THE BIG IDEA Time Out
If the watch industry has learned anything in recent years, it's to pay attention to secondary-market valuations. While prices have softened in the face of tighter markets over the past six months, watchmakers at the high end are realizing there's still money to be made in their own circular economies.
Some are already there—independents such as Richard Mille, F. P. Journe, and MB&F began reselling in 2015,2016, and 2018, respectively—but when Rolex announced it was launching a certified pre-owned program (CPO) last December, it was a game changer: Few brands have the power to shift an entire industry dynamic more than the Crown. By January, Audemars Piguet followed suit, announcing that its own CPO would launch by the end of the year. Both brands have seen after-market auction prices, and those achieved by dealers, reach stratospheric heights since 2020.
Beyond the financial benefits, these programs are also touted by brands as a service to clients. Finding a Rolex or an AP at retail remains a sport akin to unicorn spotting, so a pre-owned offering at least promotes the possibility of buying a watch in store—albeit at a significantly higher cost than their (intentionally) scarce new models. The programs also provide the guarantee of authenticity, a new warranty, and, in Rolex's case, a nice wax-seal tag.
But are they too late to the party? Many vintage dealers seemed unfazed by the announcements. “I'm mostly focused on buying [older] watches, so I don't see
