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Business Insider
3 days ago
- Business
- Business Insider
Selling pre-owned watches is like running a 'candy store' as Trump's tariffs loom
While luxury retailers are bumping up the prices of watches, the pre-owned market is sitting pretty. Douglas Kaplan, chief commercial officer at Bob's Watches, told Business Insider that the company's sales jumped 20% from March to the end of May. BI viewed documentation verifying the increase. Meanwhile, Switzerland-based Rolex, one of the most sought-after luxury watch brands, plans to raise prices for watches due to tariffs and the increasing cost of gold. Bob's Watches is a marketplace for pre-owned watches. About 90% of its inventory is discontinued styles from collectors' favorite luxury brands. Unlike the watches imported from Switzerland, Kaplan said his company deals mostly with US sellers. That means it has plenty of supply and isn't "jumping to raise prices because of a tariff," Kaplan said. "We really are like a candy store of the industry," Kaplan told BI. Switzerland is facing a 31% tariff on goods imported to the US. The country is home to some of the biggest luxury watch makers. Swiss-made brands are shipping more watches to the US to get ahead of the tariff, which is paused until July. Exports from Switzerland to the US were up 149.2% year-over-year in April, when tariffs were announced, the Federation of the Swiss Watch industry reported. Kaplan is more worried about the impact on watch sellers than buyers. Bob's Watches buys watches from sellers and lists them on its website. Sellers may want to be paid more for their pre-owned watches if retail prices for similar models are spiking due to tariffs. Kaplan said his company may have to revisit how it negotiates prices if complaints from sellers become widespread. The company operates internationally, but sellers outside the US don't make up a significant amount of its business, Kaplan said. The company charges a $150 shipping fee for orders from abroad. Kaplan has been at Bob's Watches for six years and in the Swiss watch industry for 27 years. He's worked at brands like Movado, Fendi, and Swatch Group. He said business has grown recently in part because of younger buyers. They aren't as interested in the $300 to $500 watches they can purchase at a department store. Luxury watches are an asset that can appreciate in value, depending on the style and condition. "They have their eyes on something for the future because they now understand," Kaplan said. "They're educated."
Business Insider
18-05-2025
- Business
- Business Insider
How to tell if a Cartier or other luxury watch is fake
Millennial and Gen Z adults have a high interest in watches as investments, a survey found. Spotting fake watches requires knowledge of brand-specific details and authentication methods. "If it has to shout, it's probably a fake," Paul Altieri, CEO of Bob's Watches, told BI. Although it's unlikely you'll score an authentic Cartier watch from the guy selling them on the sidewalk, there are key signs to tell if you're looking at a unicorn or a dud. The pre-owned watch market is booming. Bank of America's 2024 survey of 1,007 high-net-worth Americans found that 65% of the respondents said they're interested in collectibles. Millennials and Gen Z were particularly more likely to collect watches as investment pieces than older generations. Those new to the scene will need to know how to spot fakes as they're building their collection. Some brands, including Rolex, offer their own certified pre-owned programs that provide a trusted way to purchase an authenticated watch. However, there are a number of smaller shops or online businesses that deal in used luxury watches. Although you could find a hidden gem, a trained eye is required to shop successfully. "When navigating the pre-owned luxury watch market, it's crucial to remember that you are buying the seller and their reputation as much as the watch itself," Swiss Watch Expo CEO Eugene Tutunikov told Business Insider. A trustworthy dealer will always stand behind their pieces and have a rigorous process to ensure authenticity. Private investigator Rob Holmes previously told BI that an estimated 23.3 million counterfeit watches were circulating in the United States as of 2024. Here are some ways to tell fake luxury watches apart from the real deal, according to those who sell watches for a living. Omega For Omega watches, poor-quality engraving, on the watch's case especially, is a dead giveaway that a watch is counterfeit. A Seamaster model, for example, can be verified by the wave pattern on the dial and the placement of other fine details, Paul Altieri, CEO of watch marketplace Bob's Watches, told BI. Aside from aesthetics, the serial number might also be a red flag. "Many fakes reuse numbers pulled from real watches, so if something feels off, verifying it with Omega or an authorized dealer can help," he said. Audemars Piguet Audemars Piguet watches go for five figures or more, depending on the model. The 41-millimeter Royal Oak Selfwinding retails for $28,600. "Fakes of the Royal Oak often fall short on the dial's 'Tapisserie' pattern — either it's too shallow, uneven, or just plain wrong," Altieri said. Bezel screws, a detail that Audemars Piguet watches are known for, will be "perfectly aligned" on the real thing with expert polish and finishing. The watch should feel crisp and clean and not take shortcuts on the small details, Altieri said. Patek Philippe The movement of a Patek Philippe is a "huge tell," as they're known for "flawless hand-finishing," Altieri said. The Patek Philippe Calatrava has a $33,113 retail price. "Counterfeits usually have crude, undecorated movements, or generic ones that don't match the brand's caliber," Tutunikov told BI. Incorrect fonts or spacing on the dial, especially around the date window are giveaways for fake Pateks, Altieri said. Panerai Panerai watches have distinct design elements, including the signature crown guard with a locking mechanism on the side. Loose or awkward-feeling crown guards are a problem. "The cases are often too bulky or the signature crown guard doesn't have the right shape or feel," Altieri said. Lume, a material applied to watch dials to make them glow in the dark, is a feature that could give away a fake. On the real thing, the lume glows a specific color that fakes don't get right. Cartier Cartier is known in the watch community for its precision. Any sign of rough craftsmanship is a red flag that shouldn't be ignored, Altieri said. Specifically, he said, "Roman numerals that aren't aligned perfectly " and sloppy screws on the case are typical problems. "Fakes often have shallow, blurry, or inconsistently spaced lettering and incorrect font styles," Tutunikov told BI. Another clue that's subtle at first but easily spotted when you know what to look for is the "secret signature" hidden on Cartier watches. It's etched at an angle in one of the Roman numerals on the dial. If that's missing, it's best to look elsewhere — unless it's a much older model that pre-dates the design, Altieri said. "A true luxury watch whispers quality in every little detail. If it has to shout, it's probably a fake," he continued.
