The market for coveted preowned luxury watches has grown about 20% annually from mid-2018 through this January, beating the S&P 500
Collectors often pay double or triple the price for a secondhand watch, even one that may have just left the store, said Nicolas Llinas, a principal consultant in BCG’s consumer-practice division who helped author the firm’s report. For example, Rolex Cosmograph Daytona watches with a retail price of $14,800 recently sold on secondhand platforms for as much as $38,500, according to BCG. One such platform, WatchBox, helped fund BCG’s latest watch research.
Researchers at BCG say there are two reasons people are spending thousands on a used watch: secondhand platforms have emerged as increasingly viable places to buy the items and social-media communities have helped generate buzz for watches as investment pieces. “I look at secondhand watches as a rental,” said Mr. Ang, a fruit distributor in Manila. “You wear it for a while, you enjoy it and realize, ‘I don’t think it’s me.’”
In 2021, preowned watches accounted for nearly a third of the $75 billion luxury watch market worldwide, according to BCG. Preowned-watch sales rose 3% in 2020 after the pandemic started even though sales of new watches fell 17% that year.
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