Collector's watches are on the crest of a wave.
Swiss consulting firm LuxeConsult forecast that by 2033, the market for pre-owned luxury watches will reach EUR 79 billion and overtake the primary market for new watches. There are numerous factors driving this active growth.
One of them is a deficit in the most sought-after new models, which can be found more quickly on online platforms than in a brand's boutiques. Other reasons include interest in watches as investor's items, and young buyers choosing veteran watch models as their first luxury purchase.
A surge in interest in vintage models isn't low down on the list either. Watch manufacturers are keenly aware of these trends and are launching their own vintage model resales. Even conservative Rolex took its first step on this path with Certified Pre-Owned at the end of last year.
The watchmaker establishes the authenticity of second-hand Rolex watches, performs servicing and issues its own guarantee. Amid this tidal wave of activity, one distinct direction stands out: restoration of collectible vintage luxury.
This is what Vacheron Constantin is doing in their Les Collectionneurs range, which presents pieces selected by the manufacture's Heritage Department for restoration. A similar quest to source, restore and resell the most interesting models is made in the Zenith Icons program.
At the beginning of 2023, Jaeger-LeCoultre announced the launch of their own Collectibles project. The first capsule collection of rare watches has already been unveiled and includes models from the Geophysic, Memovox Parking, Master Mariner Deep Sea and Shark Deep Sea lines.
A restoration team which currently consists of ten experts is responsible for preparing the timepieces. They confirm the authenticity and historical significance of a timepiece, compare them with blueprints from the archives and perform restoration work using original and reproduced parts.
The collector receives a reference guide called the Collectibles book with their timepiece as a highlight of Jaeger-LeCoultre's program. And that's not all, the collector's masterpieces also come as part of a traditional set including an extract from Jaeger-LeCoultre's archives, a newly fitted strap or bracelet along with the original one, as well as the historic presentation box and documentation when available.