On this episode, we dig into reports that Patek Philippe may roll back U.S. retail prices—by as much as 8%—after last year’s sharp tariff- and currency-driven increases. We break down why the math isn’t as simple as tariffs going down and prices following, how import costs actually work at the wholesale level, and why this move raises uncomfortable questions for collectors who bought during the peak pricing window.

We then zoom out to the broader issue of volatility. From shifting tariff policy to currency swings and geopolitical uncertainty, we explain why brands are being pushed into a kind of reactive, market-based pricing that’s common for commodities but highly unusual for luxury watches. We compare Patek’s approach with Rolex’s more measured strategy and show how very different tactics can still land brands in roughly the same place over time.

Finally, we look at what this all means for the secondary market. While headline data suggests pre-owned prices stabilized in 2025, we explain why that rebound is narrowly driven by Patek, Rolex, and AP—and why value retention for most watches continues to weaken as new prices rise faster than used ones. The takeaway: the market may look calmer on the surface, but underneath, volatility remains the defining feature.

Hosted by Asher Rapkin and Gabe Reilly, co-founders of Collective Horology, Openwork goes inside the watch industry.

You can find us online at collectivehorology.com. To get in touch with suggestions, feedback or questions, email podcast@collectivehorology.com.