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The latest Deloitte Report on the Swiss watch industry (October 2022) underlined the growth of the second wrist market: it is currently worth around 20 billion Swiss francs, but by the end of the decade it could be worth almost 35 billion, more than half that of new. Forecast similar to that of a study by the Boston Consulting Group, which for 2026 forecasts a 35 billion dollar market for the second wrist compared to a value of 66 billion for the new market, with a 2022-2026 CAGR rate of 9%.
There are many reasons and never before is it better to turn to the experts. Like Giovanni Bonanno, of Gioielleria Bonanno, a company present in Rome since the 1970s, a watchmaker specializing in vintage and second hand since 1998 and which mainly deals with important pieces from houses such as Patek Philippe, Rolex and Audemars Piguet. «The watch is now an asset like a brick or a financial investment – explains Bonanno -. People have understood this and rather than keeping their money in their current account they think it is better to invest it in an object that can revalue itself: over the course of ten years I have never seen the value of certain watches go down, except for some “modern” pieces which have had ups and downs, because they were more a trend or a speculation».
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Bonanno also underlines another aspect: «A watch is an asset that can be kept free of charge: there is no Imu to pay and there is no need for an annual overhaul, like for vintage cars. It should not be forgotten that the customer today buys a watch even just for the sake of owning it. And if he doesn’t find the new product due to the limited production, he can turn to second hand ».
Where do important second-hand watches come from? «By collectors who want to improve their collection and sell a “9” model to get a “10” and of course from auctions of houses like Phillips or Christie’s». Bonanno concludes with some advice: «It is better to always and only rely on a trusted seller. The buyer of a vintage or second hand model does not buy the watch itself but also the credibility of whoever is selling it to him. Today, as we move towards online sales, where we are strong, the customer must know that, whatever happens, he knows where to go, he knows who he has spoken to and, above all, he knows who sold him the watch. In fact, we always try to conclude the sale physically».