The Salon International de la Haute Horlogerie (SIHH) is one of the most exclusive events for serious watch collectors, industry professionals and the watch Maisons alike. But not every watch enthusiast can scoot off to Switzerland to scout the next timepiece for their collection. Also, as savvy watch collectors will know, snapping up the latest trends at market price is not necessarily the smartest move.
The pre-owned market – once a dirty word – is starting to thrive, as serious collectors have realised the merits. The most obvious, perhaps, is the chance to bag a bargain, but the pre-owned market also gives collectors the chance to find rare pieces no longer available in normal retail channels.
Samuel Lee, co-founder and chairman of Watchbox Asia, says: “The pre-owned market has become much hotter recently, particularly with a lot of brands looking to the 60s and 70s for inspiration right now. People like historical models because there’s a story there. Nowadays, if you go shopping in Dubai, London or Hong Kong – they’re all selling the same thing. It’s becoming less and less interesting for people. It’s also about exclusivity: there’s only a certain number of pieces from that period still in good condition, so to be able to find them is a great opportunity.
“Of course there are different types of customers. Some like the short term; they follow the trends, see the advertising and want to buy immediately and are happy to pay the premium for this. But others see it like a piece of art. And just like art, if you pick the right product, and think long term, it’s a good investment.”
Headquartered in the US, Watchbox offers the single largest platform for collectors to buy, sell and trade their timepieces. The company was formed by a group of watch experts including Tay Liam Wee, former managing director of Sincere Watches, Danny Govberg, CEO of Govberg Jewelers, and former private equity professonal Justin Reis.
In 2017, they launched the Asian arm of the business with Samuel Lee – the former head of Elegant Watch & Jewellery – as director, hoping to unlock the vast amounts of dormant wealth in the region. Lee says: “Between our directors, we’ve sold US$5 billion worth of watches in Asia alone, and they’re just sitting in people’s safes. There’s no liquidity in the market if people don’t realise the value of their collection or have a legitimate way to trade in their watches for something new.”
One of the turning points in the pre-owned market has been the transition from a slightly shady business played out on stages like eBay, to a platform offering confidence and security to customers. Watchbox opened a luxury Collectors Lounge in Hong Kong’s Central where enthusiasts can visit, speak to the experts and get advice on growing their collections. They also own all the inventory (currently around 3,000 timepieces with one selling roughly every eight minutes) and put each piece through a thorough inspection process which means they are able to offer a 15-month warranty.
Lee says: “When you’re dealing with high-value items, it’s important to have that trust in the white glove service. But we also pride ourselves on being very modern in combining technology and offering an omnichannel approach to make it as easy and accessible for customers as possible.”
Unlike auction houses, which maybe operate once or twice a year, Watchbox offers a 24/7 service with website, app, phone, Whatsapp and the Collectors Lounge. The app in particular allows customers to view and manage their collections in an asset management portfolio format, with live values calculated via an aggregation of the company’s sales data, auction results, former listings, etc. Customers can easily click to buy, trade or sell – though no transaction is completed without human contact.
Moving forward, Watchbox is also preparing to launch an augmented reality function, where users will be able to see how a watch physically looks on the wrist, to aid decision-making. thewatchbox.hk
