If you’re in the market for a $25,000 Rolex, you better know a guy. And you better have $50,000. Dizik reports
At each step, everyone makes a bit of money. Take the Audemars Piguet Royal Oak 15500ST. Once the in-demand model is purchased at retail for about $26,000; it’s resold for more than double and instantly can trade anywhere for $60,000 to $100,000. The watches are then flipped via eBay-style marketplaces or directly through the DMs of individual watch dealers.
Alwani keeps about $25 million worth of watches in stock — which translates to roughly 300 watches at any given time — 20 times more than the nearby Rolex boutique, according to Alwani. His inventory comes via frequent buyers with connections to the sales staff who can still score the watch at retail. Some purchase whatever they are offered from the boutique, because they know they can flip the watches at more than double the price within days.
The used-watch industry isn’t a new one. In the ’90s, dealers would attend cash-and-carry trade shows in drab career-fair-type conference centers in cities like New York, Chicago, and Las Vegas, staying in cheap hotels for a few days. They would rent tables and jewelry cases and haggle over their secondhand wares before issuing flimsy receipts. Security staff roamed the area to prevent outright theft.
Walking into a designer-watch boutique and being unable to make a purchase only increases desirability rather than frustration, says Cait Lamberton, a marketing professor at the University of Pennsylvania’s Wharton School who studies consumption behavior. “Luxury follows different rules,” says Lamberton. “Hermès wants to be a household name, but Hermès doesn’t want everyone to have Hermès.
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