Brands are now selling their own vintage watches. Should you ditch third-party watch resellers?
The words "second-hand" and "luxury" seem oxymoronic because you'd await an particular yous pay so much for to not just be rare and well-made, simply pristine. But such notions are now considered outdated in a globe that is becoming increasingly preoccupied with pragmatism.
Whether it's the need to make room for newer, ameliorate things, or simply an issue of means (particularly now with a recession hanging over our heads), there is no escaping the fact that the pre-owned market is booming, and it is extending its reach into luxury watches.
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Drastic to maintain their air of prestige, watch brands have long shunned or ignored the gray and secondary markets, where steep discounts and unglamorous transactions ran rampant. But embracing it has done other luxury industries a whole lot of practiced.
The car industry has been at it for decades and now, with brands like Gucci partnering luxury consignment marketplace TheRealReal, the fashion world is in on it as well: Consumers actually like skilful value.
According to The Secondhand Opportunity in Hard Luxury report past Boston Consulting Grouping (BCG), last twelvemonth's pre-endemic difficult luxury market (primarily watches and jewellery) was estimated to be worth €21 billion (S$33.seven billion) worldwide and is expected to abound at eight per cent a yr, faster than the luxury industry overall.
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This is all well and good for brands wanting to capitalise on our deal-hunting instincts, but what's in it for usa?
The about obvious benefit of getting a pre-owned spotter straight from the original manufacturer is the guarantee of authenticity. To be fair, reputable sale houses and upscale dealers like WatchBox, Chronext and Watchfinder ensure their goods are the real deal, too.
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Watchfinder was actually doing such a good chore that information technology was bought over by Richemont in 2018. Only for those who aren't savvy enough to know or find such avenues, going dorsum to the brand is the surest and safest style.
Having the brands take care of the sales experience likewise means the same plush buying environment. Online retail is fast, convenient and increasingly popular, especially with dealers like JeweLuxe and WatchBox even offering white-glove services, but being fussed over in an elegantly decorated boutique is not something you tin replicate digitally.
Richard Mille (RM) fans won't accept to sacrifice that experience now that the brand has opened The Value of Time bazaar in Ngee Ann Urban center, dedicated entirely to pre-owned Richard Mille watches. Information technology also happens to exist the first of its kind for the make, and clients will be able to buy, sell and export second-manus RMs in a posh space, punny name notwithstanding.
Given the limited nature of Richard Mille timepieces, this besides gives collectors a adventure to larn references they previously missed out on.
A second take a chance with a second-paw watch is exactly what MB&F wants to offering you with its MB&F Certified Pre-Endemic collection, launched in 2018. At the time of writing, only a HM No. 6 Titanium is left, with everything else including an LM101 in palladium, a HM4 Razzle Dazzle and even a Melchior clock already spoken for.
F.P. Journe has also been offering its Patrimoine Service since 2016, so collectors can effort their luck at getting their hands on Journe's always-rare pieces. Currently available now are a Chronometre a Resonance from 2000 and a platinum Tourbillon Souverain from 1999 on the make's defended website. The brand besides lists models that it wants to purchase back.
It'southward not but pocket-size independents that are moving into this space. Cartier Vintage, an initiative that puts a choice of restored watches from the 1970s to the 2010s alongside the brand'southward freshest novelties, recently arrived in Singapore after showtime launching in London and Paris.
Available exclusively at Cartier's flagship shop at ION Orchard, the drove debuted with six timepieces, and five of them were sold on the starting time day. Only there is an incentive for waiting for new Cartier Vintage drops instead of hoping for someone's heirloom to popular upward on Carousell. All watches from Cartier Vintage will come up with an eight-twelvemonth warranty, new authenticity certification and a prissy new Cartier crimson box.
Naturally this consistency is another reason shoppers will choose wares coming from the brands themselves. While authenticity may non be equally large a worry as information technology used to be, the secondary market is still full of watches in varying states of use.
Ane person's definition of "lightly used" could differ drastically from some other, and still won't trounce "fully refurbished". If the watch goes dorsum to the original workshops, buyers can be confident the brand'due south precious paradigm will not do good from selling a piece that doesn't return equally good as new (as possible).
Assurance extends to the censor as well, since sustainability is an unintended but still very welcome side consequence of a flourishing secondary marketplace. With brands like IWC, Panerai and Breitling, too as conglomerates similar LVMH paying closer attention to eco-conscious products, it would make sense for them to eventually rope in more robust pre-endemic concepts, besides.
It'due south a lot more piece of work for brands to take to seek out, cosign and restore old products, so we'll likely only see the rarer (and hence more than expensive) pieces beingness offered this way, but it's a great, if actually late, start.
Long-time collectors tin keep their collections at reasonable numbers, outset-timers can start theirs with slightly less intimidating price tags and more dependable provenance, and interest in watchmaking as a whole grows.
In a circular economic system, anybody wins.
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Source: https://cnalifestyle.channelnewsasia.com/obsessions/vintage-second-hand-timepieces-watch-resellers-252126
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