Value for Money

From pre-owned to brand spanking new, what determines a watch’s value?

- Annie Darling

At the beginning of 2022, a Patek Philippe Nautilus 5711A, which sells for US$35,000 retail, could be snapped up for a bank-busting US$240,000. By August, that figure nosedived to about US$190,000. Slack-jawed collectors had a cryptocurrency collapse to thank—or blame, depending on whether they were buying or selling. High-end timepieces have long been favoured by high-rolling traders, so when the crypto market’s total value shrank from US$3 trillion (yes, that’s trillion) by two thirds, watch valuation experts wondered whether the Nautilus 5711A’s tailspin was an indication that the soaring secondhand industry was losing pace.

Head of region and client development for online retailer Watchfinder & Co Vivian Hau is confident that the market will hold steady. “We’re seeing an increase in the number of watch lovers bringing their luxury pieces to us for appraisal,” she says about the company’s Hong Kong space, which offers a curated selection of bestselling, vintage and limited-edition models from the likes of Cartier, Breitling, Rolex and Jaeger-LeCoultre. “When they [customers] do this, they are looking to refresh their collection and are thinking of selling or part-exchanging an existing watch or watches to make way for a new one.”