Why a pre-owned Rolex, Patek Phillipe or Audemars Piguet can cost triple the same model new, and the lesser-known brands to watch out for
- WatchBox co-founder Liam Wee Tay estimates the second-hand watch market is now worth US$20 billion, driven by limited production and pent-up demand
- Smaller watch brands to keep an eye on include F.P. Journe, H. Moser, Rexhep Rexhepi and De Bethune, Tay says
Three sleek, gleaming second-hand watches lay on a simple tray for customers to look at, their value astronomical – and increasing by the day.
These luxury, artisanal pieces – collectively worth just over US$1 million – are elegant symbols of a world awash with Covid-19 recovery cash, with prices for prestige real estate, cars, jewels, art and watches soaring into the stratosphere.
The three watches – a Patek Phillipe, an A Lange & Söhne and an F.P. Journe – are on display in the sleek Hong Kong showroom of WatchBox, an e-commerce watch platform with a global presence.
Billed as a world leader in the field with an estimated worth of close to US$1 billion, WatchBox raised a further US$165 million from investors in November for expansion in a market now bulging with watch-buying options – from online auction houses to social media forums to e-commerce retail platforms.
With roots in Asia and the US, WatchBox buys, refurbishes, authenticates and sells luxury watches. It’s a booming business, helped by a perceived shortage of many new watch models that is seeing collectors pay big for pre-owned watches, with prices sometimes many multiples higher than the new versions.