Consumer demand for luxury watches is rising around the world. A recent study by Global Industry Analysts (GIA) predicted that the international market for watches and clocks will be worth $52.5 billion by 2020, if the current trend continues – so is now the time to invest?
Despite the positive sales uplift, consumers are still looking for the best deals available on the market. As a result, there has been a surge in the pre-owned, luxury watch category. William May – the luxury watch specialist – shares its wealth of knowledge to help CDC readers make the right decisions when making their pre-owned watch purchase.
1.) Choose a model that will retain its value
Like with cars, the biggest depreciation in the value of luxury watches is when the item is bought from new. Do your research and invest in a piece that will retain its value over the years. Recent research from Crown & Caliber highlighted the four models below as being particularly good at holding their value:
There are plenty of brands and models on the market. Speak to any reputable watch retailer if you want advice on which will keep their value.
2.) Make sure it’s the real deal
There are tens of millions of fake and counterfeit watches currently in circulation, so people can be easily fooled. Make sure you’re buying a pre-owned timepiece from a respectable jewellery business. Not all pre-owned pieces will come with their original boxes or certification, so it’s crucial to check the serial number for authenticity.
3.) Double check the condition
Reputable pre-owned jewellery businesses will endeavour to purchase the very best luxury watches in the most excellent condition. A trust-worthy organisation will inform their customers of any signs of wear and tear, but make sure you give it the once-over yourself. Scratches will usually buff out with a good service, but dents or chips can be harder to mask.
4.) Ask for a warranty
If you’re buying a top-of-the range pre-owned watch, you shouldn’t need to worry about faults or malfunctions. Nevertheless, it’s still a good idea to find out if your piece comes with a six or 12-month warranty before you make a purchase.
5.) Ask questions
Although purchasing a pre-owned, luxury watch is cheaper than a brand new version, it still can be a significant financial commitment. If you have any questions about the credentials of the components in your watch, or its historical significance, don’t be afraid to ask.
About William May
William May is an independently-owned company that supplies a vast array of vintage jewellery and luxury watches. It has a rich heritage in the British jewellery industry, dating back almost 200 years. The team has a wealth of knowledge and experience in dealing with pre-owned watches and offers their expertise to customers across the UK. Visit us at www.william-may.co.uk.