Why 2023 Was Another Record Year For Hyped Luxury Watches
5 min read
The world of luxury watches is as vibrant as ever in 2023, with coveted brands releasing stunning new models and collaborating with top designers. This year we've seen hype around several new watch releases that collectors are eager to get their hands on.
Rolex remains one of the most desirable luxury watch brands. The waitlists for stainless steel Rolex sports models like the Submariner, GMT-Master II, and Daytona stretch years into the future. These impossible-to-find Rolex watches have become status symbols and not just amongst the wealthy and celebrities. In the coming year, there could be adjustments as Rolex endeavors to satisfy demand and address the exorbitant prices on the secondary market. Beyond Rolex however, there are other watchmakers/brands that are generating a buzz with high-profile collaborations. Will this be the way for 2024?
The vintage watch market also remains white-hot. 2023's headline-grabbing records at auction houses like Christie's and Phillips embody this bubble mentality. Collectors are paying outrageous, seven-figure sums to own rare vintage models from Patek Philippe, Rolex, and Audemars Piguet. These astronomical prices fuel the perception that luxury watches are sound investments, further driving demand. But in reality, most collectible watches end up dramatically depreciating in value. For example, the gem-set Rolex Daytona 6270 crossed the $3 million mark at the Philips auction which was a record-setter.
With demand outpacing supply, buying patterns in the luxury watch world have shifted. To gain access to the most desirable models, buyers establish purchase history, join waitlists, and build relationships with brand boutiques and authorized dealers. Limited edition collaborations sell out in minutes online. The landscape rewards persistence, insider connections, and being first in line. For instance, the IWC Schaffhausen Mojave Desert sold out almost instantly.
While steel sport watches grab most of the hype, high-end watchmakers continue innovating in technology, design, and materials. Expect boundary-pushing concept watches with new complications, artistic dials, hybrid materials like titanium and ceramic, and continually improving smartwatch tech. Brands like DOXA are tapping into this segment with interesting materials and improvements.
The current situation benefits the brands, resellers, and a small fraction of collectors, but ultimately harms watchmaking heritage. Watch groups are saturating the market with mediocre limited editions instead of focusing on mastering their craft. Enthusiasts are treating watches like commodities rather than appreciating the mechanical artistry they represent.
That being said, here are a few watches that could be considered the “hyped” watches of 2023!
MB&F Horological Machine No.11
Jaeger-LeCoultre Reverso Tribute Chronograph
OMEGA Seamaster Aqua Terra Worldtimer
A. Lange and Sohne Odysseus Chronograph
Tissot PRX
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Rado True Square Skeleton
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Blancpain x Swatch
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Seiko 5 Sports Collection
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Grand Seiko Tentagraph
Cartier Santos Dumont
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Frederique Constant Worldtimer
Audemars Piguet X 1017 ALYX 9SMX Matthew Williams
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Panerai Radiomir
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Oris Pro-Pilot x Kermit Edition
Tudor Pelagos FXD
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The luxury watch frenzy shows no signs of dying down in 2023. For both brands and collectors, enthusiasm remains high to acquire these precision-engineered status objects that mark major life milestones. The hype drives a fascinating culture, economy, and community in the watch world. That was 2023, let’s see what 2024 has in store for us…
