Leonard says most luxury watches are poor investments, eyes independent makers

Many high-net-worth individuals mistake a brand name for a financial instrument. In reality, 99% of watches fail to serve as legitimate investments. Buying a new ceramic Rolex Daytona and expecting significant returns is often a fool's errand; a 6% annual return hardly justifies the capital lock-up when compared to traditional market assets. True value appreciation requires scarcity that mainstream luxury conglomerates simply cannot provide because their business models rely on mass-produced volume to satisfy shareholders.

Curated selections from $1,000 to $1 million

For those seeking the best horological value at specific capital tiers, the landscape shifts from utility to extreme rarity. At the entry level, Tissot remains the benchmark for quality under $1,000. Moving into the $10,000 to $25,000 range, the steel and solid gold Rolex Submariner models—specifically previous generations—offer the most resilient value. As we scale to $100,000, the Patek Philippe Nautilus 3700 takes the lead, while the $1 million mark belongs exclusively to vintage, specialized Rolex Daytona like the Paul Newman iterations.

Independent makers represent the future of growth

The most significant financial upside exists where the public isn't looking: independent watchmakers. Artisans like Rexhep Rexhepi (of Akrivia) and Simon Brette are the future of high-end collecting. These individuals produce only a handful of pieces annually, creating a supply-demand imbalance that mainstream brands like IWC or Panerai cannot replicate. Investing in a watchmaker, rather than a watch brand, ensures you are holding a piece of genuine craftsmanship rather than a marketed commodity.

Why mainstream brands face an identity crisis

Corporate conglomerates like Richemont prioritize profit margins over horological soul. This creates a vacuum of authenticity that savvy collectors are starting to notice. Brands that churn out mass products with movements sourced from various suppliers lose their