With a waitlist of an average of 2 to 5 years, getting your hands on brand-new luxury timepieces directly is becoming quite impossible. To ease up in fulfilling the demands of watch enthusiasts, the pre-owned luxury market in Dubai is on the rise. With quick dealings, fast delivery, and a huge variety of watch models now anyone can buy, sell, or exchange these high-end luxury watches in Dubai.
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Buy, Sell, or Exchange Luxury Watches in Dubai
While buying a luxury watch gives you a sense of achievement, selling one allows you to change up a bit. In 2021, UAE imported $2.2 billion worth of Swiss watches among which most of them are bought and sold in the second-hand market. This market is full of potential customers who can’t wait to buy their favorite models.
A lot of customers prefer to sell watches from their collection and it is quite easy to get the kind of buyer they want. In terms of exchange, there is nothing better than getting a new luxury watch in exchange for your previous one.
As per the experienced professionals of watchmaestro.com, if you have the model in mind that you are looking for, then in no time the secondary market will hunt it down for you. Here are some logical reasons why you should buy, sell or trade luxury timepieces in Dubai and what benefit it holds for you.
1. High Demand, Less Production
One thing that makes it the best option to buy high-end watches in Dubai is because of the demand. Dubai being one of the favorite travel destinations attracts thousands of tourists every year among which a lot of people are watch enthusiasts. In this city, another thing that is quite famous is that a lot of luxury watch brands have their stores. Even after having all the brands available, and the customers waiting, the production rate of these watches is quite low.
Tourists do not have much time, they need to get their preferred watch in just a few days. When there are very limited available options at the business stores with high waiting times, watches gain more worth in the secondary market.
2. Easy to Find Potential Customers
Dubai being the 29th-ranked city for being the world’s ultra-wealthy city has a lot of millionaires living in Dubai who love to buy luxury branded watches. Tourists come in every season which makes Dubai one of those countries where finding customers is very easy.
Another thing is that there is huge diversity in the city, people having different lifestyles, due to which every kind of watch, every design and every brand has its own worth.
Watch enthusiasts know that the secondary market has more variety and easy access in Dubai. The customers also visit the city to take part in the auctions where some high-end timepieces are being sold. The auction house, Christie’s shows that the potential customers to take part in auctions and buy luxury watches in Dubai has tripled in only a few months. A lot of tourists stay in the hotels and come to the city just to participate in these auctions.
3. Massive Wait List
There is always a waiting list in the high-end watch brands for any model that you want. On average, the buyer has to wait for 3 to 5 years to get the watch. Sometimes the waiting can be even longer than five years depending on the model and brand.
It is very difficult when a person has money for the watch and still has to wait for years. This is another reason why people shift towards the motive of buying and exchanging in the secondary market of Dubai. If you have a watch in your possession that you got after waiting for years then there will be many potential buyers who will be willing to pay double just to get it without being a part of the waiting list.
Looking into this point of view from the buyer’s perspective, no one is patient to get something that they love. You do not have to face any kind of waiting list, just look out for the model you seek, find the best price available and just buy it.
4. Built to Last for Generations
An amazing aspect of high-end timepieces is that they last for generations. The quality of the watches is everlasting, pre-owned watches also appear to be entirely new even after decades. Another factor is that these antique watches have more worth in the market.
Whether you want to sell, buy, or exchange, you will never come across any high-end watch that deteriorates with the passage of time. As the watches remain the same throughout so the customers do not have to worry about it. In Dubai, you will often come across auction events where these watches are placed for the highest bidding price.
5. Buy the Rare and Limited Edition Models
High-end watch brands come up with new editions after a long time and even then they have very limited pieces to offer. A person who wants to buy any rare wristwear for his collection would seek the limited editions and rare models available in the secondary market.
These models have very high prices and their worth in the market is quite huge especially when it is owned by some popular personality. For example, a Rolex watch owned by Paul Newman was sold for $15.5 million in the auction. If you have any watch that belonged to the limited edition or is very rare to find now, then you can get a very good price for it if you want to sell it. Also if you want to exchange it with the latest version, then the community is filled with watch collectors who will not take seconds to trade your watch with the new version.
In Dubai, due to having high customers, all the people prefer to sell their collections in this city to get the highest possible price. Also, they know that in Dubai they can find limited editions as well as rare models. Apart from Paul Newman, there are also some other models that are rare and sold for the highest prices. Here is a short list of those models along with their price and story.
Patek Philippe Perpetual Calendar
One quite rare watch was the Patek Philippe which was pre-owned by King Farouk of Egypt. It is an 18-karat gold watch that was made in the year 1944 for the king. In 2018, at one auction in Dubai, this watch was sold for AED 3.3 million.
Rolex GMT Master
Sheikh Mohammed Bin Rashid Al Maktoum, UAE’s ruler and prime minister auctioned his watch in Dubai. This is an entirely customized watch that has “Sheikh Mohammed” written on the dial of the watch. This was sold for $160,000 in 2018 for the highest bidding price.
Patek Philippe Sky Moon Tourbillon
This watch was sold in 2009 at an auction in Dubai. A customer who was visiting Dubai from Europe bought this 19-karat gold watch for $1.2 million. The brand manufactured these watches and provided them to the customers in 2001 but they were limited which increased their worth.
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Precise look into the buying selling and exchanging of luxury watches in Dubai
The luxurious branded watches industry has a vast community in Dubai. The city has the presence of most of these brands but still, the process of buying is very difficult. In Dubai, there is a very huge secondary market and potential customers that makes it the best place to buy, sell or exchange your watch.