The market for pre-owned luxury watches has grown enormously in recent years. What was once a niche market with a slightly grubby image is now a valid source for watches of all kinds. Marketplaces such as Chrono24 offer a professional and secure platform that provides watch enthusiasts with access to an almost endless supply of luxury watches. From brand-new models to rare vintage specimens, everything can be found – without the long waiting lists that many concessionaires are known for. This trend has not gone unnoticed by brands such as Breitling, Audemars Piguet, and Rolex. Even for these industry giants, the used market has apparently become so interesting that they have launched special pre-owned programs to secure a piece of the pie. So anyone interested in luxury watches should have the pre-owned market their radar. However, the plethora of offers and providers can quickly become confusing and downright daunting. With our ultimate guide to pre-owned luxury watches, we want to provide you with a tool that will help you reach your goal step by step on the pre-owned market.
Used, Certified, Vintage – What do these terms mean?
If you are on the secondary market for luxury watches, sooner or later you will come across terms such as “used,” “certified,” and “vintage.” The problem with these buzzwords is that they often overlap and are rarely clearly defined. Vintage is used, for example, for watches that have reached a certain age. However, there is no exact limit as to when a watch is considered vintage. As a rough rule of thumb, watches that came onto the market in the 1990s or earlier are considered vintage. Timepieces that are 20 to 25 years old, on the other hand, are usually referred to as neo-vintage. If a watch is offered as “used,” this does not necessarily say anything about its condition. It can get that label simply from being unpacked once and tested on a wrist. The spectrum therefore ranges from pieces that show no signs of wear to watches that cannot hide their years of use. Both can have their appeal – it’s up to your personal preferences. However, take a close look at the watch in question beforehand to avoid a rude awakening later on. The “certified” category has only been around for a few years. The name is basically self-explanatory: They are watches that have a certificate confirming their authenticity. This certificate can be issued by the brand itself or by qualified watchmakers. In both cases, you can be sure that the watch in question is authentic and that you are not being scammed with a fake. Chrono24 also offers a Certified Service. You can recognize those watches by the small Certified seal in the listing. It is important to note that the certificate should be seen as an additional safeguard and does not replace the original papers, original box, or maintenance documents. 
The Mechanisms of the Watch Market
Before you start the actual process of buying or selling a pre-owned luxury watch, it is important to better understand the watch market. Who are the most important players, what is the difference from other markets, and how are the prices of individual models developing? One of the main differences between the watch market and most other markets is that watches are often very emotionally charged. As a result, the prices for certain watches cannot be explained by logic. Let’s take the Nautilus 5711/1A from Patek Philippe as an example. In sober terms, it is a simple stainless steel watch with three hands and a date, one of thousands out there. But people are prepared to put more than $100,000 on the table for this watch. How is that possible? Well, anyone who buys a Nautilus does not usually do so because the watch is so beautiful, but because it is a cult object that radiates exclusivity, prestige, and power. Of course, there are also completely objective criteria such as material, the work that goes into finishings, and complications that influence the price. However, extreme price differences can also be observed here in some cases: A model that has an exciting history or a “bigger” brand name, for example, will almost invariably carry a higher price tag than a similar model without those things. The rarity of a watch also contributes to its price. For example, you will have to budget considerably more for a “Paul Newman” Daytona with an “exotic dial”, of which only a few hundred were produced, than for a modern Daytona 126500LN from the current Rolex collection. Not all watches are the same. Therefore, regardless of whether you want to buy or sell a used watch, you should always research the model in question, its special features, and the market situation beforehand.
What are the primary market, secondary market, and gray market?
The primary, secondary, and gray markets for luxury watches have a lot of subtleties. In our article “What is the gray market and how does it work?” we cover that in detail. Please feel free to take a look. In a nutshell, the primary market includes everything that is sold via the official distribution channels of the manufacturer. That usually includes authorized retailers, brand boutiques, and the manufacturers’ online stores. The secondary or gray market, on the other hand, refers to trading that takes place outside the channels of the primary market. Such dealers are usually not authorized and offer watches that they have either bought secondhand or acquired from authorized dealers who wanted to clear their stock for new goods.
What to Look Out for When Buying a Luxury Watch
Before you buy a used luxury watch, you should ask yourself the following basic questions: Do you prefer to buy online or offline? How do you recognize a trustworthy retailer? What aspects need to be considered when making a purchase?
Jewelry Stores, Auction Houses, or Online: How to Buy a Pre-Owned Watch
If you want to buy a luxury watch, you have a whole range of options. You can take the traditional route and look around the stores of jewelers and watch dealers or take part in auctions at relevant auction houses. Alternatively, the wide world of the Internet is at your disposal. As a global marketplace for luxury watches, Chrono24 offers you round-the-clock access to thousands of professional dealers and their offers. Thanks to the escrow service, promise of authenticity, insured shipping, and comprehensive customer service, buying here is safe and easy.
How can you recognize a reputable online retailer?
Every retailer who offers thier goods on Chrono24 has been carefully scrutinized beforehand. However, there can always be black sheep. You should therefore pay attention to the following things in listings:
- Are there enough good pictures available that show the watch as accurately as possible and from different angles?
- Do the pictures and description match?
- Are customer reviews positive?
- Does the retailer respond to queries within a reasonable time?
If you can answer all these questions with “yes,” you are most certainly dealing with a reputable dealer who you can order from without hesitation. And if, contrary to expectations, something does go wrong, Chrono24 is there to help you sort it out.
What You Should Look Out for When Buying a Watch
Older models in particular will inevitably show signs of age and use, so be aware of this. A deep scratch in the case can contribute to the depreciation of a watch, whereas some vintage watches only develop their charm through a few signs of age. However, you should be careful with deep dents in the case or bracelet. These can only have been caused by hard knocks, which in turn can have negative effects on the movement. If you are not sure about the condition of a watch, it is best to have it inspected by a specialist before making a purchase. If you have decided to buy from a private individual, you should always ask where or how the seller came into possession of the watch. If a seller can’t or won’t give you an answer, it’s better to keep your hands off the model. The maintenance history and the general technical condition of the watch are of immense importance and should always be inquired about. The same applies here: If the seller cannot or will not provide any information, you should be very skeptical. The advantage of platforms such as Chrono24 is that you can invoke Chrono24 Buyer Protection at any time. You can also be sure that all the information you need to know is included in the offer and that customer service will be happy to answer any extra questions you may have. The most important piece of advice you can give a buyer is also the simplest: What is your gut feeling? Do not make a purchase if you are not completely satisfied with the conditions or the information provided to you. A watch can be an expensive purchase that you should think about carefully. Finally, a tip for experienced collectors: If the offer is too good to be true, then it usually is.
Keep Your Watch on Time with These Care Tips
After buying a second-hand watch, you naturally want to enjoy it. However, to ensure that your new old timepiece works smoothly over the years, you should also look after it accordingly. In our article “6 Tips for Watch Care: How to Keep Your Watch in Good Shape” you will find everything you need to know.
