The market for luxury pre-owned watches is increasing exponentially in Asia. Grace Brewer discusses watch trends and how to start a collection with Samuel Lee, Asia- Pacific director at WatchBox, a leading online platform for pre-owned watch trading that recently opened its first boutique in Hong Kong.
What first sparked your interest in watches?
I grew up in Hong Kong and started working at my father’s company, Elegant Watch & Jewellery, when I was 18 years old. In 1982 I went to my first Basel watch show, and it cemented my interest in watches. Now I feel passionate about carrying on the heritage of the watch industry for the next generation.
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Can you explain how WatchBox works?
WatchBox has brought the concept of buying, selling, and trading watches to Asia. We are the leading platform to buy or trade pre-owned luxury timepieces; using innovative technology and sophisticated data systems we have created a cutting-edge mobile app that incorporates pricing transparency across an international following.
WatchBox offers a multi-channel approach to the pre-owned luxury watch category in what is traditionally a brick and mortar industry. With industry veterans at the helm of the business, we bring credibility, trust, and ease to customers looking to buy, sell and trade watches in a way no other buyer or seller of pre-owned watches is currently offering.
Do you own a collection yourself?
Yes, my personal collection mainly consists of Jaeger LeCoultre, Glashütte, A.Lange & Sohne, and Greubel Forsey pieces. I usually go for quality and complications, which brings an extra layer of interest to me. I’m drawn to brands that produce their own movements and always like to learn about the complications and in-house movements of a timepiece. My first watch was a Blancpain. Now I have around 50 watches and roughly 50 pocket watches too.
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What would you say is the best brand for someone who wants to begin collecting?
I think it’s important to first decide what you want from your first watch; whether you’re looking for an everyday item, a celebration watch, or if you have your heart set on a particular brand.
Which are the most popular pieces within WatchBox?
We have such a varied customer base that it’s quite hard to pinpoint the most popular pieces. That said, we are definitely seeing a huge increase in the popularity of Rolex sports models. The pre-owned market is very exciting at the moment. Production of new watches is becoming more limited and people are starting to develop an interest and appreciation in watches that are no longer in production.
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Which watch brands best hold their value?
It really depends on what someone defines as “holding value”. Generally, our customers are purchasing for personal use. When you buy pre-owned you have the added benefit that the depreciation has already happened, much like in the pre-owned car market. At WatchBox, to predict the market price of a watch we use big data combined with cost estimates of refurbishment to like-new condition in order to offer a fair valuation.
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