Having seen the resale business for timepieces explode in the past few years, watchmakers are getting in on the game.
Luxury watch seller Danny Govberg is very busy these days with his Philadelphia-based company, even when he’s selling fewer new timepieces than he used to.
That’s because his 102-year-old emporium, Govberg Jewelers, is seeing an explosion in the secondhand market, where the wealthy owners of expensive wristwatches such as Patek Philippe and Rolex are increasingly trading their used ones for a different (but not necessarily brand-new) style. It’s one of the biggest changes Govberg has seen in the industry’s market landscape in the past two decades.
The preowned business is doing so well that Govberg saw potential in Asia and has teamed up with watch veterans in the region to launch WatchBox, an e-commerce platform for buying, selling, and trading secondhand luxury timepieces. WatchBox opened a new store in Hong Kong in September, which has seen sales of $3 million every month since opening, and is planning locations in the U.K., Germany, France, Italy, and Neuchâtel, Switzerland, this year. Govberg Jewelers, a third-generation family company with an average transaction price of $10,000, has even begun to accept Bitcoin.
Continue reading this article on Bloomberg.com where you’ll discover who else is looking to enter the pre-owned market and the latest trends!