While the Santos de Cartier Extra-Large Chronograph features a large case, it looks sleek and chic … [+]
For centuries, nobility and the upper classes have avidly collected exquisite clocks and complicated timepieces. Today, however, thanks to a dynamic pre-owned prestige watch market, high-end horology is a more democratic hobby, and for some people, it’s an obsession. With the help of credit cards and installment payments, online sales of pre-owned, prestige watches are the new normal at this point in horological history. What’s more, financial analysts Kepler Cheuvreux and the global business strategy firm Boston Consulting Group peg the worldwide pre-owned watch market’s value at approximately $20 billion. They estimate that about 35% of pre-owned watch sales presently occur online, while 55% happen offline, and 10% take place at auction.
To better understand why so many people are buying such a high volume of pre-owned watches online rather than in brick and mortar settings, this writer quizzed Eugene Tutunikov, CEO of SwissWatchExpo.com, the Atlanta-based pre-owned prestige watch e-tailer. While the family-owned firm also has an Atlanta showroom, it typically maintains an inventory of 3,000 timepieces and updates new arrivals to the site on an hourly basis. From November 23 through November 29th, 2021, SwissWatchExpo.com is offering $150.00 off on all purchases with the coupon code BLACKFRIDAY150. “Although Black Friday officially falls on November 26 this year,” Tutunikov said, “We’re morphing it into a week-long event in order to spread good watch vibes this holiday season.” Having already sold to over 30,000 clients worldwide, Tutunikov projects that, “This holiday season, we expect to help over 2,400 customers find great watches.”
This special Speedmaster model celebrates the 50th anniversary of the “Silver Snoopy Award” that … [+]
Various factors are driving the growth of the pre-owned watch market, according to Tutunikov. To begin with, he noted, “Increased global wealth, driven by stocks and cryptocurrencies, along with ever more new online watch collector and information sites, are all educating younger people who are starting to buy and sell pre-owned luxury watches online.” He added that Swiss-watch collecting musicians like Jay-Z (who name checks Hublot and Richard Mille in his lyrics) and filmmakers like Spike Lee, who collects Rolexes and wears them on the red carpet, plus prominent social media accounts, are all powering sales of pre-owned Swiss watches. Tutunokov also observed that, “In 2020, leading Swiss-made luxury watch brands like Audemars Piguet, Patek Philippe, Rolex, Richard Mille and Omega all maintained the limited production runs that have traditionally driven demand for their elegant; expertly engineered and expensive …….