From $2000 to $1m: The vintage watches turning time into (serious) money

November 3, 2026 — 6:01pm

Patek Philippe, Rolex, Audemars Piguet, Vacheron Constantin – names that come with caché and value, well into the thousands. Those who collect vintage watches are a secret society, trading them behind closed doors or following them on the secondary market.

When one comes up for sale, it’s not dissimilar to a flock of seagulls fighting over a hot chip. Some keep their watches in bank safes, others proudly display them in glass-topped cabinets in their dressing rooms – a joy to look at as much to wear.

Patricia Kontos, from Leonard Joel’s Fine Jewels & Timepieces, has a wealth of experience when it comes to valuing vintage watches, having worked at Sotheby’s and Christie’s over her 30-year career.

Her focus is directed to vintage watches from the mid-20th century to the early naughties. Six years ago, Kontos was a catalyst in the purchase of a Rolex Pulsometer which was knocked under the hammer for a client in Geneva, Switzerland, for $1 million. Kontos estimates the same watch would be worth 30 per cent more if sold today.

A recent sale at Leonard Joel included a number of vintage watches by Patek Philippe, including a Nautilus with an estimated value of between $65,000 and $85,000, which sold for $95,000 (plus buyer’s premium).

The Patek Philippe Nautilus ribbed champagne-toned watch, circa 1996, was also produced in stainless steel. “We find that the difference in price between the two (gold as opposed to stainless steel) is nominal given the gold one is generally worn for more special occasions and the other more for every day,” says Kontos.

‘You could compare buying watches to buying shares. You need to be prepared to lose at times.’

Chris La Galle, owner of The Watch Gallery

Other standouts in the recent timepieces auction included Cartier, with a number of the Cartier Tank watches being strong performers. One priced between $4000 and $6000 sold for well above the reserve: $17,000 plus buyer’s premium, an additional 25 per cent.

Another watch, a Cartier Tank Solo from the early naughties, which had an estimate of between $2800 and $4800, sold for $8500 plus buyer’s premium.

Those venturing into the world of vintage watches should, according to Kontos, look at watches from the 1950s and ’60s, particularly the Chronograph watches from Amega, Rolex, Longines or Tissot – selling on the secondary market for upwards of $2000.

She recommends a manual winding mechanism rather than quartz (battery operated). But importantly, she suggests “looking at a watch that holds appeal, whether for its aesthetic, its function or both”.

Chris La Galle, who owns The Watch Gallery in Little Collins Street, Melbourne, has been selling vintage watches for 22 years. For those starting a collection, he suggests watches, such as Longines from the 1960s, with one of these recently selling for $1295, including GST.

“It was a simple winding watch but this, along with say, an Omega from the same period, are a good starting point,” says La Galle, with many of the entry point vintage watches generally being north of $2000.

He also sees the cyclical nature of vintage watches and notes that people should not expect a sudden windfall. “You should also factor in the cost of servicing, and you need to be prepared to lose if there’s a sudden rush for new models,” he adds.

With the opening of the new Patek Philippe boutique in Collins Street, Melbourne, formerly a flagship store for fashion designer Paul Smith, there may be a slight dent in price for vintage watches, at least on the local scene.

“You could compare buying watches to buying shares. You need to be prepared to lose at times,” adds La Galle.

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Stephen Crafti is a specialist in contemporary design, including architecture, furniture, fashion and decorative arts.

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