Luxury watch brands are timeless status symbols. And there are opportunities for savvy entrepreneurs to tap into a lucrative market if they can source and sell big names such as Rolex, OMEGA and Hublot.
A recent report by Knight Frank revealed that watches were one of the few luxury goods to gain value in 2023.
This makes it an exciting time for both collectors and budding watch businesses. Whether you’re passionate about building a dream collection or looking to turn your enthusiasm into a profitable venture, navigating the world of luxury watches requires both knowledge and strategy.
Understanding Your Customers
The first step for anyone entering the watch sales space is understanding their target audience.
Luxury watch collectors are a diverse group, but you’ll typically be looking to connect with high-net-worth individuals with a passion for craftsmanship, heritage, and exclusivity.
Research popular brands and models using online forums like Watchuseek to understand current trends and which timepieces are gaining popularity. Cater your offerings and marketing to the specific interests of your chosen customer base.
Finding Deals
For Buyers: Finding good deals on luxury watches requires patience and a keen eye. Here are some valuable resources:
- Auction Houses: Sotheby’s and Christie’s are renowned for prestigious auctions featuring rare and valuable timepieces. However, be prepared to pay a high price to win any auction and remember to set your limits.
- Online Marketplaces: There’s no shortage of reputable retailers that offer used luxury watches. Look for sellers with extensive feedback, authentication guarantees and detailed refund or return policies.
- Trusted Retailers: Authorised dealers (ADs) for major brands may offer pre-owned options alongside new releases. This can be a good option for peace of mind with authenticity and service history.
For Sellers:
- Online Marketplaces: Similar platforms mentioned above can be a good choice for reaching a global audience. Be aware of seller fees and competition when setting your price.
- Pawn Shops: These can be a good option for offloading a watch quickly, although you may receive a lower selling price compared to a private sale.
- Private Sales: Forums and online watch communities can be a great place to connect with potential buyers directly.
Networking
Building relationships within the watch community is invaluable. Attend watch fairs and events to meet collectors, dealers, and industry experts. Social media platforms like Instagram can also be a great way to connect with like-minded individuals and find valuable leads.
Authentication
Authenticity is paramount in the luxury watch market. Here are some ways to ensure you’re buying or selling a genuine piece:
- Trusted Sellers: Always deal with reputable sources, whether it’s an authorised dealer, established online marketplace, or a well-regarded private seller with a proven track record.
- Verification Documents: Legitimate watches typically come with original box, papers, and warranty cards. Be wary of watches missing any of this documentation.
- Professional Authentication Services: For high-value timepieces, consider using a professional authentication service who can examine the watch for signs of forgery.
