The Covid 19 and luxury watches
The coronavirus (Covid 19) has paralyzed the world. The economic impact worldwide is going to be very hard. Little by little we are seeing the light at the end of the tunnel, returning to normal and reopening business, but without the certainty of what will come. The factories reopen their production little by little, with exceptional security measures. But, there are no guarantees that we will not be forced to close again due to the possibility of outbreaks. Until there is a vaccine or the contagion rate worldwide is drastically reduced, we will not fully return to ‘normal’.
Given this uncertainty, markets suffer and the world of luxury and high-end watches are no exception.
The Swiss watch industry returns to work little by little. Despite the fact that in Switzerland the coronavirus has not hit as hard as in other countries, most factories decided to close their doors for security.
Big fairs like Baselworld, which was to be held at the end of April, had to be postponed. Even the new scheduled date, January 2021, has been canceled for the time being.
Brands like Patek Philippe or Rolex, announced that they were postponing all their news for 2020, so there will be no new models at the moment.
Many questions and few answers
Many unknowns and atypical situations for a sector that is usually very stable. The worldwide stock of high-end watches has decreased dramatically and although the factories have reopened, they do so at a lower percentage of their production capacity.
2020 is going to be a very bad year for the big luxury watch brands, but what about the second-hand market?
In an article on the Chrono 24 website regarding Covid 19, a world reference in the online sale of luxury watches, we can see that despite the fact that the market suffered when the global pandemic situation was declared, currently it seems that the situation is is normalizing.
In fact, according to this article, and always based on their statistical data, large buyers are taking advantage of this situation to invest. Faced with a more than certain lack of stock of new watches, demand for second-hand watches is likely to increase in the coming months.
In addition, in the absence of news from the major brands, the demand will focus on the great classics.
In conclusion, this can be a great time to invest in high-end watches. Take a look at our stock, and if you do not find what you are looking for, contact us, we can surely help you!