Is There a Market For Pre-Owned Luxury Watches?

 

Since the Covid-19 pandemic, demand for niche watches has surged to great heights. Many new start-ups have entered the market to get the first-mover advantage of selling pre-owned watches. Since the top watch brands like Rolex, Richard Mille, etc. have refused to increase their production to maintain the rarity of their timepieces, there has been a boom in the online business of buying and selling pre-owned luxury watches.  

A rise in demand has resulted in an equal increase in the number of watch-selling platforms. As people realize that many luxury watches’ value appreciates with time, they have become even more inclined to sell their watches either to get more money or to buy the latest model of a watch. There are a lot of options out there to sell your watches: 

• Auction Houses: They are fashionable venues to sell your luxury watches. You are more likely to get a higher price for your piece as the buyers are mostly wealthy people willing to spend a large amount of money to get a particular brand. However, for lower-end watches, it is not advisable to sell here because with the fees of the auction house added, there is not much profit margin left. 
• Local watch buyers: These could be experienced jewellers or retailers to whom you can sell your watch to. But before going ahead with your decision, check their reviews if they have a presence online or ask for a recommendation if any.  
• Online websites: Sites like Pre-owned Time can offer you a fair price for your watch. One of the benefits of selling online is that they don’t have fixed costs of maintaining their physical store so they have the privilege to give you higher prices.  
• Re-commerce: Recommerce or reverse commerce retailers buy and sell high-end watches by developing a close relationship with their consumers. Thanks to Google, it has become possible to search for the best price for your watch among numerous retailers and choose the best one. 
• Acquiring inventory: Since there is an increase in demand for pre-owned watches, many retailers have a “waiting list” of specific models of watches. In order to keep their customers happy, they are constantly in search of such models and are ready to buy them from consumers or other dealers. Heavy competition can make acquiring inventory a challenging process. That is why retailers are willing to offer a higher price for pre-owned models.  
• Consignment shops: Once you sell your watch at a consignment shop, you get a percentage of the selling price only when it gets sold to another consumer. It can take longer and is not recommended if you need the money on an urgent basis.  

But how do you make sure that the place you sold your watch to is authentic?  Don’t worry as Pre-owned Time is here to your rescue!  

It is a website that deals with many brands like Cartier, Patek Phillipe, Audemars Piguet, and many more. You can sell your luxury watches and get the best quote in the market. Their quality experts ensure that you get the right price for your luxury timepiece by undertaking a thorough inspection. They provide a smooth process so you don’t face any problems. They even have a strong confidentiality policy in case you want to keep your name out of the entire process. And once all the formalities are completed, the right amount is transferred to your account. You just need to make up your mind to sell your watch, the rest would be taken care of.