Why more collectors are turning to pre-owned
In the market for a luxury watch, it may be tempting to reduce costs by investing in a pre-owned piece. Doing so helps to combat depreciation and provides several additional advantages. Yet the decision depends on a range of factors. The following considerations outline the key variables that determine whether this approach is the right move.
The current landscape of the UK luxury watch market
Several luxury watch retailers have reported a marked decline in spending in the UK. Watches of Switzerland, which specialises in high-end timepieces from Rolex and Omega, reported a £100 million decline in revenue, and subsequently had around £516 million wiped off its value.
At the same time, Rolex has expanded its ‘Certified Pre-Owned’ programme in the UK. So, it’s not that we’re wearing less watches as a nation; it’s that those watches tend now to be older.
Why consider pre-owned over new?
A few benefits stand out when buying a used watch. To begin with, there is no waiting period – every item is available instantly. The range of options is far broader, as the selection spans every watch ever made rather than only those currently in production.
Costs are generally lower when purchasing second-hand – though certain brands, such as Rolex, retain value far better than less prestigious alternatives. As a result, these can represent a wiser long-term investment, even if the initial price is considerably higher.
Key criteria when evaluating a pre-owned Rolex
To avoid disappointment, it is essential to understand exactly what is being purchased before you start looking for pre-owned Rolex watches. Ensuring authenticity is crucial – request the serial number and paperwork, and inspect the item closely. Certain details, such as the movement of the hands, can indicate whether a watch is genuine or counterfeit.
It is also advisable to look for defects that could reduce the watch’s value. Scratches and bracelet stretch can often be corrected, but only when they are identified in advance.
Some watches hold greater value due to unique features, limited production, or overall desirability. Awareness of the specific model and an understanding of fair market value are vital before making an offer. Various websites track price trends over time and can be used to make an informed decision.
Purchasing from reputable sellers remains the safest option, even if it involves paying a premium. Guarantees and warranties should be provided, and protection under the Consumer Rights Act offers additional reassurance.
The editorial unit
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