Covid-19 hit sales of many high-end goods but the luxury watch market is surging back, says specialist Catherin Aghili
When a global crisis strikes, investors look for safe havens for their money, and the international watch market has long attracted those prepared to back an appreciating asset.
Before the covid-19 pandemic, some of the old established brands such as Patek Philippe, Rolex, Audemars Piguet and Omega, to name a few, had started gathering momentum and their prices started to increase among collectors, first-time buyers and investors.
So how has the pandemic affected the industry?
During the covid19 lockdown, demand for watches dropped 25 to 30 per cent according to global management consultants McKinsey¹, as international customers were not able to travel to buy, but when production went down due to pandemic restrictions, prices went even higher as many people started looking for new areas in which to invest. For example, prices quadrupled in the Patek Philippe Nautilus range, and significant increases were seen on many Rolex sports models.
Post lockdown this trend has continued, but now that the production is getting back to its normal levels some prices are starting to go down and the market is becoming more stable.
Buyers and sellers alike should keep their eyes on this trend and use a company of their choice to advise them on how not to get caught out on striking a deal. It is fair to say that in the past two years the watch business had become a seller’s market and is now changing again to a buyer’s market.
For customers visiting London, consulting a specialist dealer is simple. Time Machine London Ltd is a family-run company trading in luxury timepieces and jewelry. Its focus is to trade rare and limited-edition timepieces from such high-end brands as Patek Philippe, A Lange & Sohne, Audemars Piguet, Panerai and Richard Mille. Its specialists will offer the highest amount possible for your articles if you decide to sell or part-exchange against any other timepiece or piece of jewelry.
Time Machine has more than 30 years’ trading experience in the best Swiss timepieces and branded jewelry in the world, with clients from heads of state to sporting celebrities. It has built an extensive supplier database and attends many dealing fairs.
It is not an authorized dealer for any of the watch brands it sells and does not claim to be so. What it can offer is expert help and guidance to help you select the best new, collectible or pre-owned timepiece to suit your needs.
To find out more, contact Catherin Aghili on: +44 7458 374988, or contact MCC’s Bookings service online or via WhatsApp on +966 533 633 607
– Catherin Aghili is a director of Time Machine London Ltd.
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