It will come as no surprise that Rolex dominates eBay’s 2020 Luxury Watch Report top 10 watch styles, but for the watchmaker to take every spot in the league table shows just how powerful the brand has become on the secondary market.
The report, which is published today, gives an insight into the collective mind of the world’s watch traders. And it shows that people are prepared to pay eye-watering prices on eBay, a site once known as a Wild West for watches of questionable provenance and authenticity.
Rolex accounts for 25% of eBay’s marketplace for luxury watch sales, with stainless steel models like the Submariner and GMT Master dominating, the company says.
But the most expensive watches sold on the platform are from Patek Philippe, Richard Mille and Audemars Piguet. The first Rolex on the most expensive list is an 18ct gold Materpiece Pearlmaster, which sold for $100,001.
The top 5 prices achieved in the past year on eBay were:
- Patek Philippe Grand Complications Watch: $535,499.99
- Richard Mille RM11 Flyback Chronograph Rose Gold Titanium Watch: $148,000
- Audemars Piguet Millenary MC12 Tourbillon Platinum Watch: $145,000
- Patek Philippe Grand Complications Manual Gold Watch: $139,500
- Rolex 18kt Rose Gold Masterpiece Pearlmaster Pave Diamond 86285 – Sant Blanc: $100,001
However, when it comes to the top 10 watch styles globally on eBay (the company does not define precisely what this means), Rolex dominates.
Ebay says it has sold two million luxury watches in the past year, without providing a definition of what it considers a luxury watch. Were it watches selling at an average of $5,000, that would be $10 billion of sales, which would certainly send a jolt through the industry. Even an average of $1,000 would be a $1 billion business.
Interestingly, the top five luxury watch brands globally for eBay are not the same top five ranked by global turnover of new watches.
Ebay’s top five brands globally are Rolex, Omega, Breitling, TAG Heuer and Patek Philippe.
By new watch sales, according to Morgan Stanley’s 2018 report, the top five brands are Rolex, Omega, Cartier, Longines and Patek Philippe.
TAG Heuer is eighth and Breitling 17th for new watch sales.