GREY GOLD

The increasing prominence and market acceptance of the pre-owned trade appears to have reached a tipping point

- Zach Toh

Like the proverbial white elephant in the room, the pre-owned watch trade has always been an integral but under-acknowledged part of the multi-million watch industry by the industry’s powers that be. And for fully justifiable reasons, too. Factors such as the commercial cannibalisation of current collections and the impact of price depreciation of older models on customers’ decisions mean that, for most parts, watch brands would rather shun the pre-owned market and its ostensibly roaring trade. After all, for watch companies to acknowledge the price differences and popular demand as presented by the pre-owned sector would be too much of a conflict of interest – and too messy to integrate into a brand’s marketing and retail strategies.

Yet, the pre-owned watch trade continues to thrive, even more so today than ever before. And it is a business that has probably existed since the first timepieces were made. One owned a watch and, when the time came that he decided that he didn’t want it anymore, sold it to someone who desired it. But what has changed about this trade, with its system of a middle man to buy, assess, and finally sell for a profit, is how it is being conducted, and by whom. For generations, it has been dominated by independent brick-and-mortar businesses. In the past decade, however, this started to see a shift in demand and mindset, thanks to the proliferation of e-commerce and social media use.

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