PRESTIGE, PRE-OWNED SWISS WATCHES ARE TICKING ALONG ONLINE FOR HOLIDAY TIME

For hundreds of years, the Aristocracy and the higher courses have avidly collected beautiful clocks and complex timepieces. At the moment, nonetheless, due to a dynamic pre-owned status watch market, high-end horology is a extra democratic pastime, and for some individuals, it’s an obsession. With the assistance of bank cards and installment funds, on-line gross sales of pre-owned, status watches are the brand new regular at this level in horological historical past. What’s extra, monetary analysts Kepler Cheuvreux and the worldwide enterprise technique agency Boston Consulting Group peg the worldwide pre-owned watch market’s worth at roughly $20 billion. They estimate that about 35% of pre-owned watch gross sales presently happen on-line, whereas 55% occur offline, and 10% happen at public sale.

To raised perceive why so many individuals are shopping for such a excessive quantity of pre-owned watches on-line relatively than in brick and mortar settings, this author quizzed Eugene Tutunikov, CEO of SwissWatchExpo.com, the Atlanta-based pre-owned status watch e-tailer. Whereas the family-owned agency additionally has an Atlanta showroom, it sometimes maintains a list of three,000 timepieces and updates new arrivals to the positioning on an hourly foundation. From November 23 by means of November 29^th, 2021, SwissWatchExpo.com is providing $150.00 off on all purchases with the coupon code BLACKFRIDAY150. “Though Black Friday formally falls on November 26 this yr,” Tutunikov mentioned, “We’re morphing it right into a week-long occasion so as to unfold good watch vibes this vacation season.” Having already bought to over 30,000 purchasers worldwide, Tutunikov tasks that, “This vacation season, we anticipate to assist over 2,400 clients discover nice watches.”

Numerous components are driving the expansion of the pre-owned watch market, in line with Tutunikov. To start with, he famous, “Elevated international wealth, pushed by shares and cryptocurrencies, together with ever extra new on-line watch collector and knowledge websites, are all educating youthful people who find themselves beginning to purchase and promote pre-owned luxurious watches on-line.” He added that Swiss-watch gathering musicians like Jay-Z (who identify checks Hublot and Richard Mille in his lyrics) and filmmakers like Spike Lee, who collects Rolexes and wears them on the purple carpet, plus outstanding social media accounts, are all powering gross sales of pre-owned Swiss watches. Tutunokov additionally noticed that, “In 2020, main Swiss-made luxurious watch manufacturers like Audemars Piguet, Patek Philippe, Rolex, Richard Mille and Omega all maintained the restricted manufacturing runs which have historically pushed demand for his or her elegant; expertly engineered and costly timepieces.” The demand for luxurious watches outstrips retail provide and has thus fostered lengthy ready lists. On condition that pre-owned status watches value lower than model new fashions, “Watch lovers who’re bored with ready are more and more turning to the pre-owned market to fulfill their wants,” Tutunikov mentioned.

In an age the place billions of us carry smartphones with built-in clocks, why does anybody really feel the necessity to purchase a pre-owned wrist watch, particularly one which prices as a lot as say, the Vacheron Constantin Abroad Metal and Rose Gold chronograph with gray dial, #49150? This timepiece retails on SwissWatchExpo.com for $23,990.00 and comes with producer’s papers and field, and gleams with an 18-karat rose gold bezel, screwed-down crown and pushers. With a 30-minute sub-dial on the three o’clock aperture; a small seconds sub-dial on the six o’clock aperture and a 12-hour sub-dial on the 9 o’clock aperture, it exudes good stylish. Tutunikov ventured this idea as to why pricey watches equivalent to this are so broadly coveted: “Status watches embody the historical past of engineering and complex watchmaking heritage, and so they’re manufactured from precision-tuned components plus noble metals like gold or robust, handsome and light-weight metals like titanium. These sorts of watches impress with fashionable and highly effective presence. As a result of they’re constructed to final multiple lifetime, they symbolize endurance, precision and artistry.” (Because it occurs, Tutunikov wears a Rolex Sky-Dweller, which shows the time in two time zones concurrently and has an annual calendar.)

In all equity, it should be famous that on-line, there are pre-owned watch-selling platforms the place some clients don’t at all times know who they’re shopping for from. Furthermore, some sellers by no means disclose that the pre-owned timepieces they’re promoting comprise components which have been by no means a part of the unique fashions— or that the watch is working improperly. Such ‘Frankenwatches’ are forbidden at SwissWatchExpo.com. As Tutunikov defined, “Our watchmakers meticulously examine each single watch to make sure that components are particular to that individual mannequin. As an example,” he associated, “we’d by no means convert a Rolex chrome steel mannequin to a metal and gold mannequin, or vice versa.” One other instance considerations crystals. “We’d by no means place an artificial sapphire crystal on a classic mannequin which rightfully requires an acrylic one. Whereas we’d by no means put a classic motion in a contemporary case to make a Frankenwatch,” he continued, “we’d additionally by no means add equipment equivalent to a diamond dial, diamond bezel, or diamond bracelet on a watch that by no means belonged to the unique mannequin.”

