UAE: How luxury watches are becoming legacy investments

Khaleej Times

4 days ago

For a growing number of collectors in the UAE, luxury watches are more than accessories. They are assets, heirlooms, and personal milestones for which some are willing to shell out a hefty sum of Dh1.84 million. Industry insiders say the country's appetite for high-end timepieces has surged in recent years, driven by emotional value, scarcity, and cultural relevance. These watches, while still telling time, have evolved into tangible expressions of success and identity.
When passion is sparked by the emotional weight these objects carry, this is what happened with Byron James, an international family lawyer based in Dubai, who speaks about the watches he's collected over the years with a mix of sentiment and precision. 'I was drawn in by the storytelling and legacy behind them,' he says, crediting Patek Philippe's iconic Generations campaign for shaping that view.
His first serious purchase was the Patek Philippe Nautilus 5711, which was officially introduced in 2006. According to publicly available data, it was priced at around Dh128,000 when released. 'It wasn't just about the mechanics,' Byron explained. 'That watch represented a shift in how I saw myself and what I wanted to pass on.'
The 5711 became one of the most iconic modern luxury sports watches, especially due to its clean design, steel case, and blue dial. It was discontinued in 2021, which further drove up demand and market prices. As of spring 2025, market valuations generally fall between Dh367,000 and Dh587,000 for the 5711 in good condition.
Byron connects his professional mindset with his passion for watches. 'Law, like watchmaking, leaves no room for error. The details matter,' he said. His collection has expanded over the years, reflecting a growing understanding of both craftsmanship and rarity. 'It starts with aesthetics, but over time, you begin to see the stories each watch carries.'
A new generation, a rare masterpiece
'Younger people are striving to buy their first luxury watch, and seasoned collectors can't stop growing their collections,' said Kevin Ghassemi, co-founder of WatchMaestro, a pre-owned luxury watch space. 'A few years ago, official retailers like Rolex and Patek Philippe had multiple watches available at retail, some even with discounts. Today, you're lucky if you make it onto a waitlist. Getting anything at retail has become nearly impossible.'
At the very top end of the market, some pieces go far beyond waitlists. 'The most expensive piece we currently have in our showroom is a 1-of-1 Audemars Piguet Royal Oak Tourbillon,' said Kevin.
Among the standout pieces in the showroom is this one-of-a-kind Royal Oak Tourbillon, a watch that exemplifies the highest levels of craftsmanship and exclusivity in the luxury market. While comparable Royal Oak Tourbillon references typically range from Dh880,000 to Dh1.84 million, one-off creations have achieved multi-million-dirham figures at international auctions. Its rarity places it in a category of watches whose value is defined less by brand pricing and more by collector demand, provenance, and market timing.
'With a piece like this, where there's only one in the world, there's no set price in the market. It's extremely valuable and highly desired by serious collectors. Once it's sold, it's gone for good. The best way to determine its real value is in an auction environment, where collectors bid based on what they believe it's truly worth.'
That level of demand and exclusivity didn't come overnight. Kevin and his team launched WatchMaestro three years ago from a small office in Dubai's JLT district, working by appointment only. 'We had no background in the watch industry,' he explained. 'I came from digital marketing and web development, so we built a website and focused on lead generation. The response surprised us.'
As the business grew, they opened a showroom to deliver a more immersive luxury buying experience. 'It's not just about the watch, it's about how you feel when buying it,' said Kevin. The Dubai space now hosts private viewings, consultations, and walk-ins, creating a trusted environment for collectors to engage with major brands like Rolex, Audemars Piguet, Patek Philippe, and Richard Mille.
Kevin's personal brand also took off in parallel. Through Instagram and TikTok, he shares videos about watches, negotiation techniques, and insights into the business. 'Today I've got over 200,000 followers and millions of views,' he says. 'But more importantly, it's created a community of collectors and enthusiasts.'
'Watches aren't just about time,' he adds. 'They're assets, investments, and signs of accomplishment. In a place like the UAE, the watch you wear can say a lot about where you're going, and what you've already achieved.'
A new wave of collectors
Hassan Akhras, founder of AWG Online and a watch consultant, sees clear reasons behind this cultural shift. 'The region has a unique mix of high disposable income, economic optimism, and a rising awareness of luxury as investment,' he says. The pandemic and rise of crypto, he adds, accelerated that trend. 'People began rethinking how to store value, and watches offered both stability and identity.'
Hassan confirms that younger collectors are driving current market growth. 'They're not waiting until their 40s anymore,' he says. 'They want to own something meaningful, something that says they've arrived.'
Emerging brands and independent watchmakers are also gaining attention. While icons like Rolex and Patek still dominate demand, collectors are becoming more curious. 'There's more talk now about movement innovations, rare materials, and pieces with a story,' Hassan adds.
Looking ahead
As the UAE continues to position itself as a global hub for high-value collectibles, the luxury watch sector is evolving fast. 'Dubai has matured as a market,' Byron said. 'People here aren't just buying the hype anymore. They're learning, comparing, and making smarter choices.'