The shortage of luxury watches has driven the rapid growth of the second-hand watch market

According to foreign media reports , during the epidemic, consumer demand for high-end watches has surged. However, luxury watch brands such as Rolex, Patek Philippe, Audemars Piguet and Richard Miller all insist on limited production, which makes luxury watches often in short supply in the market .

The result is a booming online business in buying, flipping and reselling used and vintage watches . Sales of used watches reached $18 billion in 2019 , according to consulting firm McKinsey . The market is expected to reach $30 billion by 2025 , with used watch sales accounting for about half of the new retail watch market.

More and more companies are targeting the second-hand watch market and competing for dominance in the market. Watch collection website Hodinkee raised $40 million in December and recently opened a second-hand watch store, aiming to become the "preeminent brand of all watches in the world."

Germany-based Chrono24 recently raised €100 million , becoming the first unicorn in the pre-owned watch space. Even eBay is targeting high-end watch collectors , launching an authenticity guarantee program for high-end watches .

The question in the market is how long the current watch boom can last and whether there are enough online sales. As it stands , there is a huge demand for high-end watches , but the production of these watch brands is still low in order to maintain quality and exclusivity . According to a report by Morgan Stanley, Rolex sold 810,000 watches last year , Patek Philippe sold 53,000, Audemars Piguet sold 40,000, and Richard Miller sold only 4,300 .

As a result, demand for luxury watches is expected to continue to outstrip supply, at least in the short term. As demand outstrips supply , prices in the second-hand watch market are rising. According to Chronext data, the value of an Audemars Piguet Royal Oak 15500ST (blue dial) has almost tripled since 2017 to over $55,000, while the value of a Rolex Day-Date 40 has risen 76% since 2017, selling for over $50,000.

A watch industry executive said that the surge in global wealth and the proliferation of online watch collectors and information websites have given rise to a new generation of young collectors who buy and sell watches online. The development of social media has also driven sales of high-end watches , with more and more collectors showing off their high-end watches on Instagram and TikTok .

Second-hand market

High-end watches

Market Dynamics