Swiss luxury watchmakers learn to love the pre-owned market

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Swiss luxury watch brands have long considered the market for pre-owned watches as a potential threat to their business, but now their view is shifting as they see it can provide valuable insights into pricing and demand.

Initially seen as cannibalising sales of new watches, the pre-owned market has become the best place to assess the value of a watch over time and provide liquidity to watch owners who want to trade in their watch for a new one.

Justin Reis, chief executive of pre-owned platform WatchBox, said the size of the pre-owned watch market was estimated at $16 billion and WatchBox’s business was growing about 25% per year, including last year, when sales of new watches took a severe hit. WatchBox and Watchfinder both set out as online platforms, but now also have some physical showrooms.

 

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