For several months now, Watchfinder & Co has been looking at "forgotten" watches - those that are only worn once a year, those that are kept in the safe or the family watch that no longer works and has been waiting to be sent to the after-sales service for years...
The Watchfinder & Co. study surveyed 26714 luxury watch owners worldwide, almost half of whom (44.4%) admitted to having no idea what their watch was worth.
The study – conducted amongst 26,000 watch owners around the world – found that nearly half (44%) admitted they have no idea what their watches could be worth.
The key headlines:
• The value of these forgotten watches is estimated to be worth over CHF 50 milliards
• 47.5% of respondents said they have at least one luxury watch they don’t wear. And 44.4% of respondents said they do NOT know the current value of their watch • On average each owned 2.1 luxury watches (3.6 in Switzerland)
• 37% of respondents do NOT know the current value of their watch
• 47.5% of respondents said they have at least one luxury watch they don’t wear
• 32.5% of respondents have at least one luxury watch they no longer wear
Some of the watches will be family heirlooms or passed down in wills, with their current owners not having a clue that they’re sitting on a potential goldmine. The luxury watch market is going through a purple patch currently, with many watches reaching all-time highs when it comes to their resale value, making now the perfect time to check.
“Whilst a large proportion of watch owners around the world keep a very close eye on the value of their watches, it’s clear that there are also lots of people who have no idea what their watch is currently worth," said Arjen Van de Vall, Watchfinder & Co. CEO. "It’s widely recognized that a Rolex, Omega or Patek Phillipe is likely to be worth quite a bit of money but there are also watches out there made by smaller, more boutique, manufacturers that are lesser known. You may have inherited a watch, or perhaps you have a watch you no longer wear; we’d encourage you to find out its value so you can make an informed decision on whether to keep it, sell it or exchange it for something new. Any good pre-owned watch specialist will be able to provide you with a quick, easy and complimentary valuation so you are better informed.”
