Are Two-Tone Watches Back in Style?

It’s no secret that luxury watch prices have come down from their ludicrous peaks of 2021-2022. Lots of hyped-up stainless steel watches, as well as gold watches, have come down from the stratosphere–but quietly, two-tone watch prices have remained strong. In fact, market prices for two-tone luxury watches appeared to slightly increase throughout 2023, even as steel watch prices declined. Some popular two-tone watches, such as the Rolex Sky-Dweller, sell for above MSRP–which some would consider solid evidence that two-tone watches are in style. Let’s discuss a brief history of the collectability of two-tone watches, and how it’s changed.

What is a Two-Tone Watch?

The term “two-tone” (“bimetal” if you’re European) generally refers to a steel-cased watch with a crown and bezel made of yellow or rose gold. If the watch has a bracelet, you can also expect the center links to be gold. Collectors often use the term “TT” for short. Two-tone watches can also be made from combinations of titanium and gold, or even white gold and yellow gold, but those are far less common than steel-and-gold variants.

Two-Tone Rolex: The Origin of a Trend

Although there are some dubious Rolex myths surrounding things they were “first” at, they really were the first brand to popularize two-tone watches. Some people think two-tone Rolexes have a “1980’s” vibe, but Rolex was actually making two-tone Bubbleback Oyster Perpetual models in the 1930’s, and two-tone Prince models even before that. The two-tone Datejust, however, has been the Rolex model most associated with this aesthetic ever since its debut in 1948. Rolex calls their watches made with a combination of gold and steel “Rolesor,” although collectors rarely actually use that term.

Rolex didn’t start to make two-tone versions of sports models until 1970, and many other brands soon followed suit. Audemars Piguet released their first two-tone Royal Oak, ref. 3800/1JA, in 1977. The first two-tone Patek Philippe Nautilus, ref. 3800/1JA, came in 1981. Two-tone versions of the Cartier Panthère and Pasha became popular shortly thereafter. Plus, Breitling and TAG Heuer embraced two-tone in a big way in the mid-1980’s and never looked back.

But Wait, Are Two-Tone Watches Tacky?

Make no mistake, two-tone watches have plenty of haters who say the look has a “tacky/old man/dated” vibe. And it’s true that world-class watch brands like A. Lange & Söhne and F.P. Journe generally don’t offer them. But the disdain for TT tends to be stronger with older collectors. “Why are two-tone watches so hated?” used to be a somewhat common question, but not so much anymore–because the hate has faded. Younger collectors seemingly don’t know (or care) that they’re not “supposed” to like them.

But in the early days of internet watch forums, two-tone models were like second-class citizens of the luxury watch world. In the early 2000’s, it was simply conventional wisdom among enthusiasts that two-tone watches were not desirable. Two-tone Submariners always got some love, but two-tone GMT-Masters didn’t get much. In fact I bought a lovely vintage TT Root Beer GMT for less than $4,000 in 2011–significantly less than steel ones sold for even then. At the time, two-tone Daytona models sold for under MSRP, and used two-tone Datejust prices were typically similar to all-steel ones.

More on Watch History:
Wristwatch History: A Timeline of Horological Firsts
History of the Patek Philippe Nautilus
History of the Cartier Tank
History of Audemars Piguet
History of Breitling

Are Two-Tone Watches in Style Now?

Unquestionably, two-tone watches are more in style in 2024 than they were in 2014. The single watch most responsible for shifting the tide towards pro-two-tone sentiment in recent years is the Rolex “Root Beer” GMT-Master II ref. 126711 CHNR, released in 2018. With its half-brown ceramic bezel insert and Everose gold accents, it was a bigger hit than anyone expected. People began to sign up and wait years on the infamous Rolex waiting list for this model–a two-tone! If you told watch geeks in 2005 that you were on a waitlist for a two-tone model, they’d probably be confused why you didn’t just order it from a grey market dealer for a substantial discount.

Two-Tone’s Premium Over Steel Decreases Over Time

But the days of mega-discounts for two-tone luxury watches seem to be over. Even a pre-owned modern two-tone Yacht-Master– historically not a favorite model among enthusiasts–resells for close to its MSRP. Other Rolex two-tone models, particularly the blue-dial Submariner known as the “Bluesy,” have also seen sustained increased demand. Rolex expanded their two-tone offerings in 2023 with the immediately-popular 126713 GRNR GMT-Master II model, but Patek Philippe seems to be going the other direction. In fact, since 5980/1AR is one of the discontinued Patek Philippe models of 2024, no more two-tone watches remain in their current lineup.

Two-tone models cost significantly more than their steel equivalents when new, because gold is obviously expensive. They tend to retain a resale premium for a while, but it erodes with time–albeit more slowly with Rolex than with other brands.

Let’s look at the prices of the previous-generation Rolex Datejust 36: ref. 116233 can sell secondhand for thousands more than ref. 116200. The generation before that still shows a small premium for the two-tone (16233) over the all-steel variant (16200), and if you go any earlier than that, prices are essentially at parity between TT and SS. If you look at used watches from other brands–like a Breitling Chronomat or Aerospace–often the steel version sells for more than the two-tone. But the market may be shifting a bit.

Best Two-Tone Watches for Men

Luxury watch brands like like Omega and Breitling still offer plenty of two-tone options, but seemingly fewer than they used to. The top two brands in the world of TT luxury watches, unsurprisingly, are the two top luxury watch brands overall: Rolex and Cartier. The hottest two-tone Rolexes, based on likelihood to sell for over MSRP, are the GMT-Master II, Submariner, and Sky-Dweller. Demand for two-tone Datejust 36 and 41 models has been consistently robust as well.

But two-tone Santos de Cartier watches have also been very popular in recent years. With gold bracelet screws and a rectangular gold bezel, they have a very distinctive look. Skeletonized versions of the Santos have gotten attention from collectors in particular. Aside from a titanium-and-rose-gold Omega Seamaster 300 variant, it’s hard to think of many more particularly “hot” men’s two-tone watches.

Best Two-Tone Watches for Women

Two-tone watches for women have never been as divisive as men’s models. Unsurprisingly, Rolex and Cartier are also the most notable makers of two-tone watches for women. The two-tone Rolex Lady Datejust on a Jubilee bracelet has been an uncontroversial classic choice for more than six straight decades. The Lady Datejust (formerly 26mm, now 28mm) and the mid-size Datejust (31mm) are the undisputed champions of the ladies’ TT watch world.

But two-tone ladies’ Cartier watches are also iconic, arguably the Panthère most of all. Interestingly, Cartier has discontinued all two-tone Tank models as of 2024, but the Pasha, Ballon de Blue, Panthère and Santos lines all maintain a variety of TT variants.

Overall, it feels like luxury watch brands are getting more purposeful with their two-tone offerings. Rather than being just a “default” variant of every watch in the catalog, two-tone options often have unique colorways fitting for their particular model. How do you feel about two-tone? Are you willing to pay a premium for some gold accents? Or are you like an old-school watch collector, willing to pay a premium not to have gold accents? Whatever you decide, there are plenty of luxury watch options for you–and many of them at better prices than they were in 2022.

More on Cartier:
How Cartier Changed Its Fate and Rose to the Top of the Luxury Watch World
The Best Entry Level Cartier Watches
A History of the Cartier Tank
Do Cartier Watches Hold Value?
How to Sell a Cartier Watch