Luxury watches, captivating enthusiasts for generations, are admired for many reasons, including intricate works of craftmanship, symbols of status, and valuable investments.
Iconic manufacturers like Rolex, Patek Philippe, and Audemars Piguet have spent decades, sometimes centuries, perfecting the mechanisms, while building a legacy of excellence. Collectors are drawn to these brands not only for their superior quality and design, but also the prestige, and appreciation in value over time.
For many collectors, the excitement of acquiring a coveted timepiece is a significant part of the appeal. Whether searching for limited edition releases, vintage models, or pieces with specific complications, the hunt can be exhilarating. This pursuit often involves years of patience, research, and networking within the watch community.
Legendary brands often carry with them certain symbols of history, adding to the allure of collectability. For instance, the OMEGA Speedmaster accompanied astronauts on the moon’s surface, while the Cartier Santos helped early aviators conquer the skies. The Rolex Submariner was James Bond’s original watch in the early films, appearing from 1962-1989, and since 1995, Omega has been Bond’s official watch brand.
In recent years, the pre-owned luxury watch market has experienced significant growth, offering collectors new paths for acquiring sought-after pieces. The Boston Consulting Group (BCG) estimates
the overall watch market, including both new and pre-owned watches, will exceed $100 billion by 2026, with the pre-owned segment growing faster than new watch sales. This trend has been driven by factors such as increased interest from younger generations, and the desire for investment diversification, and the convenience of finding more information online.
In recent timepiece news, TimeVallée, the Swiss multi-brand luxury watch retailer, opened its first Canadian flagship store in Montreal at Royalmount in September 2024, in partnership with the Canadian legacy brand Maison Birks. Emmanuel Perrin, TimeVallée CEO ad interim, visited for the store opening. Prior to his current role, Perrin was President & Chief Executive Officer of Cartier North America.
The new operation is “much more open, it’s much more focused towards the service of the customer. And hopefully the idea is to attract a new generation of enthusiasts, but also an existing generation of enthusiasts as well,” he told Elixuer.
“It’s creating incredible product and stimulating desirability, making sure that we give memorable service, a genuine, caring service, and expertise to the customer.”
As for the future, he said that the distribution of the market is actually increasing, while he is “very optimistic about the potential for growth in the watch market,” both for ladies and men.
The numbers reflect this. Canadian Jeweller magazine last year reported that the global luxury watch market value is projected to grow from $30.5 billion in 2022, to $34.1 billion in 2023, to $49.6 billion in 2027.
In fact, 2023 was a landmark year for Rolex, having manufactured 1.24 million timepieces, amassing sales of $11.5 billion, an 11% increase over 2022.
Jason Hutton, CEO of ZENEA, a luxury watch company, said his merchandise is focused primarily on the watch enthusiast community.
Within the watch market, there continues to be solid growth of independent brands, including those that cater to the luxury segment of customers. These independent watchmakers and brands are often willing to take innovative design risks in the production of their timepieces, which create a high level of differentiation not always seen in the larger traditional brands,” he told Elixuer.
There are many things to learn as one enters the world of watch collecting, he said. “Take your time deciding what watches are the best fi t for yourself and your lifestyle. If you have the opportunity to handle the watches in person, you will learn about what appeals to you very quickly,” he said.
Most important though, is to “buy what you enjoy personally, not what others tell you that you should be purchasing, or striving towards. Keeping this strategy will allow you to enjoy your watch collecting journey and your timepieces more fully.”
Dave Gordon | Contributing Writer
