Pre-Owned Luxury Watches: High Demand, Low Supply and the Rise of Millennials and Gen Z Buyers

This article explores the growing demand for pre-owned and vintage luxury watches by brands such as Rolex, Patek Philippe, and Audemars Piguet (AP). The market is currently experiencing high prices due to low supply of rare and collectible limited edition models. Experts predict a return to stability in 2024 with millennials and Gen Z buyers playing a crucial role in driving the growth and evolution of this industry. Certified pre-owned watches are recommended for first-time buyers seeking reassurance, but non-CPO purchases from authorized retailers can result in risking authenticity, prompting dealers like Rebag to offer return policies with authorised Rolex dealer checks. The article highlights the importance of finding a watch that fits day-to-day routines and preferences such as size case, strap material, power source (quartz or mechanical), and style preference. Retailers like Bucherer provide plush lounges for perusing watches with expert advice while Wallner advises against buying to flip due to market volatility causing unbalanced supply and social shame in horology circles. The article also mentions third-party online marketplaces such as Chrono24, WatchBox, and Watchfinder that are popular among Gen Z and millennial shoppers. Rolex and Patek Philippe have introduced their own certification programs for pre-owned watches while brands like Richard Mille, MB&F, FP Journe, Audemars Piguet (in the works), Jaeger LeCoultre offer in-house services too. Lastly, watch enthusiasts share sentimentally significant motivations during their searches instead of purchasing to flip due to market volatility causing unbalanced supply and social shame amongst connoisseur communities and official waitlists that banish buyers from them for such practices.