LIFESTYLE | WATCHES
In BCG ’ s survey , 54 % of those buyers said that they had increased their spending on luxury watches during the previous 24 months , citing increased ease of buying and selling and more investment opportunities as their top reasons . Half said they expect to spend more on luxury watches in the next 24 months despite economic uncertainties .
That is certainly happening in the Middle East , according to Nair , who says Christie ’ s is seeing an increase in millennial collectors and those in their 20s seeking rare vintage watches – an encouraging sign of the watch market continuing to evolve in the region .
With such high demand , you could think that these prized watches should be selling for higher prices directly from the manufacturers . Certainly a few years ago , the secondary market was largely shunned by some of the more luxurious brands , but that has changed .
In 2018 , Swiss luxury goods company Richemont purchased Watchfinder – a second-hand watch seller with a strong online presence . Audemars Piguet has launched a pre-owned watch business , and Rolex finally embraced the reseller market in 2022 .
With the secondhand market continuing to grow and investors diversifying their portfolios , not to mention the personal pleasure a watch can bring , it looks like this is time for preloved watches to shine .
Rolex watches , like the new GMT- Master II , are always in high demand and a strong investment choice
150 November 2023