Fashion

It’s getting harder to get a luxury watch

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A Patek Philippe Ref. 5373 Split Seconds Chronograph is displayed at the Baselworld Watch and Jewellery Show in Basel, Switzerland March 22, 2017. Picture taken March 22, 2017. REUTERS/Arnd Wiegmann

Luxury watches like The watch company or Breitling have become a commodity that is difficult to obtain. This is because demand is increasing while supplies are not up-to-date, which has caused a “gold rush” in the market.

In fact, the used goods market has seen a decline some time ago, but now it’s rather interesting. Many watchmakers are now focused on selling used watches, now the market is not covered by new watches. In fact, demand is so large that some used watches that are sold in 2018 will cost more than the new ones.

A good tip for finding affordable luxury watches is to shop online. Most often, various brands, such as Rolex, Omega and Tag Heuer, are offered, and with a large selection of online stores, this is a safe place to find stylish luxury watches so you can maintain style without having to spend too much time searching for new ones. The second hand value of a luxury watch is often good, so if you buy a used one, you have a great opportunity to get back most of the investment the next time you replace the watch.

Large companies enter the used goods market

Patrick Hoffman, CEO of Watchbox retailers, said: “Based on worldwide sales over the past 15 years, we estimate that the value of all unused watches worldwide is $ 500 billion … This means that the market potential for used watches can be bigger than the market for new watches. “

Many large companies, such as Amazon, eBay and Alibaba, have entered the luxury used goods market, including watches. Each individual luxury product requires a number of different professional steps, such as inspection, valuation, authenticity, photography, price, special inventory storage and more.

An example of this is luxury retailer The RealReal who underwent this process. This caused their costs to increase from USD 138 million in 2017 to USD 210 million in 2018. Marketing costs also increased, which means that companies with this strategy significantly increased their expenses, even if it also increased sales.

To sell your own watch

How do you sell your own watch? You want the highest price possible, and that takes as little time as possible from your side. In the case of high-value luxury watches, transactions must also be safe. Here are some examples where you can try selling your used watch.

– The auction company that handles used luxury watches, is safe and saves time, but the selling price is uncertain and the costs are high enough.

– Buy and sell on forums about luxury watches. People on the forums might have knowledge of the product, but you only reach a small audience.

– Facebook. This might sound like a cliche, but in many cases selling luxury items through Facebook is an option worth considering. There is always a chance that someone will be able to sell a watch for thousands of dollars to someone he did not know before.

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