"Savvy buyers looking for value—and availability—will quickly pivot to secondhand," one Rolex watch dealer told Fortune.

Watches and Wonders, an annual event in Switzerland, has some of the biggest luxury watch brands showing off their new products.

JPMorgan analysts said they see potentially the "most pressure on the Swiss watchmakers," including the owners of Cartier, a Rolex rival in the watch space. With a 31% tariff rate, Rolex ...