Why You Should Be Consigning Your Watch Right Now

Who would have thought a decade earlier that the way we shop for timepieces would take such an interesting turn? The burgeoning growth of the pre-owned luxury watch market has revolutionised how consumers think of shopping today. It’s no longer just a means of finding and collecting the watches you like but has transformed into an avenue of income for many. Luxury consignment is hitting stride more than ever, becoming a byword for every luxury shopper who understands the plights of overconsumption and has found relief in consigning. Has it not happened to us when a timepiece we were so excited to buy once starts finding its way out of the closet less and less? It’s a relieving feeling to know that all that hard-earned money is not going down the drain but instead is giving surprisingly good returns.  

According to a new report by LuxeConsult, a Swiss-based industry analyst and consulting firm – the pre-owned watch market is estimated to rise to 79 billion euros by 2033. The sale value of pre-owned watches in 2022 grew by 20%, whereas it was only a 12% growth in sales of new luxury watches. Consequently, it is predicted that the pre-owned sector will possibly overtake the primary watch market by 2033. So, for anyone who has not jumped on the bandwagon yet, there is no better time than now. 

Understanding Luxury Consignment

Luxury watch consignment is an arrangement where a seller seeks the help of a resale platform to connect with interested buyers in order to sell their pre-owned watches. In other words, the seller entrusts a third-party platform to sell pre-owned watches on their behalf. The process requires the seller to hand over their timepiece to the third party for them to put it out for sale while still being its legal owner. The seller gets paid whenever the watch is sold, and the resale platform acquires a commission fee. 

Luxury watch consignment is an arrangement where a seller seeks the help of a resale platform to connect with interested buyers in order to sell their pre-owned watches. The seller gets paid whenever the watch is sold, and the resale platform acquires a commission fee

The popularity of the consignment business model stems from the convenience it serves the sellers. It does away with the hassle of looking for potential buyers or finding a pawn shop, particularly the entire back and forth till the final deal is concluded. Consignment through an organised resale platform only requires the seller to turn over the watch, and the rest is taken care of. Every year, watch brands release new models of their popular watches and more often than not, these updated models come with the slightest changes. Nevertheless, we are tempted to indulge, leading to buying new timepieces without offloading the old. In such an overwhelming scenario, the possibility of selling a watch that no more serves joy but only obsolescence, even without leaving your couch, seems nothing less than a blessing. 

But convenience is only one of many reasons one should consign their luxury watches; there’s a plethora of benefits why selling through consignment is the way to go.

Enhanced Exposure = Quick Sales 

Selling your watch through an organised and established resale platform like Second Movement offers the benefit of enhanced exposure. As soon as the timepiece becomes a part of our catalogue, it receives exposure to a nationwide audience of esteemed collectors and enthusiasts. Hence, the likelihood of a sale is increased manifold. Subsequently, consigning with Second Movement also resolves the issue of a higher wait time for return — a primary concern of sellers looking to consign — as here, most watches are off the rack within weeks of procurement. 

There’s An Audience For Every Kind Of Watch

One of the best aspects of the pre-owned watch industry is that it harbours demand galore for all kinds of timepieces, whether contemporary or vintage, classic or extravagant, men or women, iconic or not-so-iconic. Because the consignment model is such that no actual capital is tied up in the selling process, the resale platform or consignee has no objection to making a timepiece part of their catalogue. It’s only when the third party has to pay outright that they start evaluating the sale potential of the watches. Therefore, if you have an expensive timepiece that’s heavily used, an almost new model but one that’s not very popular, or any unique experimental piece that might not be everyone’s cup of tea, your watch can easily find a new home through luxury consignment. 

Access To Advanced Selling Techniques

The world of buying and selling pre-owned watches has matured remarkably over the last decade, and things tend to have become more streamlined. While the sale process with platforms like Second Movement has become extremely organised, marketing is another area that has shown exceptional growth. Perhaps, the increased awareness and willingness to indulge in pre-owned watches is another reason marketing has become a significant part of the pre-owned watch industry.  

At Second Movement, each timepiece procured is showcased through high-resolution images and elaborate videos, all of which are shot in-house and accompanied by detailed content describing the architecture and mechanism of the watch. Also, we have the best marketing tools and an ever-increasing social presence that further aid in putting an undisturbed spotlight on your timepiece. All these techniques culminate in elevating the chances of quickly selling any watch one wants. 

At Second Movement, each timepiece procured is showcased through high-resolution images and elaborate videos, all of which are shot in-house and accompanied by detailed content describing the architecture and mechanism of the watch

Opportunity to Earn More

One great advantage of selling watches through consignment is the possibility of earning more than one can by selling directly or for outright cash. On Second Movement, watches procured on consignment fetch 10-15% more than the ones bought outright. The consignment model endows the third party with a window for negotiations, and hence there is a prospect of higher returns for the seller. On the contrary, outright selling absorbs all the risk, which is why the valuation is generally lower than consignment. It’s a significant reason why most resellers today are inclined towards consignment. Even though outright selling appeals with the possibility of earning instant cash, consignment takes longer but promises higher returns. 

Why Should You Choose Second Movement To Consign Your Next Luxury Watch?

Second Movement was founded in 2019 with the aim to create a safe space for luxury watch collectors In India where they can sell and buy pre-owned watches without being in two minds. Although it was a time when luxury watch resale had already picked up steam worldwide, in India, it was still in a nascent state. Four years later, we have successfully erected a platform where two watch enthusiasts can come together and share their passion for watchmaking by selling, buying or trading pre-owned watches. 

We believe the only way to create trust and build a place where one is not continuously sitting on the fence is through warranting complete transparency. Hence, we do not withhold any information from the sellers and keep them informed of all the details throughout the entire process. Such transparency also helps us in resolving the issue of unawareness. Even today, most patrons are oblivious to how much value their timepiece actually holds. So, we help them understand their watch’s worth and sale potential and ensure they get the best price for it. As a result, by and large, Second Movement offers 20% more than what most other platforms are willing to offer for a timepiece.

Second Movement Boutique - A premium lounge where you can experience the finest pre-owned luxury watches

Finally, Second Movement boasts an omnichannel presence in the market. While consignors can conveniently monitor the resale journey of their timepieces from the comfort of their homes by visiting the Second Movement website, our boutique also ensures their watches get all the additional visibility and exposure.