The rise of pre-owned luxury: Growing consumer awareness boosts pre-owned luxury watch sales

If you had bought a pre-owned Rolex Submariner or GMT-Master II for $2,000 (approx `1.8 lakh) in 2010, it would be worth about $12,000 (over `11 lakh) today, according to Bob’s Watches, an online marketplace for buying and selling pre-owned timepieces. In December 2024, a stainless steel Tag Heuer Monaco 1133B, once worn by Steve McQueen, sold for $1.4 million (`12.8 crore) at Sotheby’s. Months earlier, a 1946 Patek Philippe in pink gold fetched $3.8 million (nearly `35 crore). Two decades ago, terms like ‘second-hand’ or ‘pre-owned’ carried stigma. Not anymore – the secondary watch market is now growing faster than the primary. Morgan Stanley’s Luxeconsult 2024 report estimated that pre-owned Swiss watch trade will hit $25 billion this year, already half the size of the primary market.And it’s not just watches. McKinsey’s State of Fashion 2026 report projects the global second-hand fashion and luxury market to grow two to three times faster than the first-hand market through 2027, driven by rising consumer demand and technology that boosts scale and profitability. Pre-owned is no longer a compromiseFor many watch buyers today, pre-owned is not a second choice; it is a smart, well-informed one. “There’s far more awareness around the pre-owned market now,” says Harman Wadhwa, an authorised watchmaker. “People turn to it because the watches they want are either unavailable, discontinued, or sold only in certain countries.”Rising prices have only strengthened this shift. According to Wadhwa, annual price increases that once hovered around 7–10 per cent are now closer to 11–12 per cent, driven by currency fluctuations and higher gold prices. “Buying new has become significantly more expensive, which naturally pushes buyers towards pre-owned,” he explains. Even walking into a luxury watch boutique no longer guarantees a purchase. Popular models, like a stainless steel Rolex Cosmograph Daytona (retail from $16,000), come with years-long waiting lists, as brands tightly control supply. Rising global wealth has only intensified demand. Auction sales mirror this surge: 2021 saw an 86% rise, followed by 16% in 2022, reaching $846 million (Everywatch). Pre-owned watches now make up over a third of the global luxury market, Deloitte reported in 2024. Watchmaking, however, remains a slow process as movements are largely assembled by hand, and training skilled watchmakers takes years. Despite producing close to a million watches annually and opening a new production facility, Rolex is still struggling to meet demand.“The biggest factor driving prices is the gap between supply and demand,” Joëlle Grunberg of McKinsey told Vogue Business. For highly sought-after brands such as Rolex, Audemars Piguet and Patek Philippe, she notes, the secondary market often feels like the primary one.Watches also have an edge over other luxury goods. “They stand the test of time and are easier to repair than cashmere or leather,” notes Dr Karan Madan. That makes them ideal for a thriving pre-owned market. Grunberg adds, “Fashion and accessories can learn from the watch market: iconic, timeless products retain their value better than transient items. Evergreen items maintain desirability and price stability, while trendy pieces may quickly become outdated.”Brands made resale legitimateNot long ago, the pre-owned market was dominated by grey-market dealers. Today, auction houses, multi-brand retailers, and brands themselves are shaping the space. Certified pre-owned (CPO) programmes have driven the shift. Retailers like Bucherer and Watches of Switzerland, Ethos in India, and brands such as Rolex, Audemars Piguet, Richard Mille, and Vacheron Constantin, offer authentication, servicing, and official guarantees. Buyers now have the option of purchasing certified pre-owned watches — a concept prevalent in cars but relatively new in luxury timepieces.Rolex entered the space in late 2022 and has steadily expanded its programme, but is still to enter India. Its acquisition of Bucherer in 2023, which operates more than 100 outlets across Europe and the US, gave it real scale. By July 2023, an estimated 5,500 Rolex CPO listings were active across at least 61 authorised retailers worldwide, creating serious competition for the grey market. Other brands have followed. Vacheron Constantin launched its CPO programme in November 2024. With the certified segment expected to grow rapidly, more major names are likely to step in. For brands, CPO restores control over pricing, quality and what circulates in the market. For buyers, it delivers confidence. As Karan Madan says, “CPO is enabling the growth of the second-hand market. The peace of mind that comes from knowing your watch is genuine, complete and serviced is invaluable.”'A watch can look beautiful on the outside but have problems inside'Buying a pre-owned watch is exciting. It feels like a 'find'. Sometimes a small victory. But it can also go wrong. Ask anyone who’s been around watches long enough and they’ll tell you the same thing: counterfeits are the real fear. “I’ve seen people wear a fake Rolex for decades without knowing it,” says Harman Wadhwa. “Even watches made of real gold, worth lakhs, weren’t Rolex at all. The fakes are that good, you only know once you open the watch.”That’s why paperwork matters. “The warranty card is non-negotiable,” Wadhwa says. Dr Madan takes it further, “The full set matters: box, papers, warranty card, even extra bracelet links. The more complete it is, the better the value.” Newer watches now come with RFID and NFC-enabled cards, making verification easier, but the principle remains unchanged: if the offer is too good to be true, walk away. Condition is the next checkpoint, though it isn’t always the deal breaker. “In the pre-owned market, condition is king,” says Punit Mehta, founder of the watch collector community, Redbar India. “But with vintage watches, a few scratches can add character. They’re signs of a life lived.”Still, Harman warns, get your watch examined by a certified watchmaker. "A watch can look beautiful on the outside and still have problems inside: worn gears, dried lubricants, inaccurate timekeeping or parts that haven’t been serviced in years. Even the sales guy on the counter can't judge these unless the watch is opened and examined by a trained watchmaker." Left unchecked, they can lead to costly repairs or permanent damage.Finally, trust is everything. In watch collector communities, Mehta adds, there is accountability. "You know who you’re buying from.” In the pre-owned world, that reassurance is often worth more than a discount.At the end of the day, it’s the buyer’s choice: pay extra for guaranteed authenticity and peace of mind, or hunt for deals through non-authorised channels. Seasoned collectors will still trust auction houses and vintage specialists, where provenance and condition often matter more than a CPO stamp.Checklist for buyers40 million counterfeit watches are sold every yearA 2023 report from Watchfinder, a second-hand watch specialist, estimates that at least 40 million counterfeit watches are sold globally each year. Forgery has become more sophisticated. “Five years ago, 80% of fake watches were recognisable at a glance, while only 20% required closer inspection. Today, 80% are convincing enough to look real, and only 20% are obvious fakes,” Watchfinder told The Economist. 'In India, a watch is marker of milestones'The pre-owned market in India is growing, but cautiously. “We’re price-conscious, but also image-conscious,” says Dr Madan. “While pre-owned luxury is normal in the West, here people still instinctively want to buy new.” A new watch still signals success. However, that mindset is slowly shifting. Value-for-money conversations are softening resistance, particularly among younger buyers and seasoned collectors.First-time buyers usually prefer new watches. “Collectors with multiple watches are more open to pre-owned watches,” says Wadhwa. “They upgrade, trade, or sell one piece to move to the next by spending a little more.” As Madan puts it, “Collectors already own 15 or 20 watches. They’re not hesitant — they’re looking for the next ten.”