Timeless timepieces: The allure of pre-owned luxury watches in UAE
UAE’s thriving pre-owned watch market offers excellent opportunities for buyers, sellers
Dubai: Every morning, as Dubai resident Benjamin Walker gets ready to leave for work, he opens his watch box – handmade, out of solid walnut wood. It holds his most cherished watch, a Rolex Daytona Paul Newman with a white dial, among five other luxury pieces, all pre-owned.
The 52-year-old Briton business owner in Dubai, has been collecting pre-loved luxury watches since 2015, five years after he moved to Dubai.
“I was always fascinated with luxury watches, ever since my dad gifted me his ten-year-old Rolex Submariner Date when I was 27. I was introduced to the idea of purchasing a pre-owned luxury watch by a friend when we were touring in Europe in 2015. Over the years I have collected six watches but, I am always on the lookout for more,” he added.
A piece of history
Owning a pre-owned luxury watch is like acquiring a piece of history. “Each watch tells a story, carrying the patina of time and the experiences of its former owners. It's not just about the timekeeping function; it's about the craftsmanship, the design, and the legacy behind the brand,” Walker told Gulf News.
“I acquired my Rolex Daytona Paul Newman last year, its iconic design, rich history, and legendary status make it the crown jewel of my collection,” he added.
The Rolex Paul Newman Daytona watch is one of the most coveted and desirable watches among vintage watch collectors. It continues to rise in price due to its scarce supply and commands high prices when they are offered at auctions.
Spanning across six references – 6239, 6241, 6262, 6264, 6263, and 6265 – the watch's Paul Newman moniker stemmed from the 6239, which the American actor's wife Joanne Woodward had gifted him around 1968, after a car accident. The watch became part of his identity with numerous pictures showing Newman wearing his Daytona.
Woodward had the case back engraved “Drive carefully me”, as a pointed reference to his love of racing cars.
Love for classic designs
Unlike people investing in second-hand luxury bags for their resale value, pre-owned watch collectors seem to invest in them for a different reason – it is love for these timeless timepieces. For many, it’s the story of the watch, how rare a find it is, and the design that draws them to the idea of investing in a pre-owned watch.
Dubai-based 42-year-old Russian expatriate Olga Fedorova said: "For me, a pre-owned luxury watch is more than just an accessory; it's a symbol of elegance and empowerment. Not only are pre-owned watches a more affordable way to own a luxury brand. A watch that's been cherished by someone else before me adds a unique dimension to the experience.”
Fedorova, who is new to the world of pre-owned luxury watches said she has bought three watches so far, and her favourite is a Cartier Tank Anglaise watch she bought. “Its timeless design and delicate aesthetic perfectly complement my style."
The charm of pre-owned watches
Fayssal Kaddour, a 47-year-old Lebanese expatriate added: “It’s more than an investment. Modern pieces, especially discontinued models, offer a unique value proposition. They also make fantastic gifts for watch collectors. I bought my first pre-owned Rolex Daytona in 2017, and my collection now boasts over 45 classic timepieces. I once even upgraded to a Rolex Daytona by trading in three other watches.”
It’s more than an investment. Modern pieces, especially discontinued models, offer a unique value proposition.
While some watches are purely investments, Kaddour says pieces like the Omega Speedmaster, the first watch on the moon, are known for their rich history and personal connection. “My favourite, however, is the Patek Philippe Aquanaute 5065. Its classic vintage feel, absent in newer models, makes it truly special,” he added.
Secondhand watch collectors and buyers in Dubai all agree that Dubai’s thriving pre-owned watch market, fueled by a growing upper-middle-class workforce, offers excellent opportunities for both buyers and sellers.
Access to rare and limited editions
The pre-owned market offers a unique opportunity to acquire rare and limited-edition watches that might be difficult to obtain directly from retailers.
“In 2014, I purchased an Audemars Piguet watch that I wouldn’t have easy access to today,” said Hafs Al Gazzi, a 38-year-old British expatriate living in Dubai.
As a watch enthusiast, Gazzi said he appreciates a wide range of brands, from affordable Seiko models to high-end Richard Mille pieces.
