Story Highlight
– Audemars Piguet to launch certified pre-owned programme next week.
– CEO highlighted second-hand market potential since 2018 announcement.
– CPO team led by Marc Montagne launched in October 2024.
– AP aims to replicate Rolex’s successful CPO strategy.
– Rolex leads secondary market with 33% global market share.
Full Story
Audemars Piguet is set to officially launch its certified pre-owned (CPO) programme next week, a milestone nearly ten years in the making, as reported by WatchPro.
The Swiss luxury watchmaker first indicated plans to enter the pre-owned market by allowing trade-ins and selling second-hand watches in its boutiques back in 2018. Since then, the company has conducted several pilot projects in various countries, including Japan, Switzerland, and the United States.
Francois-Henry Bennahmias, who served as CEO until recently, stated during the SIHH 2018 event, “Second-hand is the next big thing in the watch industry.” However, piecing together these pilot initiatives into a comprehensive global programme akin to what Rolex has achieved with its CPO initiative launched in 2022 has proven challenging for Audemars Piguet.
A dedicated team has been established to facilitate this initiative, including Marc Montagne, who took on the role of director of certified pre-owned at Audemars Piguet in October 2024. Montagne brings valuable experience, having served as the head of digital and e-commerce at Vacheron Constantin for seven years, as well as authoring the book “Invest in Watches” in 2022.
While specifics of the CPO programme remain undisclosed, industry sources suggest a full announcement is anticipated before the end of October. It is expected that Audemars Piguet will offer CPO timepieces for sale online, which could enhance its direct sales capabilities. Officials declined to provide further details about the launch when approached by WatchPro.
Audemars Piguet aims to mirror Rolex’s success, which is projecting about $1 billion in sales through its authorised retailers amid the burgeoning CPO market. The advantage for Audemars Piguet is that it operates its own network of boutiques, allowing for direct control over the sales of CPO watches. However, this also means managing the complexities associated with purchasing, authenticating, servicing, repairing, and repackaging the watches prior to resale.
Unlike Audemars Piguet, Rolex has delegated much of the responsibility for CPO processes to its authorised dealers, who have been encouraged to invest in certified watchmakers. Rolex’s CEO, Jean-Frédéric Dufour, has highlighted that a well-functioning CPO programme not only generates revenue but is also key to protecting customers from counterfeit products and maintaining the brand’s integrity.
He noted at the Dubai Watch Week in November 2025 that the absence of brand protection in the second-hand market posed risks for buyers. Dufour stated, “You buy a new Rolex, you wear it for many years… That’s why we created Rolex Certified Pre-Owned: to ensure that when customers trade or buy a pre-owned Rolex through authorised channels, they are fully protected.”
Rolex’s CPO programme has positioned itself as both a business opportunity and a trust-building mechanism in a market where watches can have long lifespans and risk being altered or faked. “There is nothing worse than feeling betrayed after buying something expensive – especially a vintage piece,” cautioned Dufour.
Rolex’s dominance in the secondary market is reflected in its strong value retention, with pre-owned prices averaging 10.3% above retail for in-production models, including a 36.5% premium for Daytona models, according to a recent study by Morgan Stanley and WatchCharts. Of the 145 tracked watch references, a majority trade above retail prices, including popular models like the Oyster Perpetual and the DateJust.
In comparison, Audemars Piguet’s in-production models typically sell for an average of 5.9% above retail, with the Royal Oak collection commanding a notable 37% premium. Conversely, models from the Royal Oak Offshore line are discounted by an average of 23%, while CODE 11.59 pieces tend to be 34% cheaper in the secondary market. However, Audemars Piguet’s pre-owned prices have reportedly increased by 8.5% over the past year.
As of 2025, Rolex held a commanding 33% share of the global secondary market, while Audemars Piguet accounted for just 4%.
