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eBay notches double digit growth in luxury watches as group transactions top $100 billion

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(Photo by Justin Sullivan/Getty Images)

eBay’s Authenticity Guarantee for luxury watches, which launched last year in the United States, was described as a key highlight of a record year for the auction and marketplace platform in its 2020 accounts.

Authenticity Guarantee covers watches sold for more than $2,000 and sees each piece undergo a physical check by experts on its way from a seller to a buyer.

The service has already been extended to Japan, and the corporation is promising additional markets will roll out this year.

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“In the US, the new experience is driving material growth. The company’s luxury watch category experienced a double-digit increase from Q3 to Q4,” eBay’s full year report describes.

Full year revenue for eBay rose to $10.3 billion, up 19%. Gross Merchandise Volume, eBay’s measurement for the total value of transactions, increased by 17% to $100 billion.

The greatest acceleration was in the fourth quarter, where revenue jumped by 28% and GMV rose 21%.

“I am proud eBay was able to be there for our buyers, sellers and community, especially in the face of a global pandemic,” said Jamie Iannone, CEO at eBay.

“We finished the year with strong financial results, but what inspires me most is the support we’ve been able to extend to small businesses — providing them with tools, resources and access to millions of buyers globally. We will continue to invest in product and technology in order to deliver the best marketplace in the world for our customers.”

eBay and WatchPro Auction Report — Volume 1: Trust and Authentication

2 COMMENTS

  1. HAVING SOLD OVER 100 MILLION DOLLARS OF VINTAGE WATCHES ON EBAY, WORKING OUT THE KINKS WITH 7 DIFFERENT “REGIMES” AT EBAY, OUR COMPANY HESS FINE ART, GIVES A RESOUNDING VIRTUAL STANDING OVATION TO THE CURRENT TEAM.

    They did it right. The system put in place has the right people at the helm at eBay, the right people for authenticate and the right people to spread the message.

    Long the strongest and most wide-reaching venue, the new system has now almost illimintated the “Gaming of the system” that had sellers and buyers alike wary.

    If you think this year was good, wait until you see next years numbers.

  2. Quite often I see ads on Instagram with what are some of the most obvious fakes. I think it’s fair to attribute the growth in sales due to the amount of people interested in luxury watches increasing and doing some online shopping during the pandemic as opposed to the authentication process.

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