eBay polishes plans for online second-hand luxury watch market

By Silke Koltrowitz

 

An eBay logo is projected onto white boxes in this illustration picture taken in Warsaw, January 21, 2014. REUTERS/Kacper Pempel/File Photo

 

ZURICH (Reuters) - Buying a second-hand luxury watch on eBay <EBAY.O> should get easier next year as the company gets better at checking that only genuine timepieces are sold on the online platform.

 

"By the end of 2019, we look to have an entire suite of services available to all luxury watch sellers and buyers on the platform," James Hendy, in charge of eBay's authentication service for luxury goods, told Reuters in a recent interview.

 

While new watch sales have grown more slowly, the used market has been boosted by younger consumers happy to buy online, prompting Cartier owner Richemont <CFR.S> to buy second-hand platform Watchfinder.co.uk.

 

Hendy said eBay's transaction volume of second-hand luxury watches would exceed $1 billion in 2018. This compares to volumes of around 1.3 billion euros expected at German rival Chrono24 by its co-CEO and founder Tim Stracke.

 

eBay allowed approved professional sellers, like Watchbox, to list timepieces on eBay with an "authenticity verified" tag in September by extending its eBay Authenticate programme from handbags to luxury watches.

 

And from the first quarter of 2019, eBay will allow consumers to instantly sell their luxury watch on the site, adding authentication services to cover all consumer-to-consumer (C2C) transactions during the second half of the year.

 

Swiss luxury watch brands have long hesitated to sell online and used to look at platforms like eBay or specialised websites Chrono24 or Chronext as a nuisance because watches which retailers find hard to sell often end up online at a discount.

 

However, eBay is now looking at partnerships with luxury brands as it targets a market estimated to be worth around 17.6 billion euros ($20 billion) when jewellery is included, a recent report by Bain & Company said.

 

The used market has been boosted by younger consumers happy to shop online, prompting watch manufacturers like Richemont or Audemars Piguet to enter the market.

 

"I believe that in the next few years the primary and secondary market are going to come together," Hendy said, adding that brands working with eBay would be able to engage with customers directly via its platform.

 

($1 = 0.8748 euros)

 

(Reporting by Silke Koltrowitz; Editing by Alexander Smith)

 

-- © Copyright Reuters 2018-11-21

14 minutes ago, webfact said:

"By the end of 2019, we look to have an entire suite of services available to all luxury watch sellers and buyers on the platform,"

Good news for Prayut if he ever needs to leave the country in a rush then.

I inherited a gold Patek Philippe a few years ago.

The first time I wore it, someone said 'Is that one

of those cheap copies from Thailand'.

Never wore it again, only keep for memories.

1 minute ago, talahtnut said:

I inherited a gold Patek Philippe a few years ago.

The first time I wore it, someone said 'Is that one

of those cheap copies from Thailand'.

Never wore it again, only keep for memories.

As near a perfect ‘TVF Watch Story’ as we any of us will ever read.

11 minutes ago, talahtnut said:

I inherited a gold Patek Philippe a few years ago.

The first time I wore it, someone said 'Is that one

of those cheap copies from Thailand'.

Never wore it again, only keep for memories.

The thing is unless you're a known Hi-So person, anything and anyone who'd be wearing a brand name apparel and time pieces will be dimmed to be fake, and you can't blame them really as Thailand is deserving this dubious distinction ...

Edited November 21, 20187 yr by ezzra

7 minutes ago, ezzra said:

The thing is unless you're a known Hi-So person, anything and anyone who'd be wearing a brand name apparel and time pieces will be dimmed to be fake...

You are absolutely correct there. But I never need to show

signs of wealth. I drive around in an old Citroen 2cv I bought

for 60 GBp 14 years ago, or an old G wagen full of rubbish..

great fun.

Watches are for telling time.  The real joke is on the morons who spend outrageous sums of money for perceived status.  Hubris is an interesting thing to watch.

11 minutes ago, CALSinCM said:

Watches are for telling time.  The real joke is on the morons who spend outrageous sums of money for perceived status.  Hubris is an interesting thing to watch.

Watches are much more than for telling time, but only people who appreciate the finer things in life know this. If cars were only for getting from A to B everyone would drive a Smart car or a Prius.

Edited November 21, 20187 yr by giddyup

17 minutes ago, giddyup said:

Watches are much more than for telling time, but only people who appreciate the finer things in life know this. If cars were only for getting from A to B everyone would drive a Smart car or a Prius.

Anyone spending money on either one of those needs to go outside and have a word with themselves.

31 minutes ago, CALSinCM said:

Watches are for telling time.  The real joke is on the morons who spend outrageous sums of money for perceived status.  Hubris is an interesting thing to watch.

And wine or whiskies are for getting drunk? How about art and literature? Agreed, though, that if your purpose is status, you're better of spending your money on something else. Your belief that that is the only reason that someone would buy a fine timepiece, though, is incorrect.

44 minutes ago, overherebc said:

Anyone spending money on either one of those needs to go outside and have a word with themselves.

People can spend their money on whatever they can afford and appreciate. Some people are happy eating Big macs every day.

1 hour ago, giddyup said:

People can spend their money on whatever they can afford and appreciate. Some people are happy eating Big macs every day.

Eat big macs everyday then you're going to need a big watch and you won't fit in a Smart Car. ????????

Is this being set up for Prawit so that he can sell the ones he has or is it so he can buy more

Will they be offering a séance to contact the dead buddy for verification should Deputy Dawg choose to offload any of his bling pieces .. 

wow, the Rolex general will be happy!!!!

how can he buy more from e-bay, he is unable to intimidate them!!

2 hours ago, giddyup said:

People can spend their money on whatever they can afford and appreciate. Some people are happy eating Big macs every day.

In which case I would recommend a weight watch.

9 hours ago, ThreeEyedRaven said:

Good news for Prayut if he ever needs to leave the country in a rush then.

Did you mean Prawit?

4 hours ago, overherebc said:

Anyone spending money on either one of those needs to go outside and have a word with themselves.

I have had a word with myself, but he never listens.