Rolex and other high-end luxury watch brands lead the way in the resale market, which has been heating up in recent years.
City AM reports that there were £488 million of imports of luxury watches in the last year, and the figure has increased by 43 per cent in the last decade, from £276 million in 2010. It has been helped by tax benefits in the UK, with profits from the resale of most watches being exempt from capital gains tax.
According to the Luxury Trend Report, produced by eBay and Vogue Business, the luxury watch resale market in the US alone is at an all-time high.
It is being led by the usual suspects - Rolex, Omega, Patek Philippe, Breitling and Cartier - for which there is massive demand, with 25,000 luxury watches being sold on eBay in the first half of 2021, and has shown how parts of eBay’s Authenticity Guarantee have come to fruition.
After the launch of the programme, many brands saw an increase in searches on the platform, such as IWC which experienced a 12 per cent month-on-month increase. The scheme has now been expanded to include other high-end fashion items such as handbags.
An analysis of the luxury resale market has shown that men are more likely to invest in pre-owned luxury, with 57 per cent of men buying a pre-owned luxury at least once a month, compared to 37 per cent of women.
Additionally, 64 per cent of men have turned their investment into a sale, selling their pre-owned luxury purchases, compared to 50 per cent of women.
Despite the pandemic putting a hold on in-person purchases, the UK luxury watch market has remained strong. Retailer Watches of Switzerland reported luxury watch sales up by 16 per cent in 2020/21 compared to the previous year.It’s important that you look after an investment such as a luxury watch, to ensure that keeps if not increases its value. If you’re looking for a watch service in Bucks, get in touch today.