Watches Of The Past, Treasures Of The Present
Symbols of fashion, art and status, the market for pre-owned luxury watches is witnessing a resurgence of interest. Let’s look at the recent boom for such timepieces.
Timepieces have been one of the most fascinating technological advancements in history. With the advent of digitalisation, pre-owned luxury watches have become a rare collectible keeping in mind the attention to detail, exquisite craftsmanship and skill that has gone into their execution. This has resulted in a growing interest in the collector community in the last decade.
A Niche Space
Several brands, retailers and platforms have emerged in the pre-owned luxury watch space, making the current marketplace a trustworthy and safe space to explore one’s interest in the community. The digital space, especially, has seen an uptick in stakeholders with over 30 per cent of all pre-owned luxury watches being sold online.
In India, while the space remains niche, it still is valued to be worth approximately INR 650 crore. The country’s collectors consider watches as fashion accessories, looking to both classical designs and luxury brands that produce unique styles. Luxury brands, too, view India as a growing market owing to its rich history of royal heritage.
Important pre-owned timepieces are highly sought after in India, with a McKinsey forecast stating that the pre-owned market is expected to expand by 8-10 per cent every year between 2020 and 2025.
The Rising Popularity Of Rare Watches
Showcasing the rise in popularity of watches with a timeless design that can be staples in any wardrobe is a dress watch by Swiss luxury watch manufacturer Piaget. The Limelight Tonneau-shaped wristwatch was auctioned in May 2021 for INR 1,10,93,071. This 18k solid white gold watch is encrusted with 86 brilliant-cut diamonds on the case, the dial with 293 diamonds and the bracelet features 600.
Some of the rarer timepieces by leading luxury brands see more interest by pre-owned watch collectors, also seeing a rise in their mark-ups. This includes names such as Audemars Piguet’s Royal Oak, the Patek Philippe Nautilus and the Rolex Daytona. These mentioned models saw an 85 per cent, 146 per cent and 140 per cent growth recently.
The Big Four in the watch world namely Rolex, Audemars Piguet, Richard Mille and Patek Philippe, have held their grasp on the market despite the pandemic and have continued to produce their watches in limited runs. This makes their timepieces a rare and treasured acquisition. One example is a Patek Philippe Aquanaut, auctioned in May 2023 for INR 58,85,199. The steel case features a black embossed dial and a ‘tropical’ composite strap.
Classically Yours
Popular in the collector world, stainless steel watches and sports watches along with other classic styles are becoming harder to purchase through retail, with scarce allocations and longer waiting lists. Hence, the secondary market is seeing a rise in buyers and as a result, prices. Evidence of this is an 18K rose gold Royal Oak wrist watch by Audemars Piguet. The stainless steel case features a honeycomb white dial, a screwed down 18k rose gold bezel with crafted hands and luminous indices indicating hour.
The market for pre-owned watches has seen exponential growth in recent years and is likely to continue to expand with the rise in digitisation. With auction houses and pre-owned retailers offering vast and diverse selections, the space is seeing an upward trajectory like no other in terms of not only sales but enthusiastic collectors looking to add rare and unique timepieces to their collections.
( - The Writer is a Luxury Watch Expert at AstaGuru Auction House)
