Luxury Watch Production Slumps: Preowned Luxury Watches

preowned luxury watches

Preowned Luxury Watches

According to the latest edition of “Watch Time” magazine the production of preowned luxury watches has taken a dive.  They are basing this estimation on the amount of watches submitted for COSC.  (Watch movements that pass the rigorous test of the COSC receive a officially certified chronometer movement.)

Rolex, Breitling, and Omega are three of the biggest luxury Swiss watch companies and are also the three biggest who send their movements to COSC (accounting for 78% of all chronometers).  In 2009 the total for all companies submitting their watches to COSC dropped 27.4% to 1,160,631.  According to COSC, that is the lowest total since 2004.

It is obvious that this decline is due to the recent world recession.  Less people are buying preowned luxury watches during tough times.  However, I predict that next year production will increase.  It seems most of the world is recovering and people are more willing to spend their money.  Hopefully we will look back at 2010 and say the trend turned upwards.

by, Seth at Raymond Lee Jewelers

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