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Wimbledon marks the start of the British summer, not just for tennis fans with a penchant for champagne and strawberries, but also for Rolex, its customers and authorized dealers who descend on the tournament for a taste of the watchmaker's legendary hospitality.
Burdeen's Jewelry has opened its fourth location in Chicago with the addition of a showroom selling luxury pre-owned watches alongside estate jewelry and a Vacheron Constantin boutique.
After a first quarter surge, driven mainly by rumors and then confirmations of discontinued watches, prices for the world's hottest watches from the likes of Rolex, Patek Philippe and Audemars Piguet are starting to cool.
The network comprises NX-One in Japan, The Value of Time in Singapore, Westime in the United States and Ninety in London, UK.
Reuters quotes unnamed sources from both German companies in a report saying that the pre-owned luxury watch specialists are heading for the stock market.
Watchfinder's research surveyed 26,000 watch owners around the world and 42% admitted they have no idea what their watches could be worth.
Venerable institutions, which for several centuries have been competing for the spending of affluent watch and jewelery collectors, and are now teaming up to cross-promote sales of certified pre-owned timepieces.
The second hand watch business is developing so much faster than the primary market, and its leading players are getting seriously rich.
Silas Walton, still in his mid-twenties at the time, spotted an opportunity seven years ago to become a de-facto authorized dealer for super-scarce pre-owned watches from the likes of Roger Smith, Kari Voutilainen and Philippe Dufour. His company, A Collected Man, now generates annual sales of around $20 million trading these watches with collectors all over the world.
The first event, taking place in Austin on May 7 and 8, will welcome Atlanta Hawks basketball star Trae Young, who will talk about and show his personal collection of luxury watches.