Pre-owned luxury timepieces on the rise among UAE residents: Exploring the shift from new to second-hand luxury watches
The pre-owned luxury watch market in the United Arab Emirates (UAE) is experiencing a robust expansion, with forecasts estimating the segment to be worth approximately $816.7 million (Dh2.9 billion) by 2030. This growth aligns with broader global trends in the luxury watch market, which is expected to grow at a compound annual growth rate (CAGR) of about 5.84% through 2030.
The Growing Appeal of Pre-Owned Luxury Watches
Several factors contribute to the popularity of pre-owned luxury watches among UAE collectors. One key factor is the rising interest in collectible assets that carry emotional and heritage value, enhancing demand for vintage and rare models. The growing awareness of sustainability and environmental impact also encourages the buying of pre-owned goods, fitting well with the UAE’s expanding circular economy mindset.
Another important factor is the availability of reliable resale platforms and robust watch authentication processes, providing buyers with confidence in the quality and authenticity of pre-owned luxury watches. The UAE's significant population of high-net-worth individuals (HNWIs) whose wealth and interest in diversifying their collections contribute heavily to the market’s expansion.
The UAE's growing digital and regulatory infrastructure, including blockchain and crypto-friendly frameworks, facilitates transparent, fast, and secure transactions, making it increasingly attractive for buying high-value luxury items such as watches.
Christie's Dubai Establishes Itself as a Global Hub for Collectible Watches
Christie's Dubai has established itself as a global hub for collectible watches, with buyers increasingly seeing the benefits of buying from the secondary market. Emirati watch aficionado Rashid Al Raqbani is drawn to the artistry and individuality of earlier eras in pre-owned watches. Nitin notes that the secondary market has become the great equalizer, offering more choice for buyers and easier access to rare and collectible watches for seasoned collectors.
Tariq Malik, co-founder and managing partner at Momentum Dubai, emphasizes the importance of education and transparency for first-time buyers in the vintage and pre-owned watch market. He describes the current climate as a "buyer's market" with attractive price points for both modern and historic pieces in the secondary market.
Pre-Owned Luxury Watches as Symbols of Taste and Timelessness
In today's era of mindful luxury, pre-owned watches have become symbols of taste and timelessness for discerning collectors. Tariq Malik finds pre-owned luxury watches to have a certain unicity that can't be replicated. A vintage Rolex Daytona Ref. 6265 commissioned by the UAE Ministry of Defence can sell for over $300,000 (Dh1.1 million).
Tariq Malik's client base in the UAE is particularly interested in rare, expressive, and storied vintage watches, especially from Rolex, Patek Philippe, Audemars Piguet, Cartier, and Piaget. The Rolex Day Date UAE Armed Forces Arabic Calendar Ref. 18038 is one model that exemplifies the new era of vintage appreciation in the region.
The UAE's pre-owned watch market is helping shape the shift in the definition of luxury, with its appetite for meaningful, storied objects. The surge in the pre-owned watch market is not being driven by speculative flippers, but by a new wave of collectors who are informed, intentional, and emotionally invested.
The Future of Pre-Owned Luxury Watches in the UAE
The pre-owned luxury watch segment in the UAE is predicted to be worth $816.7 million (Dh2.9 billion) by 2030, with an anticipated compound annual growth rate of 6.9%. The UAE is becoming one of the most influential markets in the world for pre-owned high-end watches, and its pre-owned watch market is playing a significant role in shaping the luxury market's future.
- The growing appeal of pre-owned luxury watches is not limited to the UAE as the luxury watch market globally is expected to grow at a CAGR of about 5.84% through 2030.
- Fashion and lifestyle play a significant role in the popularity of pre-owned luxury watches, with collectors appreciating the emotional and heritage value of vintage and rare models.
- Technology, including blockchain and crypto-friendly frameworks, is facilitating transparent, fast, and secure transactions in the pre-owned luxury watch market.
- In the realm of general news, Christie's Dubai has emerged as a global hub for collectible watches, attracting buyers seeking the benefits of the secondary market.
- Education and transparency are crucial for first-time buyers in the vintage and pre-owned watch market, as highlighted by Tariq Malik, co-founder and managing partner at Momentum Dubai.
- Pre-owned luxury watches are becoming symbols of taste and timelessness in the culture of mindful luxury, with collectors investing in rare and expressive pieces from brands like Rolex, Patek Philippe, and Audemars Piguet.
- The future of pre-owned luxury watches in the UAE looks bright, with the pre-owned luxury watch segment predicted to be worth $816.7 million (Dh2.9 billion) by 2030, driven by informed, intentional, and emotionally invested collectors.
