Dec 08, 2021

Luxury watch brand 'market values'

Independent Jewellery and Watch Valuer, Sammantha Maclachlan FGA MJVA AJP CPAA, looks at how the pandemic has affected the watch market.

With demand for luxury watches currently outweighing supply, a valuation from a watch specialist will ensure you have sufficient insurance cover in place in the event of a loss. Read on to find out more...

 

"It's worth how much?!", is often the response I get from clients who have not read about the current climate within the watch market and don't understand the huge increase in value. In light of the pandemic, watch production slowed and with demand outweighing supply prices have soared on the second hand market.

When having your watch valued for the purpose of insurance, a New Replacement Value provides your insurer with today's retail price of your watch, but is that sufficient in the case of sought-after luxury brands such as Rolex, Patek Philippe and Audemars Piguet?

Well, if you take a look in the window of an authorised dealer of Rolex today, you'll find there is very little to be seen. Certainly, no sports models and likely not even a stainless steel Datejust. So, if you lose your 2018 Rolex Submariner 116610LN which you purchased for £6250 - have you considered how you will replace it? On today's second hand market, you'll have to pay around £11500 which leaves a huge £5250 gap to bridge if you're insured at the price you paid.

Another client was shocked when I advised that his 116500LN had more than doubled in value since he was lucky enough to purchase one in 2020. He paid £10500 and just one year on, these can be found on the second hand market at around £27500.

Valuers like myself, who specialise in watches can provide a fully researched valuation which takes into account the premium commanded by these highly sought-after models.

 

For more helpful articles on fine jewellery and watch valuations, visit Sammantha Maclachlan's LinkedIn page or website.

 

To arrange a complimentary review of your personal insurance please email our Private Clients Director, Michael Gregson or call on 07900 647423. 

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