 One other issue driving the web gross sales of pre-owned watches has been the Covid-19 pandemic. As a result of the world’s watch lovers have been homebound since March 2021, “Covid-related lockdowns drove many individuals, together with first-time pre-owned luxurious watch patrons, to start out procuring on-line,” Tutunikov ventured. “Business information clearly exhibits that on-line gross sales of pre-owned luxurious items constitutes a serious retail development. Shoppers are embracing pre-owned luxurious items, together with watches, as by no means earlier than, and extra persons are beginning to acquire pre-owned watches, as nicely.”

In response to Tutunikov, “Vacation consumers began coming to us in October. Some clients have talked about to us that they’re paranoid in regards to the lack of vacation merchandise, whereas others are involved that costs will soar for the products remaining.” However, “We appear to be speaking to extra ladies clients this vacation season than final. Loads of our ladies clients have a tendency to purchase watches by Cartier,” he continued. “They know that the home is a good jeweler and watchmaker that produces timeless, elegant items at varied value factors.” SwissWatchExpo.com additionally has quite a few Rolex clients, Tutunikov mentioned. “They have a tendency to pick both the normal ladies’s dimension fashions, or males’s dimension sport watches just like the Daytona Cosmograph. When they’re shopping for for themselves, some ladies clients select uncommon dial colours and diamond configurations that they could be much less prone to obtain as a present.”

When ladies are shopping for for males, nonetheless, Tutunikov reviews that widespread fashions embrace the Omega Seamaster, which is a basic dive watch, or the Omega Speedmaster. “Some ladies are acquainted with Omega Seamasters by means of the James Bond movies, because the actors who painting Bond put on Seamasters onscreen,” Tutunikov famous. In actual fact, SwisswatchExpo.com lately bought an Omega Seamaster Diver 300M Co-Axial Grasp Chronometer 42 mm watch with titanium case and bracelet, which is equivalent to the one which Daniel Craig wears within the lately launched, 25^th official Bond movie, No Time to Die. “The Speedmaster is a chronograph that is available in many variations,” Tutunikov associated, “together with the basic Moonwatch that has been made for over 50 years, and it additionally is available in up to date particular editions.” Rolex watches, such because the Submariner, Explorer, Daytona, and Datejust are additionally in demand, Tutunikov mentioned, as a result of “Rolex is a broadly recognizable and extremely coveted model. Lots of our ladies clients say that Rolex is the model that their boyfriend or husband ‘has at all times needed.’” There’s additionally a world neighborhood of Rolex lovers who usually hunt down outdated, discontinued fashions, Tutunikov famous, due to their intriguing designs, relative rarity and classic enchantment.

Together with Vacheron Constantin, different necessary watch manufacturers carried at SwissWatchExpo.com which may be of curiosity to collectors this vacation season embrace Breguet, based in 1775 by Abraham-Louis Breguet. Credited with patenting or inventing many main horological achievements, Breguet developed self-winding perpétuelle watches, launched gongs for repeating watches, together with the primary shock-protection for steadiness pivots. Louis XVI and Queen Marie-Antoinette each bought from Breguet as a result of his watches contained the most recent horological advances. Along with producing the Breguet balance-spring, Breguet’s first carriage clock was bought to Napoleon Bonaparte. Whereas the grasp additionally invented the sympathique clock and its dependent watch, the tact watch, Breguet patented the tourbillon in 1801. Whereas each Napoleon and Wellington wore Breguets through the fateful battle of Waterloo, as we speak the home is understood for technically superior watches housed in elegant designs and ultra-refined instances.

Current gross sales figures for on-line pre-owned watches spotlight the large progress potential in a market which, in line with McKinsey analysis, is sustaining 8 to 10 % annual progress. “SwissWatchExpo.com grew by 41% final yr,” Tutunikov advised this author, “and I venture we’ll develop by 50 % in 2021, primarily based on gross sales so far.” Whereas he’s focusing on 40 per cent progress for 2022, Tutunikov predicted, “My expectation is that we are going to outpace the marketplace for the subsequent few years as we proceed constructing the enterprise and our model whereas additional investing in our gifted workforce.” How the pre-owned status watch market will develop within the subsequent few years stays an open query, however one factor’s for sure: excessive horology is right here to remain as a pastime for women and men who worth how a well-engineered watch retains monitor of Time whereas trying nice on the wrist.