono24, where you can buy or sell any watch in the world. The price of a Rolex GMT Master 2 on that website right now is €37,000, and that’s a brand new, 2025 release, and unworn. Now, on the official Rolex website, that same watch is €45,700, so who do you hand your hard-earned cash over to? Rolex or a reputable dealer for almost €9,000 less and who will deliver to Ireland?”
On his own wrist, Ingle is sporting a Rolex Submariner from 1979.
“It was just lucky that it happens to be the year I was born,” he says. “But back then, it cost $400 dollars (around €343) to buy, today it’s worth about €12,000.”
Peter McAuley is founder of Nomadic Watches, a luxury watch brand based in Belfast. Last month, it opened its flagship store, which includes a glass partition into a workshop where the watches are handcrafted. He said there was a perception that all watches are good investments, which isn’t true.
“It’s like any other asset class. Some will hold their value, others will increase in value and there are some that simply won’t,” he says.
“If you are buying a watch as an investment then do your research but, for me, a watch is all about a story, or marking a milestone, or something you connect with on an emotional level. You’re probably going to be wearing this every day, and potentially for the rest of your life and maybe even pass it down to your children, so if you can invest in something that you love and will put a smile on your face, that’s the best investment you can make.
“Rolex sport watch models are good investment pieces, and are probably the most liquid of the watches. They are easily sold and converted back to cash. I think also smaller independent brands with limited-edition pieces can offer good value in the long term, so that’s another accessible way to invest.
“It’s nice to know if you’ve spent a few thousand pounds on a watch and if over the next decade you fall on hard times, you’ve always got that watch there to sell if you need to.”
According to Statistica, a market insights company, the global watch market has generated a revenue of $126.9 billion (€108 billion) up to July this year. According to projections, the market is expected to experience an annual growth rate of 5.7 per cent between now and 2030. The US is the top revenue generator, with a total of $22 billion in 2025.
Switzerland continues to dominate the luxury watch market worldwide, with top-tier brands expected to account for 60 per cent of sales this year.
But a curveball has recently been thrown in the land of watches – Donald Trump’s tariffs. The US president has slapped a hefty 39 per cent tax on imports to the US from Switzerland, home to the biggest luxury watch makers in the world including Rolex, Patek Philippe, Audemars Piguet, Omega, and more accessible brands like Tissot and Longines.
“That’s a big question on a lot of people’s minds because nobody knows what will happen to the watch market,” says Corrie. “Will dealers across Europe or anywhere outside of America be far busier because Americans will go abroad to buy watches? Will the likes of Rolex and other manufacturers just up their prices everywhere else as well?”
McAuley said Nomadic’s biggest market is the UK, followed by the US and Ireland. The tariffs on Switzerland actually present his company with an opportunity to position itself at a much lower price point than its competitors.
“Customers might think: ‘well I might not get that Swiss piece, so let’s support the Irish guys instead’, so we can hopefully win some market share there,” he says.
It’s not only new watches sold from authorised dealers that are expected to rise in price. The pre-owned or secondary market in the US is also expected to get more expensive.
“Trump’s tariffs will not stop people from buying, because if you get a call from Rolex in New York telling you a watch is available but now costs more than before, the likelihood is that customers will still want to buy it,” says Ingle.
“What the tariffs will do is inflate the price of the pre-owned market and everything in the US will go through the roof because the likes of 47th street in New York – the famous Diamond District – will have new watches available but at 20 per cent less than the price with 39 per cent tariffs.”
Ingle has some good advice for people looking to purchase a watch, namely to avoid gold.
“The price of gold has gone up so much in the last five years. In 2020, an ounce would cost €1,900 but today the cost is €2,900,” he said. “In watches, this means solid gold models have gone up in price from authorised dealers and people don’t want them because they are noticing it’s not a good investment from an AD when you can buy the same watch for €10,000 less on the grey market.
“That’s because some countries, primarily Americans, are able to get tax back on their watch purchases from Europe, which in turn means they can knock that tax rebate off the price of the watch. So something like a Rolex Submariner in gold that retails from an AD for €48,000 today, could appear on Chrono24 for €38,000. Where you would have had waiting lists at ADs for gold models, these are gone and instead replaced with waiting lists for stainless steel versions.
“You have to know what you’re buying, what is happening in the market and where there are savings to be made in watches that will always be in demand and will always sell well in a second-hand market.”