The pre-owned market, especially pre-pandemic, offered excellent deals on sought-after watches like the Rolex Daytona and Submariner, he added.
I primarily collect watches that resonate with me personally.
“While I enjoy the thrill of the hunt and the potential for investment, I primarily collect watches that resonate with me personally. Rolex, Tudor, and limited-edition Seiko models are among my favourites.”
However, it’s important to be strategic when buying for resale, as some brands and models may not appreciate in value as expected, he points out.
“I’ve had mixed experiences with selling pre-owned watches. While popular models like Rolex and Audemars Piguet generally hold their value, some limited-edition pieces, can be challenging to sell due to their niche appeal,” he said.
He recounted how he ended up selling a limited Omega Speedmaster Tintin, because friends suggested it looked gimmicky. “The story behind this watch was that it was designed with a rocket on the dial. The copyright holder for TinTin rejected the proposal from Omega, and the dials were modified to remove the rocket for the production watch.”
An expert’s view
An expert in the watch industry, Syed Sohail Shah, Director and CEO of Luxury Collective, shared his inputs about the pre-owned luxury watches industry in the UAE. Shah recently unveiled a new shop in Dubai's Gold and Diamond Park, dedicated exclusively to pre-owned luxury watches.
With three decades of dreams behind him, Shah's move from London to Dubai is not just a career shift; it’s a personal journey. He views Dubai as an unparalleled hub for luxury goods, driven by its vibrant cosmopolitan culture and continuous economic growth.
“Dubai is a unique location, very multicultural, and a beautiful place ideal for luxury watches,” Shah explained, his enthusiasm palpable. This venture fulfills his long-held aspiration while tapping into a flourishing market for pre-owned timepieces, which are gaining popularity around the globe.
The allure of pre-owned luxury watches
Shah explained that pre-owned luxury watches are not just status symbols; they are savvy investments. “There is a massive market for luxury watches, particularly from sought-after brands like Rolex and Patek Philippe.”
These watches often come with rich histories and memories, making them thoughtful gifts for milestones like birthdays and anniversaries.
“Luxury watches are like any other high-value asset,” Shah added. “They can maintain or even increase in value over time, particularly those made from precious materials.” He highlighted the importance of market dynamics, stating that the value of watches is driven by supply and demand, making certain models highly coveted for resale.
Investment potential and best picks
When it comes to investment, Shah identifies Patek Philippe, Audemars Piguet (AP), and Rolex as the top three brands with the best resale value. Notable models include the Patek Philippe Aquanaut and the Rolex Daytona, and the 50th anniversary models for AP, which he believes could see significant appreciation in the next few years.
“We guarantee 100 per cent authenticity with every watch sold at Luxury Collective,” he assures customers, emphasising the rigorous authentication process in place to prevent counterfeit sales.
“Our most expensive watch sold was a Richard Mille RM67-02 Black Skull for $1.2 million (Dh4,407,57).”
He revealed that more accessible options like Cartier start around Dh5,000 to Dh17,000. They have also Tudor and Rolex around Dh20,000 to Dh75,000 that are more desirable.
Authenticating watches
For those who might doubt the authenticity of their watches, most pre-owned watch sellers in Dubai offer professional authentication services for an additional fee, based on the brand and model of the watch.
The inventory is usually sourced globally, with connections spanning from Hong Kong, India to Europe and beyond.
For customers interested in selling, Shah added that Luxury Collective provides a secure consignment process, ensuring a smooth transaction for both parties.
Spot the original
Shah explains that detecting a genuine luxury watch involves a keen eye and attention to detail. Factors such as weight, feel, and the quality of the writing are all telling signs. Shah said: “We use tools like magnifying glasses to examine the printing on the dial. If the text appears blurry or lacks sharpness, it's a red flag. Additionally, the sound and feel of the watch's mechanism can reveal much about its authenticity. If you listen closely, a genuine watch ticks smoothly, whereas a fake might feel clunky.
“We consult with expert watchmakers who can open the case back and inspect the inner workings,” Shah adds. This rigorous process ensures that every watch meets the highest standards of authenticity.