Yahoo
01-04-2025
- Business
- Yahoo
How Rolex's new Land-Dweller watch aims to 'invigorate' the collector base
"Watches and Wonders" in Geneva, the biggest trade show in the luxury timepiece world, kicked off with a bang as industry leader Rolex released its latest 2025 models just as the industry finds itself in an uncertain market. Though most of the releases are tweaks, new colors, and new materials for some of its existing watches, the biggest news is an all-new model with a brand new movement, the Rolex Land-Dweller. The integrated bracelet Land-Dweller resembles Audemars Piguet's iconic Royal Oak sports watch, with a sleek flat 'Jubilee' bracelet, fluted bezel, and new honeycomb dial. Most impressive is the all-new Calibre 7135 mechanical movement powering the watch. It is thinner than any existing Rolex perpetual (self-winding) movement, has 16 patents, and features a new 'Dyapulse Escapement' and oscillator for improved timekeeping, Rolex said. The watch, which comes in 36mm and 40mm sizes and a variety of metals including steel and platinum, starts at around $14,400 — and can hit $120,600. California-based jewelry retailer Bob's Watches founder and CEO Paul Altieri said the Land-Dweller could spur more interest in collectors. 'It's the kind of release that would stir the collector base and open a new chapter in the brand's legacy,' he said. 'It's the kind of modern classic that could become an instant cult favorite. Think of it as a spiritual fusion of the Explorer and the Sea-Dweller," two of Rolex's most famous sports watches. The overall Swiss watch industry has hit a lull recently, with exports down 8.2% in February, according to the Federation of the Swiss Watch Industry, due to weakness in China and Europe, though sales fell in the US too. New watches from the likes of Rolex, AP, IWC, and Patek Phillipe help, but the potential imposition of tariffs from the Trump administration could take a bite out as well. Rolex's other reveals include updates and new materials for existing popular models, like new dials for the Cosmograph Daytona, 'Everose' gold GMT-Master II with a stone dial, and another GMT-Master II in white gold with green ceramic dial. Rolex also announced updated dial colors for the volume Oyster Perpetual watches and more gold options with the dressy 1908 and pricey Sky-Dweller models that tend to attract the CEO set. Rolex's focus on the precious metals watches over steel may be deliberate. 'Rolex has had difficulty selling the company's gold models while facing rising costs for the gold itself. It's no surprise that Rolex focused on revamping some of the weaker-selling gold models with a green dial for the new GMT-Master in white gold, a green dial for the yellow gold Sky-Dweller on Oysterflex strap, a new version of the 'John Mayer' green dial for the Daytona in yellow gold on bracelet,' said Eric Wind, watch expert and owner of Wind Vintage, a rare watch purveyor. Wind added: 'Rolex still has little problem selling steel watches at retail, but the equivalent models in gold are about 3X the retail and contribute significantly to the company's margin and average selling point, so I expect Rolex to continue focusing on this segment." Indeed, the selection of watches and release of new watches are strategic moves by Rolex, timed to a market currently in flux. Rolex still sees demand for most of its watches and may be looking to boost demand in the secondary market, which Rolex entered recently with its certified pre-owned program. Morgan Stanley estimates Rolex sold $10 billion worth of watches in 2024, with a likely rising, though small, amount in the pre-owned segment. 'It's true the luxury watch market has seen some softness recently, especially in the primary [new] segment, but new Rolex releases have a unique power to reinvigorate demand. A hot new model — or even a discontinued one — can send shockwaves through both the retail and secondary markets,' Altieri said. Altieri noted that there is often a quick spike in secondhand values of discontinued models so it's something he pays close attention to. But even with Swiss exports dipping, a strong lineup of Rolex models can help the market. 'In a climate where buyers are more cautious, Rolex still commands unmatched trust. A new release doesn't just sell — it lifts the entire ecosystem around it, including pre-owned and vintage,' Altieri said. Pras Subramanian is a reporter for Yahoo Finance. You can follow him on X and on Instagram.
