Buying or Selling a Luxury Watch on the Pre-Owned Market

Rather than window-shopping along Rue du Rhône in Geneva in search of a brand-new watch, I invite you, dear reader and fellow watch enthusiast, to take a serious look at the pre-owned market—for several reasons.

Why the pre-owned luxury watch market is worth considering

The first reason is, of course, price! Buying pre-owned allows you to acquire watches at better prices, helping you build out your collection—or simply rotate through timepieces more often.

You can find great deals and even make investments. A pre-owned watch has already lost a large part of its new retail price—except for certain models that have already gained value by the time you pull out the Gold card at the payment terminal—making it far more accessible. The depreciation curve is steepest in the first few years, and that’s exactly when you should be stepping in.

What’s more, unlike a “normal” car, owners of luxury watches generally take great care of their beloved timepiece, and there’s a strong chance the watch hasn’t been mistreated.

Finally, these are watches built to last. A watch that’s been worn for three years is only at the beginning of its life. We’re talking about a genuine investment.

Buying a new luxury watch rather than pre-owned?

Before getting into the details of the pre-owned market, let’s still look at the good reasons to buy new.

Beyond the pleasant experience of visiting the brand’s official boutique or a major retailer, buying a new watch protects you from the unpleasant surprises of the pre-owned market (and especially private sales) such as mechanical or water-resistance issues, the inability to seek recourse against the seller, buying a counterfeit, or other scams.

The main advantage, then, is peace of mind—thanks to the brand warranty.

What about selling your watches?

Word of mouth remains the first sales channel I would use when selling a fine watch.

That said, having an intermediary between buyer and seller is rather comfortable. You place the watch on consignment or sell it through a professional intermediary who takes care of the rest. A gain in time and security for you.

Maison Mikaël Dan

Once again, favour established, well-regarded houses such as Mikaël Dan. This firm has been buying and selling, as well as offering consignment services for watches and jewellery, since 1983, and they guarantee the authenticity of the pieces thanks to their expert, certified jewellers and watchmakers. They are also Members of the European Alliance of Experts.

Two options are available:

• Immediate purchase

The house will appraise your watch (or your jewellery) free of charge and pay you immediately based on the market price.

• Consignment

The price is set by mutual agreement. You receive the money once the piece is sold.

Tempted? Head to the website to find out more: www.mikaeldan.com

Once your watch or jewellery has been appraised free of charge by Mikaël Dan’s experts, it appears on the website alongside other men’s watches (Panerai, Rolex, Hermès, Audemars Piguet, Cartier, Tag Heuer, Breitling, etc.), women’s watches, and jewellery (necklaces, rings, earrings, bracelets, etc.) from the biggest brands.

A few tips for buying a pre-owned watch

If you plan to buy from a website, Google will be your best friend. Type “reviews” and the site’s name. You’ll no doubt find customer comments that can help confirm your choice.

Make sure they do indeed provide a certificate of authenticity, and read the terms and conditions of sale and returns carefully.

eBay and similar platforms are, in my view, too risky for a truly worry-free purchase. Personally, I prefer to turn to sites with a real bricks-and-mortar presence (like Mikaël Dan, which I mentioned above).

Be sure to check that the seller has the watch’s papers and presentation box. Collectors know it: you need to keep all papers and boxes carefully.

Also remember to check the bracelet and clasp closely, as these are expensive parts if you need to replace them with original components from the brand.

In conclusion, playing the pre-owned market is highly appealing, and there are ways to limit risk by working with trusted partners. The watch’s price, margin included, will always be lower than buying new.