LIFESTYLE | WATCHES
ASIAN WATCH BUYERS WHO PARTICIPATED IN CHRISTIE ’ S GLOBAL WATCHES AUCTIONS IN H1 2023 ARE GETTING YOUNGER
Alexandre Bigler , Head of Watches , Christie ’ s Asia Pacific It ’ s not just watch enthusiasts and collectors who have taken note of the pre-owned timepiece market – savvy investors have spotted the market ’ s performance and are also getting involved .
As BCG ’ s recent report ‘ Luxury Preowned Watches , Your Time Has Come ’ states , from August 2018 to January 2023 average prices in the second-hand market for top models from Rolex , Patek Philippe , and Audemars Piguet rose at an annual rate of 20 %. This compares with an annual rate of 8 % for the S & P 500 index .
“ Needless to say , rare references by Patek Philippe and Rolex are in high demand ,” says Bigler .
“ At the same time , independent watchmakers have risen in demand and Richard Mille is one brand that has made
US $ 85 billion
Swiss firm LuxeConsult says that by 2033 , pre-owned sales will surpass sales of new watches , peaking at US $ 85 billion it into the top three sold per year for the past five years list .
“ Watches which have not been handled recently on the market attract attention from around the globe , if they are in the right condition – meaning not over repaired and with an interesting provenance .”
Watches have a recognised history of performing well compared to stocks , and have also shown greater resilience than many financial and consumer product categories .
No wonder , then , that pre-owned sales reached US $ 22 billion in 2021 , accounting for almost 30 % of total sales in the luxury watch market .
A big part in that shift is pure demand outstripping supply , and the increasing demand for instant gratification . This is something that Rustin Yasavolian , CEO of Masina Diamonds has experienced first hand . “ Luxury watches have exploded in value since 2020 ,” he tells Business Chief . “ It is almost impossible to get a luxury sports watch like Rolex , Audemars Piguet , and Patek Philippe without an extensive purchase history .
“ If you ’ re looking to get a sports model , these authorised dealers say they will put you