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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