The allure of pre-owned and vintage luxury watches, from icons like Rolex, Patek Philippe, and Audemars Piguet (or "AP" for the aficionados), is experiencing a resurgence akin to timeless classics hitting the top of the charts. "The demand is so high, and the supply is so low," observed Brynn Wallner, creative consultant and Sotheby’s veteran who founded Dimepiece, a luxury watch resource for women. According to a March 2023 study by Boston Consulting Group, nearly 95% of rare and collectible limited edition watches are no longer in production, adding to their allure.

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"When a watch gets discontinued, the excitement level is even higher," noted Tim Stracke, founder of Chrono24, at the Watches and Wonders 2024 in Geneva. It's akin to the thrill of hearing timeless classics at a rock concert — a sentiment that resonates deeply with watch enthusiasts.

The appeal of acquiring a second-hand luxury watch today often lies in its uniqueness and the prestige associated with owning a coveted model. Carina Ertl, Chief Marketing Officer of Bucherer, emphasized that rare, limited edition pre-owned watches can hold equal value to new ones, reflecting their enduring appeal and investment potential.

Despite peaking during the pandemic, the second-hand luxury watch market remains robust, with prices holding higher than pre-Covid times. "Prices are increasing, especially compared to the primary market," Stracke highlighted, predicting stable to rising prices in the long term.

Millennials and Gen Z buyers play a pivotal role in this market's evolution, significantly increasing their spending on high-end timepieces. They are drawn by factors like investment potential, community engagement, and the allure of luxury goods, often showcased and celebrated on platforms like TikTok.

Moreover, there's a noticeable gender balance shift among consumers, with millennial and Gen Z women embracing luxury watches earlier and differently than previous generations. Brands are adapting, targeting female buyers with tailored strategies and recognizing their growing influence in the luxury market.

Navigating the world of luxury pre-owned watches requires caution and knowledge. Trusted retailers offering certified pre-owned (CPO) watches, like Bucherer and Bob’s Watches, provide assurance through authentication and restoration guarantees. These CPO programs ensure buyers receive quality and authenticity, crucial in an increasingly competitive market.

Ultimately, whether you're a seasoned collector or a first-time buyer, the advice remains clear: buy what you love and value the emotional connection over trends or speculation. As Brynn Wallner puts it, "Don't be shy" in luxury watch stores; after all, you're the potential client, empowered to seek what truly captivates your passion and style.
 

Source: CNN