The pre-owned luxury watch market is worth $18.6 billion according to WatchPro. This number is also growing consistently at an 8% increase. What does this mean for you? Your old watch could be worth a lot more than you think. At Keno Brothers, we have a longstanding reputation as the best, fairest and most knowledgeable jewelry buyers in all of South Florida and work our hardest to get you the best price for your used luxury watches.
Luxury Watches are having their “moment”
With the world’s current circumstance, people are looking to invest in things that have sustained value and will stand the test of time. Luxury timepieces are an example of that. In times of change, such as economic hardships, elections, global situations, the market for specific luxury products, like watches, always increases. This is the perfect opportunity to sell your unwanted timepieces so you can fetch top dollar for those pieces.
The numbers behind the timepiece market
Everywhere you turn, the luxury watch market is increasing. WatchBox, an online buyer and seller of luxury watches, is reporting the first half of this year, it sold about 48% more watches costing between $50,000 and $100,000 than in the comparable period in 2019, a spokesperson said. Its earnings have grown more than 25% in the first half of 2020. Less expensive watches are also struggling. Exports of watches that cost under $200 are down 43.5%, according to the Federation of the Swiss Watch Industry.
Watches are growing in value
The international “Watches & Wonders” fair took place this year despite the circumstances and a number of realizations were discovered about the current state of the luxury watch market. One being that the growth and value of timepieces is not slowing down or diminishing anytime soon. The fair took place in China, which has been one of the driving countries that helps set the value of these watches. According to Financial Times, “In 2019, 34.7 per cent (just over SFr7.5bn, or $8.1bn) of Swiss watch exports went to the Far East, with the next largest market being the EU at 28.5 per cent (almost SFr6.2bn).”
According to Marketplace, “Reginald Brack, a watch industry analyst at The NPD Group, said the staid luxury brand industry — both Swiss and Japanese — is doing a better job reaching customers online through social media. And some of the excitement the brands are generating is spilling over to new customers, not just those who are already collectors.”
For more informations on the ins and outs of the luxury watch market globally, take a look at PR Newsleader’s report here.
What luxury watch brands are hot in the US now
According to New York Post, gem-tone details with gold and contrasting rugged timepieces are what’s trending now. Some of the top brands include Harry Winston, Cartier, Breguet, Van Cleef & Arpels, Bulgari, Jaegar-LeCoultre and Omega. These pre-owned luxury market still sees its highest interest in Rolex and Patek Philippe.
Sell your luxury watch today
Selling your luxury watch to Keno Brothers Jewelers is a discreet process with an emphasis on professionalism and integrity. Keno Brothers promise to maximize your payment using the most advanced pricing models and methods, using Gemological testing and all pertinent research. When applicable we research all actual auction results and watch pricing databases when evaluating your valuables. Please contact us today for more information.
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