Shopping for the classics: Why the pre-owned luxury watch market is thriving | News [Video]

(CNN) — What’s old is new again, and the longstanding phrase couldn’t be more apropos when it comes to pre-owned and vintage luxury watches by the likes of Rolex, Patek Philippe and Audemars Piguet — or “AP,” if you’re in the know.

“The demand is so high, and the supply is so low,” said Sotheby’s veteran and creative consultant Brynn Wallner, who founded the women-focused luxury watch resource Dimepiece in 2020. The stats don’t lie: According to a March 2023 study on the second hand luxury watch market by Boston Consulting Group (BCG), “nearly 95% of (rare and collectible limited edition) watches are no longer in production.”

“The level of excitement is even higher when a watch gets discontinued,” explained Tim Stracke, founder and fhairman of Chrono24, in an interview at Watches and Wonders 2024 in Geneva. “It’s like when you go to a concert, a rock concert, you want to hear the classics. …