Used watches a lucrative new market

Share on twitter Bani McSpedden by Imagine this In the mood – or need – for a fresh set of wheels you visit your local Mercedes-Benz dealership only to be told it doesn't handle used vehicles or offer approved pre-owned models And trade-ins can't be accommodated either.

It's not hard to extrapolate what a dampener that would be for business, the negative impact it would have on purchasing habits Yet this is precisely the situation that exists in the watch industry, despite a booming secondary market In May, a Phillips watch auction in Geneva raised CHF45,199,750 ($605 million), the highest ever amount for a timepiece sale.

It included 32 Rolex Daytonas that brought an average CHF700,000 ($936,000) each Record prices are also being paid for Heuer, Breitling and Patek Philippe models There are two prime reasons for the growing popularity of pre-owned watches: the fresh visibility and sharing opportunities offered. Source