Story Highlight
– Rolex’s pre-owned program generated $229 million in Q3.
– Sales increased 61% YoY and 30% QoQ.
– Approximately 10,300 watches sold, totaling $550 million YTD.
– Stock estimated to reach $780 million by year-end.
– Retail partners increased from 157 to 167 in 2026.
Full Story
Rolex’s Certified Pre-Owned (CPO) programme has achieved a remarkable milestone, registering its highest sales quarter since its inception in December 2022, with estimated revenue reaching $229 million for the three months ending September 2026.
This performance marks a 61% increase compared to the same period last year and a 30% rise from the preceding quarter, as detailed in a recent Morgan Stanley report on the secondary watch market, which utilised data from WatchCharts.
During this latest quarter, around 10,300 certified Rolex watches were sold, contributing to a total of approximately $550 million in sales for the first three quarters of 2026. This figure has already surpassed the projected sales of $490 million for the entirety of 2025, with the crucial Christmas trading period still ahead.
If the fourth quarter reflects similar results as the third, the CPO programme could conclude 2026 with sales nearing $780 million, setting it on a trajectory to exceed $1 billion in 2027. Such figures would position the programme among the top ten Swiss watch brands in terms of retail sales, outpacing established names like IWC, Jaeger-LeCoultre, and Tudor based on current assessments.
Looking ahead to next year, projections indicate that annual sales could exceed 50,000 units, potentially placing CPO ahead of Audemars Piguet in watch distribution by 2027. This growth is striking, particularly considering that Rolex’s sales in the first quarter of 2023 were a modest $6 million, with Bucherer and its US affiliate Tourneau initially leading as the programme’s official retail partners.
The CPO initiative has swiftly become one of the fastest-growing segments in the global luxury watch sector, enabling Rolex and its authorised dealers to secure a more significant share of the secondary market, traditionally dominated by independent sellers and specialised platforms.
The CPO network has expanded, with Morgan Stanley and WatchCharts reporting that as of September, 167 retailers globally are now part of the Rolex CPO programme, an increase from 157 at the start of July. This year has seen the addition of 23 new retailers, compared to 37 in all of 2025 and 81 in 2024, suggesting that the current network is becoming increasingly effective as dealers hone their skills in sourcing, verifying, servicing, and reselling timepieces.
The number of CPO Rolex watches available for sale reached 12,390 by the end of September, demonstrating a 10% rise from the previous quarter and 31% year-on-year. The median asking price for these watches is around $18,000.
Bucherer and Tourneau, along with the Watches of Switzerland Group and The 1916 Company, continue to dominate the market, collectively representing 47% of all listed CPO watches. Specifically, Bucherer and Tourneau account for 25% of the global inventory, while Watches of Switzerland Group and The 1916 Company capture 14% and 8%, respectively.
Notably, investment in the CPO programme is no longer limited to the largest international retailers. Harrods joined the initiative in November 2025, offering a range of options from reasonably priced discontinued models to rare gem-set Daytonas. More recently, Prestons Jewellers announced its plans to incorporate Rolex CPO into its newly expanded Guildford outlet. Prestons’ operations director, Lauren Cook, remarked that the programme enables clients to buy discontinued pieces and unique dials while also providing opportunities to trade in existing watches.
A significant feature distinguishing CPO from the market for new Rolex watches is the expanded selection of discontinued models available through authorised retailers, who are otherwise limited to current collections and subjected to allocation constraints.
Nevertheless, one of the critical challenges for Rolex CPO has been the high premiums set by official retailers in comparison to the unauthorised secondary market. Initial participants, such as Bucherer and the Watches of Switzerland Group, often sold comparable watches at nearly 40% higher prices.
Current data from Morgan Stanley and WatchCharts indicates that the median global premium for Rolex CPO has decreased to 23.1%, consistent with 22.6% from the prior quarter, marking a significant reduction compared to the programme’s early days. This premium is evaluated against the prices of similar watches sold in used condition by reputable non-CPO dealers in the same geographical region.
Premiums vary among Rolex collections; for instance, the Datejust, which comprises almost a quarter of the entire CPO inventory, has a median premium of 22.3% with asking prices averaging $14,310. Submariner models carry a 24.2% premium, whereas Daytonas and Day-Dates exhibit lower premium rates of 17.5%. Conversely, Lady-Datejust watches have the highest premium at 33.2%, followed by Oyster Perpetual at 29.9% and Cellini watches at 29.2%.
Differences are also apparent between retailers, with The 1916 Company maintaining competitive pricing closer to that of the broader secondary market, while Bucherer and the Watches of Switzerland Group continue to command higher premiums.
Despite a slowdown in price appreciation within the wider secondary market, Rolex CPO shows robust growth. The WatchCharts index reported a 1.2% price rise overall in Q3, while prices for Rolex watches specifically increased by only 0.5%, marking the brand’s weakest quarterly performance in over a year.
With Rolex watch supply in the secondary market reaching record levels amid stagnant demand, the expansion of the CPO programme appears to be driven by genuine retail interest rather than speculative purchasing that characterised the market during the pandemic.
This shift underscores the notion that the officially certified CPO channel is establishing itself as a distinct retail segment, rather than merely functioning as an alternative source for second-hand watches. Recent reports indicate that certified pre-owned Rolex sales may have surpassed those of new and unworn watches in the unofficial grey market. Estimates from EveryWatch suggest that Rolex CPO sales totalled $385 million in the first half of 2026, representing 11.1% of the brand’s total secondary market sales. This assessment exceeds the projections made by Morgan Stanley and WatchCharts, which estimated first-half sales of around $319 million.
