Watchbox is investing $30 million in buying Rolex watches that can be restored to mint condition and will set an industry standard of quality for pre-owned pieces from the brand.
London is the most likely location for an authentication center that will check all watches on the way from sellers to buyers.
Ebay says its sales of luxury watches are already worth more than $1 billion, making it the biggest secondary market player, and a new authentication service aims to address the platform’s Achilles heel, a lack of trust in the authenticity and provenance of thousands of watches listed for sale.
Customers agreeing to sell their watches can take an offer in cash or London Jewelers store credit with a 20% bonus on top.
Dating site says the best way to secure a Patek Philippe World Time 5131R for Christmas is with Chrono24.
Hing Wa Lee Jewelers, an authorized dealer in Los Angeles for Rolex and more than 25 other premium watch brands, will sell Watchbox stock and feed trade-ins to its workshops.
The situation today is confusing for customers, and no easier for jewelers looking to participate in the growing secondary market.
Founder Paul Altieri hopes to grow at 35% per year and reach $100 million turnover within 5 years.
Partnership aims to help luxury watch owners and collectors trade-in their unwanted luxury timepieces and trade-up for a new watch on Troverie.