The Small Dress Watch Is Back

For the first time in decades, dress watches—from simple, three-hand Patek Philippes to flamboyant Cartiers—are running circles around sports watches with regard to both desirability and style.

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“In terms of taste, things have changed,” says David Hurley, deputy CEO of the Watches of Switzerland group, a retailer with 30 multi-brand and 25 mono-brand partnership stores across the U.S. While until recently demand “was all about the steel sport timepiece, ” he says, “now we’re seeing dress watches and brands such as Jaeger-LeCoultre”—long esteemed for its formal models—“performing well in our stores.”

The genesis of the shift dates back to the early days of the pandemic, when secondary prices on blue-chip sports watches such as the Rolex Daytona, Patek Philippe Nautilus, and Audemars Piguet Royal Oak began clocking staggering monthly increases; by early 2022, some pieces were fetching five times retail value. Then, in May of that year, the crypto collapse triggered both a decline in secondary-market values and an exodus of speculators who were only in the game to make a quick buck. Genuine enthusiasts who had been lured to sports models by the prospect of a rapidly appreciating asset were also free to return their attention to timepieces that better reflected their tastes.

“People who got priced out of these sports models suddenly realized they could go into a Patek Calatrava at retail price,” recalls Eddie Goziker, president of the pre-owned dealer Wrist Aficionado . “The market pushed them in that direction. And once they got there, they saw the value in it and stayed.”

With the vogue for smaller cases already in full effect, the clamor for slim, classic styles presented on a leather strap is now at a crescendo, according to vintage dealer Mike Nouveau. “The Patek 96, the first Calatrava ever, is 30.5 mm, and they made that watch for 40 years,” he says. “I’m buying and selling them like crazy, both for my personal collection and for clients.”

“There’s a ton of interest in Calatravas, vintage Vacheron Constantin, obviously Cartier,” says Eric Wind, owner of Wind Vintage in Palm Beach, Fla. “The steel sport watches used to be an ‘if you know, you know’ watch,” he says, explaining the aesthetic about-face. “The Nautilus 10 years ago used to be unknown. Now everybody on the planet knows what it is.”

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And that, he notes, includes thieves, further helping the trend toward smaller, simpler, more discreet timepieces. “I know two people who had Patek Aquanauts stolen off their wrists, and another client had a gold Rolex Day-Date stolen in Brussels,” Wind says. “People don’t have the same connotation if you’re wearing an old dress watch—it’s more of a quiet luxury.”

But in the enthusiast world, of course, the quietest luxury can also be the loudest flex, and for dress watches, that includes the strap. Wind notes that bands by Paris-based leather-goods maker Jean Rousseau are afforded particularly high status. “A baller move is getting a Jean Rosseau with a single punch, just for their wrist,” he adds.

And the tremendous breadth of dresswatch designs, from simple three-hand models to ultra-complicated wonders, is a boon for collectors. If your tastes run to sober, sophisticated German watchmaking, a Saxonia by A. Lange & Söhne is just the ticket. A devoted minimalist? You can’t go wrong with the latest Toric collection from boutique maker Parmigiani Fleurier. Fans of more obscure brands would do well to consider the Patek-inspired (and typically sold-out) timepieces by Kikuchi Nakagawa, in Tokyo. Nouveau, for his part, recommends vintage Piaget and Breguet.

Even traditionally sporty brands are getting in on the action. At the end of May, Audemars Piguet introduced the [Re]Master02, a minimalist, asymmetrical homage to a 1960 model, from its extra-thin hour and minute movement to its matte-blue alligator strap, that’s on trend for the current dress-watch moment.

For yet more proof, consider Rolex’s increasing emphasis on its new 1908 Perpetual collection. Introduced in 2023 and expanded earlier this year with a 39 mm platinum model featuring an ice-blue guilloche dial and a brown alligator-leather strap, the 1908 is as sophisticated and gentlemanly as the brand’s iconic sports watches are rugged.

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