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End up with some spare money? Fancy a luxurious timepiece? In case you’re new to the market, put together to be shocked. First, as a result of there are few new watches available. Second, as a result of second-hand watches, even when just lately made, promote at a premium to the retail worth — usually at multiples of that determine.
For knowledgeable collectors, that is previous information. The UK retail worth of a brand new Rolex Submariner “Hulk” with its deep inexperienced face and bezel was “simply” £7,550 in 2020 earlier than it was discontinued that yr in line with the web site Swiss Watch Dealer.
Information on one other website, Chrono24, present that the typical second-hand worth broke above the retail worth in December 2017 and went on rising, peaking at £27,744 this April.
The web sites of UK retailers corresponding to Mappin & Webb don’t point out costs. They do acknowledge demand for Rolex watches at instances outstrips manufacturing capability. Collectors advise tyros to purchase their means into the great graces of jewellers who might add their names to ready lists of as much as 5 years.
Watchmakers are getting in on the act. A brand new report on the Swiss watch business from Deloitte predicts that the “pre-owned” market will probably be value SFr35bn (£31bn) by 2030 and make up greater than half of what it calls the “major” market.
In a survey of 5,579 shoppers in 11 nations, Deloitte discovered that almost all patrons of used watches as we speak are of their 30s and 40s. Some makers already supply their very own fashions second-hand. Mockingly, they could battle to compete with the impressively resourced third-party web sites providing a number of fashions and types.
Haywood Milton of Miltons, which has 4 UK shops specialising in second-hand Rolexes, describes the market of the previous two years as “ridiculous, silly”. The assumption had taken maintain {that a} Rolex may solely ever go up in worth. Nicely-paid professionals have pandemic-era financial savings to spend. Whereas costs have fallen in latest months, Milton says, they’ve stabilised at a excessive degree.
There may be additionally a darkish facet to the market, he provides. 1000’s of children have change into sellers in a single day on platforms corresponding to Instagram, the place know-your-customer and anti-money-laundering guidelines have little weight. There may be additionally the latest phenomenon of “superfakes”. The insides of those knock-offs look very like the true factor. Purchaser, beware.
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