Why you should buy a second-hand watch
Two local second-hand watch experts tell us why it’s a sensible investment to buy a used timepiece.Neil Churchill April 2, 2015
In most industries the term second-hand usually implies cheaper, unwanted, used goods. Cars, clothes and technology all fall under that banner.
But for watches it’s different and nowhere else is that more evident than in the GCC, where the second-hand watch market is booming. We spoke to some second-hand watch experts in the region to find out why.
Dubai-based Adil Iskander is a partner at Timepiece360.ae – an online marketplace for pre-loved luxury watches. Here’s what he had to say about why we should all invest in a second-hand watch.
“There are some real benefits to buying second-hand watches; not only do you avoid paying full retail price, but, if you buy right and look after your timepiece, you also make a solid, safe investment. “The older some watches get, the more expensive they become; many are worth much, much more than the price they retailed at 15 or 20 years back, because they are rare. This is especially the case with limited edition, high-end watches; I’ve known some Patek Philippe watches to double, even triple in price.
“Compared to other investments, a timepiece is a safe and often easier alternative. A watch is much easier to liquidate when required; the right second-hand watch will not depreciate, in fact, the depreciation has already happened before you purchase a second-hand watch, if in fact it depreciates at all.”
Marc Chbat is operations manager at Moneywatches.com, a website specialising in buying and selling pre-owned luxury watches. He explained that more often than not, the second-hand market is the only place to find limited edition watches.
“Unique watches are usually limited to a certain number in a production run (50, 100 or similar) and once the manufacturer has finished making those, the only way to acquire one is through buying from an existing collector. “Alternatively, some timepieces are more widely distributed, and therefore buying them from an existing collector would mean a lower price than brand new at retail, making the deal a sweet one for the buyer.”
The local second-hand watch market
“The second-hand watch market is performing really well in the UAE amongst collectors and buyers; they are aware of their market surroundings,” says Chbat.
Iskander agrees – “The second-hand watch market is big in Dubai, in fact, I think it’s the biggest in the whole of the GCC. Lots of dealers come from overseas and sell watches here, so it’s a real hub and centre-point for second-hand watches in the region.
“The nice thing about watches is that they’re age-agnostic and gender-agnostic; everyone likes a good watch!"
The most expensive second-hand watch sold at Timepiece360.ae was a limited-edition Audemars Piguet Arnold’s All Stars, which went for over AED 250,000. Moneywatches.com’s most expensive sale was a vintage Audemars Piguet Royal Oak for AED 45,000.