The economic downturn ushered in by the Covid pandemic has led many to assume that consumers would spend less on luxury items like a luxury watch, however, data from luxury retailers tells a different story.
This year alone, Sandton City’s “Diamond Walk” has seen queues wind their way past stores like Jimmy Choo, Gucci, Dolce & Gabbana, McQueen, Armani, Cartier and Louis Vuitton, to name a few. -a.
According to a report on News24, people shopped more in Lockdown Sandton City in 2020 than they did in 2019 and that’s just physical retail. Online sales of first-hand and second-hand luxury items are on the rise and the luxury watch market is no different.
Speaking in a recent interview with 702’s Bruce Whitfield, Luxury Holdings CEO Duncan Crosson said demand for luxury watches and jewelry is increasing, despite the pandemic.
Crosson spoke to Whitfield shortly after Luxe Holdings, a JSE-listed high-end jewelry and watch retailer, released its results for the year ending February 28, 2021 on Monday.
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Business Insider reports that although online sales of high-end watches are still low, mainly due to territorial sales agreements, the resale market is growing because it is not subject to the same restrictions.
The publication also cautions that a number of online luxury watch sales are made through unauthorized dealers and therefore manufacturer warranties often do not apply.
Consumers would then only have the company’s internal guarantees to fall back on in the event of a problem.
The post also mentions additional costs such as restocking charges that consumers should be aware of as these charges could run into the hundreds of thousands.
This all adds up to the risk of buying a counterfeit luxury watch.
However, if you’re ready and able to overcome all of that, here are some luxury watch options that can put you down six figures according to Business Insider rankings:
ten. Audemars Piguet Royal Oak Chronograph 41mm 1 975 900 R
9. Ulysse Nardin Freak Diavolo Tourbillon 1 999 900 R for 7 days
8. Patek Philippe Automatic Blue Dial R2 099 900
7. Patek Philippe Nautilus R2 368 658
6. Patek Philippe Nautilus R2 499 900
5. Audemars Piguet Royal Oak 41mm R2,749,900
4. Audemars Piguet Royal Oak Perpetual Calendar 41mm 3 999 900 R
3. Patek Philippe Nautilus White Gold 4 399 900 R
2. A. Lange & Söhne A Hibou Series 950: 5,490,000 R
1. Audemars Piguet Royal Oak Perpetual Calendar 6,999,900 rand