Pearls are growing in popularity across age groups, with prices rising for necklaces, single pearls and earrings. Once driven primarily by collectors in the Middle East and India, pearl demand is now broad-based internationally and is expected to remain strong in 2026, supported by retail visibility and alignment with fashion trends. External data supports Christie’s projections: according to Zion Market Research, the global pearl jewelry market will grow from approximately $13.53 billion in 2024 to $48.14 billion by 2034, representing a compound annual growth rate of roughly 13.53 percent between 2025 and 2034. Prices for high-grade Akoya and South Sea pearls have increased sharply, in some cases by nearly 50 percent, in recent years, as demand has outpaced production. Natural pearls remain extremely rare and highly valued, their scarcity historically underpinning their value—and when they appear at auction, they can far exceed estimates.
Today’s nostalgia-driven secondary market is also fueling a lively appetite for vintage jewelry from the 1960s-1980s, particularly pieces by heritage houses such as Cartier, Bulgari and Van Cleef & Arpels. Clients are gravitating toward bold, wearable designs from these decades, with yellow gold and vibrant colored stones leading demand. Provenance remains critical in the jewelry market: single-owner collections and jewels with notable histories continue to outperform, and curation and storytelling that elevate those histories have become central strategies. Tightly edited sales that emphasize provenance, rarity and distinctive design narratives allow auction houses to amplify the symbolic aura and emotional resonance of these objects beyond their material value.
Regionally, demand from the East remains a key driver of activity. Christie’s reports increased spending from clients in the Middle East, particularly the Kingdom of Saudi Arabia and the United Arab Emirates, along with growing engagement from the Indian diaspora and broader spending expansion across the Asia Pacific region. “As we look to 2026, jewelry will remain central to Christie’s strategy not only as a category of exceptional objects but also as a gateway that attracts the next generation of collectors and anchors our expansion into fast‑growing regional markets,” confirmed Fawcett.
In the watch market, independent makers and top-brand icons
In 2025, Christie’s private sales in luxury watches exceeded $10 million. As the market continues to expand and mature following the more speculative boom of 2022, high-value masterworks are increasingly trading discreetly between collectors who favor tailored, confidential transactions. There was exceptional demand for vintage masterpieces and independent watchmakers, while collectors continued to pursue rare timepieces from Patek Philippe, Rolex, Breguet, Cartier, F.P. Journe, Audemars Piguet and Richard Mille.
In December, at Christie’s Important Watches auction in New York, rare Patek Philippe timepieces—including the $660,400 Serpico Y Laino Black Enamel Calatrava Ref. and the $520,700 “The Scout” 18k gold Lepine-style watch—sold for well above estimate, helping the sale reach $9.3 million with 96 percent sold by lot. In the same auction, a rare vintage Cartier cushion-shaped gold wristwatch with Deco-style Arabic numerals sold for $76,200 over a low estimate of $8,000. The top lot, however, was a more niche horological masterpiece: the Charles Frodsham Silver Grande & Petite Sonnerie Hump-Back Tourbillon Carriage Clock from the Edlis | Neeson Collection, which achieved $952,500, nearly five times its low estimate.
Christie’s achieved total global auction sales of $162.5 million for watches in 2025, with 81 percent of lots selling within or above estimate. Sotheby’s also recorded its best year ever in the category, with $193.6 million in watch sales for 2025, up 22 percent from 2024. December’s Important Watches sale at the Breuer in New York closed white glove at $42.8 million, anchored by Audemars Piguet’s “Grosse Pièce” No. 16869, which fetched $7.7 million, more than doubling its high pre-sale estimate and setting a new auction record for the brand. Even so, these totals were eclipsed by Phillips, which achieved $83 million in November at its Watches: Decade One (2015-2025) sale in Geneva, setting the record for any single-owner watch auction. Phillips, which holds an estimated 45 percent share of the global watch auction market, surpassed its own annual record in 2025, reaching $290 million in auction sales, up from a previous peak of $227 million in 2022, plus an additional $80 million from private sales and its Phillips Perpetual boutique.
Looking ahead to 2026, Christie’s specialists expect F.P. Journe to remain a standout performer, with sustained demand across key models. Vintage Patek Philippe and Rolex masterpieces are also projected to achieve further record prices, driven by continued interest from new collectors, with the U.S. and the Middle East remaining dominant markets. Concurrently, the neo-vintage segment (1990s-early 2000s) is set to expand further as an accessible entry point for younger collectors seeking authentic design or nostalgic appeal at more attainable price levels. According to Chrono24, the neo-vintage market is already 2.5 times larger than the vintage segment. Dealers report that demand for clean examples of Rolex, Omega and Cartier neo-vintage models frequently outpaces supply, while early independent watches from this period, including early F.P. Journe pieces, have shown notable appreciation and strong auction performance.
Historical provenance and mature Bordeaux
If the broader liquor and wine industry is facing something of a crisis as younger generations drink less, the secondary market for vintage wines continues to thrive, particularly as younger Asian buyers enter the category with curiosity and a desire to explore beyond top labels. This demand from Gen Z and Millennial buyers, particularly in Asia and Greater China, is expected to continue growing in 2026.
In 2025, Christie’s success in the wine segment was underpinned by provenance, with collectors placing a premium on well-documented bottles and single-owner collections that underscore history and rarity. A prime example was the white-glove $28.8 million The Cellar of William I. Koch sale, which in June set a new record for the highest price achieved by a single-owner wine collection sold in North America, headlined by a $275,000 1999 Domaine de la Romanée-Conti methuselah and a lot of three magnums of the same wine fetching $237,500—more than double its high estimate. The renewed demand for mature Bordeaux and rare vintages was confirmed again in December, with the Historic Cellar of Jürgen Schwarz totaling $4,248,000 across over 800 lots, selling 98 percent by lot and 116 percent by low estimate. The top lot was 12 bottles of Henri Jayer, Vosne-Romanée, Cros Parantoux 1999, which realized $175,000, followed by $81,250 for six magnums of Château Lafleur 1982, $62,500 for five bottles of Henri Jayer, Vosne-Romanée, Les Beaux Monts 1978 and $52,500 for a single bottle of Château Lafite Rothschild 1868.
From Hermès to Chanel, scarcity drives value
2025 was the year the art market fully recognized that a Hermès bag could reach or even surpass the seven-digit values of modern and contemporary masterpieces, as a Hermès Birkin bag custom-made for Jane Birkin in 1984 sold for a record-breaking $10.1 million (€8.6 million) at a Sotheby’s Paris auction in July. That said, while the Birkin remains for many the Holy Grail of handbags, it is the most exclusive and elusive Faubourg Birkin variations—particularly the “Snow” and “Rainy Days” editions—that are achieving the highest prices. The Rainy Days Faubourg Birkin 20 with Permabrass hardware sold for $215,900 as the top lot of Christie’s $3.6 million Handbags Online – The New York Edit auction in September 2025, where a Rare Nuit Faubourg Birkin 20 also realized $165,100 as part of a broader group of collectible Hermès offerings. Demand is also surging for smaller, more versatile clutches from the Maison, including the Hermès Kelly Pochette. In the same sale, a Sterling Silver Mini Kelly (circa 1990s) fetched $127,000 while a Matte Vert Peppermint Alligator Mini Kelly 20 II sold for $88,900.
