A Brief Insight of the Used Watch Market Scenario

There are specific ways and ethics to sell premium secondhand watches online. This market has grown up in leaps and bounds and even reputed brands are now focusing more on such markets investing a considerable amount in it. This tells all about the promises of this market. If you too want to enter into this market to buy and sell used watches there are a few things that you should know to gain more insight and perform better.

To start with, you should not look down upon or consider a secondhand market to be a place where you get damaged or inferior goods. On the contrary, you will see on further research that most prestigious retailers for brands such as Rolex, Rado and Omega have also entered into this market. These premium watches are sold as a pre-owned watch and each piece may even come with a two year warranty as well.

Luxury watch retailers are creating a different segment in the watch market with these outlets of pre-owned watches. Most retailers now are on the opinion that this is a worthy investment that has a huge opportunity and promise. With so many reliable and reputable retailers participating in this marketplace, this landscape is already gaining enough importance and wide range acceptance among several buyers and sellers ensuring even further promise.

The global scenario

If you look at the secondhand watch selling market in the global scale, you will notice even larger prospects of growth. This is because people can access reliable such as The RealReal and others.According to different studies and reports conducted by different agencies it is found that:

  • With over millionsof visitors per month whether it is in the US or Hong Kong, UK or China a second-hand luxury watch marketplace website is the best and safest place to deal with your used watch.
  • You will get to access deals of the likes of Chanel, Cartier, Rolex, Hermès, Louis Vuitton, and Van Cleef&Arpels. It shows that firms have earned hundreds of millions from private equity from this market.
  • Each prestigious brandis investing $100 million in the business of pre-owned watches and is gaining high yields from it. The market report suggests that there will be even further increase of this revenue in the next five years.
  • The Swiss luxury watchmaker AudemarsPiguetis the first big brand to enter into the pre-owned watches market sector but now you will see top watch brands like Rolex, Omega and even Jaeger-LeCoultre taking interest in this specific market.

All these facts and figures indicate that buyers are more concerned for the quality of the watches and value consistency as well as heritage.This has resulted in establishing more and more exclusive partnerships all over the world as compared to figures of four years ago.

There has been a significant increase in the revenue as well in each financial year by these reputed brands. Initially, this market provided these companies with 10 to 12% revenue which is now growing steadily. It is expected by the experts that the revenue generation of pre-used watch market will grow up to a quarter of the total revenues of these partnerships.

Proper partnership and experience quotient

It all depends on establishing a proper partnership and the experience quotient of the pre-owned luxury stores. To ensure that, larger retailers are opening larger showrooms and even sending their staff to get trained from the original watch manufacturer regarding the technicalities and other aspects. With an increased knowledge and experience of fine watchmaking, the retailers are being able to satisfy customers even better than ever.

With such betterment in customer service, studies found that in the last financial year itself a few retailers increased their overall revenue from this secondhand market by as much as 20%.

The regulatory changes

However, the picture is not as rosy as it seems and certainly does not stay to be productive as expected. In the last year, few companies recorded significant loss in their revenue that declined marginally as compared to the previous year.

To ensure that such unexpected growth pattern is avoided that has been a lot of regulatory changes made in order to tweak the current strategy to remove the chaos in this highly prospective market.

  • To bring in and enforce these changes in governing the pre-owned market of today, it is the spending habit and trend among the consumer especially the super-rich of the developing countries were taken into account.
  • The lifestyle and spending habits were traced and it was found that though it was unaffected even at the changes in market price and situations, it was more self-conscious in nature.

There have been a few regulatory changes made to ensure that all buyers are prevented from making a purchase of counterfeit luxury watcheswhich has made a notable increase in their presence, especially in the online market.

Therefore, if you are looking for cheap watches on the internet, make sure that you resort to and rely on reliable sites and stores such as chronostoreand others.

Distinguishing counterfeit luxury watches

Apart from that, no matter whichever store you choose, you must think twice before making any purchase. Remember, if you make any hasty decision, it will not only affect your collection but will also hurt the entire watch industry by a considerable extent. Therefore, avoid any temptation or promises that are too big. Always make sure that you get it from an authorized dealer rather than any unauthorized source on the Internet to get burned.

There are a few specific ways to spot a counterfeit watch such as:

  • A counterfeit watch will bear a striking resemblance to the real piece but will ideally be manufactured in China primarily.
  • A fake watch may have fake appearance parts such as case, dial, and bracelet
  • Even the parts inside the watch that controls the movement of the watch may also be counterfeit.

Closer inspections are therefore required to find the tell-tale signs of a fake.Government is trying to increase punishments for such intellectual property offenders and organized criminal enterprises.