For the past decade, Richard Mille has been the undisputed king of hype in the horological world. Instantly recognizable, technologically groundbreaking, and famously worn by athletes and celebrities, these “racing machines for the wrist” have commanded prices far above their already astronomical retail value.
But as we approach 2026, has the market cooled? For the collector weighing a purchase, the question is urgent: Is a Richard Mille watch still a good investment in late 2025?
The State of the Hype Market
The entire luxury watch market saw a significant correction from its peak in early 2022. The “bubble” for many hyped models (including some from Rolex and Patek) deflated. Richard Mille was not immune.
However, “cooling” is a relative term. While some of the most common RM models are no longer trading at their absolute peak, they continue to sell for multiples of their retail price. The brand’s core strategy of extreme scarcity and technological innovation has insulated it from the worst of the downturn.
What Makes an RM a Good Investment?
- Extreme Scarcity: Richard Mille produces only a few thousand watches per year in total. Compare this to Rolex (over 1 million) or Patek Philippe (over 60,000). This scarcity is the primary driver of value.
- Brand Identity: The brand is uncompromising. It has never produced a “simple” or “entry-level” watch. This focus on the 1% of the 1% has built a powerful, exclusive brand identity that collectors pay a premium for.
- Technological Prowess: While the aesthetics are divisive, the engineering is not. The use of materials like Carbon TPT®, Graphene, and sapphire cases, combined with shock-resistant tourbillons, makes these watches genuinely innovative.
Which Models Hold Their Value Best?
Not all RMs are created equal. The models that are the strongest investments are typically:
- The “Baby Nadal” (RM 35 series): The various Rafael Nadal-associated models are wildly popular due to their lightweight, durable construction and celebrity association.
- The “Bonbon” Collection: This 2019 collection was a massive hit, proving the brand’s versatility. Its rarity and unique design make it a collector’s favorite.
- Signature Tourbillons (e.g., RM 56, RM 27): The most complex and expensive pieces, often made in editions of 10-50, are blue-chip assets that are traded among top-tier collectors.
The Verdict for Late 2025
While the days of buying any RM and “flipping” it for a 3x profit in a month are likely over, the best Richard Mille models remain one of the most potent stores of value in the watch world.
The market has matured from pure hype to a more discerning collector’s market. This is healthier in the long run. If you are buying a rare, desirable reference (like an RM 35-02) and plan to hold it, it remains a solid investment. It is also one of the most powerful assets for securing a high-value collateral loan, as its liquid value is understood worldwide.
