Story Highlight
– Second-hand watch market has significantly evolved over 10 years.
– Bob’s Watches focuses on authenticated pre-owned Rolex sales.
– JFK Airport hosts new Bob’s Watches luxury concessions.
– Pre-owned luxury watches gaining mainstream acceptance in retail.
– Prices for watches, especially Rolex, are rising again.
Full Story
The landscape of the luxury second-hand watch market has transformed significantly over the past decade. From the foreboding Diamond District in New York City to the unassuming Hatton Garden in London, the field was once daunting for prospective buyers.
Today, this market is dramatically different. Ownership of prominent brands has shifted, with Richemont acquiring the UK-based Watchfinder & Co., and America’s WatchBox aligning with revered names such as Rolex and Patek Philippe under the 1916 Company umbrella. Major players like Watches of Switzerland Group, Bucherer, and Ahmed Seddiqi & Sons are now anticipating that sales from Certified Pre-Owned Rolex watches will surpass those of nearly every other brand, excluding Rolex itself.
Paul Altieri, the Chief Executive Officer of Bob’s Watches, a well-established entity in the pre-owned luxury watch sector, has witnessed the evolution of this industry first-hand during his 15 years at the helm. Originally founded in the mid-1990s by Bob Thompson, Bob’s Watches emerged as a small dealer in vintage timepieces. In 2010, Mr. Altieri, a passionate collector with a particular enthusiasm for Rolex, acquired the business and redirected its strategy towards creating a trustworthy online marketplace for pre-owned Rolex watches, taking inspiration from stock market practices by publishing buy and sell prices.
At present, Bob’s Watches boasts a diverse inventory exceeding 1,200 watches available on its website, with nearly half of those being Rolex models. The company authenticates and ensures the quality of each watch it sells, opting to refrain from consignment sales.
Expanding its reach, Bob’s Watches recently launched travel retail concessions in airport duty-free stores located in Las Vegas and Abu Dhabi. These points of sale have been developed in collaboration with Avolta, formerly known as Dufry, a prominent Swiss firm with a vast presence across more than 75 countries. Avolta experiences an impressive turnover of CHF 13 billion and operates over 5,100 retail locations.
In a recent development, a new Bob’s Watches concession was inaugurated in Terminal 8 of JFK International Airport in New York. This terminal, a key hub for British Airways, is likely familiar to many travellers from the UK.
Mr. Altieri explained, “International luxury travel retail has become a massive business. Airports are spending billions redeveloping terminals into luxury shopping destinations. JFK Terminal 8 is a great example – it’s completely brand new and serves both international and domestic travellers.” He noted the advantages for consumers, highlighting duty-free pricing along with the absence of sales tax and import duties for those departing the country.
The airport concessions feature both luxury pre-owned watches and high-end handbags, placing the brand strategically within a lucrative retail environment.
“Pre-owned luxury has moved firmly into the mainstream,” Mr. Altieri remarked. He emphasised that airports have risen to prominence as significant venues for luxury shopping, presenting an opportunity for Bob’s Watches to cater to travellers in a familiar setting. “Opening at JFK allows us to offer immediate access to authenticated, investment-grade watches,” he added.
Bob’s Watches is not unique in this venture; other pre-owned watch retailers have also secured spaces in major airports. For example, Watchfinder operates within a Richemont-run TimeVallée at Qatar’s Hamad International Airport, while Gebr. Heinemann features a pre-owned store for luxury handbags and jewellery at Copenhagen’s airport.
Despite facing fluctuations over the last three years, including a decline in prices after a peak in 2022, the market for pre-owned luxury watches is showing signs of resilience. “We think the market bottomed out about two years ago and started moving up again roughly 18 months ago,” Mr. Altieri stated. “Last year we saw prices increase around 7–10% across the board.”
He advises that for those considering investments, now represents a favourable time to enter the market. Factors such as tariffs, limited supply, escalating gold prices, and rising production costs ensure that prices are unlikely to decrease significantly. Using the Rolex Daytona Panda as an example, Mr. Altieri explained, “It bottomed out around $31,000 to $32,000 and is now pushing $40,000 again. It’s a bellwether model for us.”
He concluded by noting the sustained demand for Rolex watches, alongside the growing interest in brands like Omega and Breitling, indicating a notable upward trend in pricing.
