Story Highlight
– Pre-owned watch market projected to exceed $85 billion by 2033.
– Vintage and pre-owned watches now seen as valuable assets.
– Younger buyers increasingly favor pre-owned luxury watches.
– New and pre-owned markets are influencing each other.
– Collecting valued more for the search than specific watches.
Full Story
The landscape of watch collecting has undergone a significant transformation in recent years, shifting away from traditional pathways of acquisition. Historically, enthusiasts would typically start with a new watch from an authorised dealer, progressively moving up the ranks to more prestigious models. This journey often included waiting lists as symbols of dedication, while purchasing second-hand was frequently seen as settling for less. However, this trend is rapidly evolving.
Central to this change is the burgeoning market for pre-owned and vintage timepieces. According to Grand View Research, the global pre-owned luxury watch market is projected to reach $32.3 billion (£24.19 billion) by 2025, with expectations to soar beyond $85 billion (£63.66 billion) by 2033. This impressive growth is set to outpace the wider luxury watch sector, turning what was once considered a secondary market into a major driver within the industry. A range of dedicated platforms, specialised dealers, and auction houses have emerged, all catering to this changing dynamic.
Today, collectors are embracing the stories behind watches rather than seeking to erase them. Characteristics such as a worn bracelet, a discoloured bezel, or engravings from past owners are no longer seen as blemishes; instead, they are celebrated as marks of a watch’s history and personal connection. This shift is bolstered by a younger demographic, with millennials and Gen Z increasingly gravitating towards pre-owned options as a feasible means to access prestigious brands and traditional watchmaking skills.
The allure of new watches remains intact, and the interaction between the new and the second-hand markets is becoming increasingly pronounced. Many brands are delving into their archives to bring back beloved models that resonate with collectors who have admired vintage pieces from a distance. Additionally, several companies have initiated certified pre-owned programmes, trade-in options, and buyback schemes, marking a departure from previous practices that prioritised strict control over product distribution. The relationship between primary and secondary markets is thus becoming more intertwined, significantly aided by the US market, which has been the leading importer of Swiss watches since 2021, bringing in approximately CHF 4.4 billion (£4.08 billion) worth in 2024 alone.
The evolving nature of collecting is particularly telling. Seasoned collectors increasingly express that their passion lies not merely in acquiring a specific watch, but in the pursuit itself: engaging in research, negotiation, and the joy of lengthy discussions. The thrill of finally locating a coveted piece after extensive searching has replaced the idea of a conclusive collection, signalling a shift in the industry’s perception and practices.
While the concept of sustainability is reshaping many sectors regarding longevity and value, the watch industry has long adhered to these principles. Well-crafted timepieces are designed for durability, and the thriving pre-owned market underscores a culture of repair, conservation, and continuity in ownership which predates current trends. As new collectors redefine the rules of engagement, this foundational ethos may emerge as a significant competitive edge for the industry.
