CIGA Watchers

How the Market Changes People’s Watch Buying Habits

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There is no doubt that there is a huge demand for vintage watches in the past. In fact,
all of the usual brands such as Breitling, Omega, Patek Philippe, Rolex, just to name a
few, always have some models of their watches that are always going to be sold out.
However, in recent years, there is a massive influx of vintage watches that flood the
U.S. market simply because the Russian and Chinese markets and vendors were
unable to sell them.
Although it may seem drastic, it is not as bad as the 2008 financial crisis where almost
everyone is reluctant to spend their hard-earned money.
It is important to note that right from the get-go, not all watches appreciate in value. In
fact, only a handful of watches increase their prices, especially when you sell pre-owned
watches.
This is evident given the massive influx of watches as I’ve said earlier. According to
Nick Linca, managing partner of Provident Jewelry, people who are looking for watches
these days no longer look at its aesthetics but rather its value retention.

Scarcity Sells

When you think about buyer psychology, what do you think is the reason why most
people do not buy certain brands of watches? Well, you could argue that some do not
buy certain models due to the fact that they flood the market.
Scarcity is what makes people buy something. If you have something that is rare and
hard to find, you can expect people to actually go for it.
That is why certain watchmaking companies like Patek Philippe, Richard Mille, and
Audemars Piguet are limiting the production of their watches so that people will have
this perceived scarcity.
In fact, you can only expect a couple of thousand units of watches from these brands to
instill good value in consumers regardless of whether or not the watch is physically
good or highly sought after.
For instance, Patek Philippe’s Nautilus line has been regarded as one of the best in
terms of a watch that has a sporty design and because the company is limiting its
production, people are buying it left and right.
Because of the influx of plenty of different wristwatches from so many brands, scarcity is
indeed the driving force when it comes to value retention. So long as prominent watch
companies make sure that they instill this scarcity mindset among consumers, they can
expect their watches to be sold even on the secondary or used market manifold.