Ebay’s authenticated luxury watch service, which launched in September with around 7,000 items, has almost trebled in size to over 20,000 timepieces listed.
The business says luxury watches worth over $1 billion are already sold per year, and hopes its authentication service will further strengthen its position as the world’s biggest secondary market platform.
James Hendy, head of Ebay Authentication, also told Watchpro today that the most expensive watch sold this week went for $89,000.
Some experts think that luxury watch brands will move in the direction of providing authentication and certification for pre-owned watches and creating a legitimate industry for certified pre-owned watches that will work hand in [white] glove with the primary market.
Mr Hendy believes that would be fantastic if that proved to be the case.
“Across all luxury categories I believe it will happen. It is not a question of whether it will happen, it is only a question of when it will happen. Particularly the big luxury brands, they will definitely come out with plays and plans for the secondary market. It is too big an opportunity to ignore.
“It is also about understanding the customer. We meet with many of the luxury brands and we really do have the data and information on how people browse and shop on eBay. I can tell you many of these people are not just bargain hunters, they are the same people that would happily go into a traditional retailer and pay full listed price for an item, but are also happy to trade on. The secondary market gives a great insight into who and what your customer is, and it is a lot more than just what a retailer sees of the customers that come through their door.”