W Crown & Caliber inventory
Shopping Abroad As global as the watch market is, there are clearly some brands that are undervalued in certain regions. For example, in Paris I found a supercool vintage LeCoultre alarm for $1,200, which would easily sell for $2,200 in the U.S. The One That Got Away I have been quietly collecting the original Type XX watches, which were created in the early ’50s for the French Air Force by four different brands: Vixa, Auricoste, Airain, and Breguet. I have all but the Breguet, as I have been patiently waiting for one that was perfect. While in France recently, I found a perfect specimen. I didn’t pull the trigger fast enough and so lost out.
THIS SPREAD: JONATHAN MCWHORTER
Zero to Nerd When I was a kid, my dad always wore the same Rolex Datejust. As a result, I have always been a watch appreciator, but it wasn’t until I founded Crown & Caliber that I became a watch nerd. I always wondered why it was easy and safe to buy a pre-owned car yet so difficult and scary to buy a pre-owned watch. So I started Crown & Caliber to make it easy and profitable to buy or sell a preowned watch. What to Watch The retail market for new watches is always a precursor to what will happen in the pre-owned market. Instead of releasing new models, for instance, the brands are milking their iconic models even more. We see this with the Tudor Black Bay, Rolex Daytona, and Omega Speedmaster. So we expect the demand for these models to remain strong in the pre-owned market. Also, the current surge in demand for sport models in retail will lead to a flood of these watches in the pre-owned arena in the next 2 to 5 years. Risky Business Five years ago, a vintage
Rolex
Heuer Siffert was $4,500. Last week, I saw one in a store window for $16,000. New buyers will pay anything. You can still pick up the occasional deal on eBay or your local watch shop—but not without significant risk. For the riskaverse, I recommend estate sales and small auctions.
Daytona 16520 that traded for around $8,000 just 12 months ago now sells for around $11,500 due to the many record sales of vintage Rolex Daytonas—most notably Paul Newman’s, which brought more than $17 million.
“New buyers will pay anything. You can still pick up the occasional deal on eBay or your local watch shop—but not without significant risk. “
Retail Redux Luxury retail must be redefined. Retailers must pay attention to every detail of the customer journey, and that experience cannot solely be had in a marble showroom. They must meet the customers where they are, and that includes online. We believe a true omni-channel approach is imperative to selling watches. This huge Swiss industry can be slow to change, but change must occur for the watch industry to stay relevant. That means an investment in digital properties. Of course, the downstream effect of this will most likely be that brands will sell direct to the consumer.
Type XX models
Then Is Now The vintage market is having a positive effect on the modern pre-owned and new retail segments. As witnessed by the profusion of vintage-inspired watches at Basel this year, the brands are closely watching the vintage market for inspiration in making new product offerings. The vintage market also plays an important role in determining consumer demand for modern pre-owned watches. A modern Rolex
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