WatchBox: A click in time
WatchBox is making waves across the industry as a leading platform for the buying, selling, and trading luxury pre-owned timepieces. Justin Reis, Co-Founder and CEO, explains the creative idea behind it.
What is the concept of WatchBox?
WatchBox is the destination for pre-owned luxury timepieces, offering an expertly curated inventory, personalised client services for the global consumer who wants to buy, sell, and trade luxury timepieces with confidence and ease, educational opportunities, and astute editorial content. In tune with today's modern connected consumer, WatchBox operates under the premise that time is your greatest luxury, and pricing transparency is paramount to establish trust. Our team of 200 associates are some of the most passionate watch enthusiasts in the business, maintaining a level of knowledge regarding the history, nuances of current collections, and pulse of the secondary marketplace to welcome you into our world, lend expert council, and keep you captivated.
WatchBox is the result of a game-changing partnership between Danny Govberg, CEO of Govberg Jewelers; Liam Wee Tay, former owner of Sincere Watch; and investor-entrepreneur Justin Reis. This partnership brings together unprecedented watch industry experience, innovative technology, sophisticated data systems and marketing, as well as financial strength and business acumen to positively transform the multi-billion-dollar pre-owned luxury watch industry.
How does WatchBox work?
WatchBox is not a marketplace; we own every watch that we sell. This allows us to implement a true global quality standard. As one of the largest buyers of pre-owned luxury watches worldwide, our selection is ever-changing, with thousands of pre-owned watches from the best brands available at any given time. The company actively purchases watches from individuals, private collections, estates, and dealers worldwide, all of which are evaluated, authenticated, and brought to "mint" condition without compromising value, before entering a curated inventory of pre-owned watches for sale. Dedicated WatchBox client advisors are equipped with the knowledge and proprietary tools to assist clients with all of their watch-related needs, whether they are interested in buying, selling, or trading timepieces from a personal collection.
What is the process of trading in or selling a luxury watch?
Collectors and enthusiasts with evolving tastes use our trade-in programme to expand, modify, and refresh their personal collections. Clients decide to trade in their watches for many reasons, and WatchBox is here to offer expert council and guidance along the way.
The trade-in process is streamlined and simple. Our services are offered across multiple platforms, including a selling/trading portal on www.thewatchbox.com, within the WatchBox mobile app, via concierge phone service, or by visiting our flagship store in the Dubai International Financial Centre, or one of our buying offices worldwide.
You can sell watches directly to WatchBox, and receive payment via electronic bank wire or check. WatchBox provides a two-year warranty with every pre-owned watch purchased, and the company traces the history of the watch as soon as it enters our inventory, which means it will be easier to maintain and repair the watch, if necessary. The company is responsible for the authentication and the proper functioning of each watch and has developed a verification system certifying the provenance and authenticity of the pieces.
What does the online process involve?
- DETAILS: Communicate details about the watch you are trading in, and browse WatchBox's pre-owned inventory to select the watch for which you wish to trade. These steps take place through simple online forms.
- VALUATION: Speak with one of WatchBox's expert client advisors. Receive a preliminary valuation for your watch, and discuss the process and next steps.
- PHYSICAL PIECE: Securely package and send your watch to WatchBox. We will provide a pre-paid shipping label, and will cover all insurance and shipping expenses.
- FULL INSPECTION: After WatchBox receives and inspects your watch, your "new" pre-owned watch will be shipped within 48 hours.
- Client receives a "new" pre-owned watch.
What is the size of the pre-owned watch market?
According to Jon Cox, analyst at Kepler Cheuvreux in Zurich, the current size of the pre-owned market is $15 billion annually. However, this underestimates the potential $500 billion market size, based on the number of watches that have been produced and sold over the last 15 years, and are now sitting idle in people's collections.
How does the trading of pre-owned watches affect the Swiss watch industry?
This is a good thing for the Swiss watch industry. The ability for customers to trade watches and recognise value enables them to buy new watches more frequently, increasing the overall selling velocity in the market. Without a pre-owned or secondary market, many people would only buy one luxury watch in their lifetime. Through WatchBox's services, consumers no longer need to feel compelled to hold onto a watch they may no longer be passionate about.
A high quality, trusted, transparent secondary market also amplifies confidence in the primary market. Swiss watch brands are beginning to recognise how the secondary market drives new watch sales and are paying attention to the secondary market value of their watches, as well as working on solutions for customers who want to trade-in watches towards the purchase of new watches.
Tell us about your partnership with Seddiqi
WatchBox has developed dynamic services to support collecting behaviours; specifically the buying, selling, and trading of watches from private clients; and their platform is backed by extensive and reliable market data. This growing knowledge base ensures authenticity, value, and expert council as you buy, sell, and trade timepieces from your personal collection.
Additionally, the pre-owned watch segment has exploded due to the legitimisation of the industry by companies such as WatchBox, where they specialise in refurbishing pre-owned watches with authentic brand parts, guaranteeing authenticity, and educating customers on watches prior to their purchase.
What do customers/buyers need to know about buying pre-owned?
The pre-owned market exposes luxury watches to entry-level customers who may previously have been unable to afford a luxury watch. For most watches, pre-owned prices are lower than retail, so the pre-owned space expands the market to people who would otherwise be aspirational buyers. They can get luxury watches at a superior value; and have access to limited editions and retired collections from yesteryear.
In addition, exclusive models on the primary market often means that the only way to acquire a super in-demand watch is by buying a pre-owned model. Also, with every new watch introduced to the global marketplace, the potential size of the pre-owned market surges.
For more information please visit: www.thewatchbox.com Â