If traditional auction houses with their long-standing traditions and complex practices feel intimidating, confusing, and expensive, the recently launched Watch Collecting online platform might be the ideal starting point for your watch collecting journey.
Given the longstanding synergy between classic cars and vintage replica watches, it was a natural evolution for the founders of the successful Collectingcars.com to introduce a sister site, , dedicated to auctioning rare and high-value watches.
Within a year of its launch, Watch Collecting achieved sales of £10 million, driven by motoring enthusiasts expanding their interests to include watches through timed auctions.
A Successful Model
Watch Collecting benefitted from using the same online auction software as Collecting Cars and adopted a similar business model. Buyers pay a premium of only 6% plus VAT for purchases over £10,000 or a flat fee of £600 for sales below that level, compared to traditional auction houses where buyers’ fees can exceed 25% of the hammer price.
Edward Lovett, founder of Collecting Cars and Watch Collecting, noted at the platform’s launch in Spring 2021, “We have taken the lessons from the success of Collecting Cars and applied them to the watch auction market, an industry ripe for disruption.”
Market Timing and Growth
The timing was impeccable, as 2021 and 2022 saw a boom in the second-hand watch market, with prices for tradeable watches from brands like Rolex, Patek Philippe, and Audemars Piguet doubling. set new price records weekly due to low fees attracting more sellers and buyers.
Although the initial frenzy has cooled, continues to thrive. Nick Bennett, the content editor, shares that over the past four years, the platform has fostered a community of passionate watch collectors.
A Community of Enthusiasts
“We are an enthusiast-led online auction and sales platform dedicated to pre-owned luxury watches,” Bennett explains. The platform is designed for simplicity, benefiting both buyers and sellers, and keeping fees low compared to traditional auction houses and platforms like Chrono24.
Watch Collecting operates entirely online, with auctions going live six days a week and options like ‘Buy Now’ or ‘Best Offer.’ It’s free to list and sell, with vendors receiving 100% of the hammer price and retaining possession of their watches throughout the process.
To simplify the process for new sellers, each one is assigned a dedicated consignment specialist to provide guidance, agree on reserves, and organize professional photography. A team of copywriters crafts detailed descriptions.
User-Friendly and Transparent
At the auction’s conclusion, if the reserve is met, the buyer pays a premium of 6% of the hammer price plus VAT, and the seller and buyer complete the transaction. The same rate applies to the ‘Buy Now’ or ‘Best Offer’ option.
Watch Collecting addresses high fees, slow turnaround times, and lack of support in the second-hand watch market. Expert assistance and high-quality photography and descriptions drive customer confidence and maximize sale prices.
Given recent price volatility, accurate evaluations are crucial. Many companies track prices, but their data is often flawed. Replica Watch Collecting provides transparent real-world sales data, accessible on their website’s ‘Sold’ section.
Discovering Hidden Gems
As the platform has grown, it has uncovered hidden gems, like a Rolex Submariner ref. 6200 consigned by the niece of its original owner. Discovered in a box of possessions, this rare watch sold for £205,500, with 100% of the hammer price returned to the seller.
Other notable sales include a two-tone Submariner with a lapis lazuli dial for over £64,000 and a diamond-paved platinum Patek Philippe 5271P perpetual calendar chronograph for £213,000.
With over two years in operation, fake Watch Collecting has completed more than 2,700 sales worldwide, returning over £50 million to sellers. The platform boasts nearly 20,000 members and a Trustpilot rating of 4.7 out of 5 from over 200 reviews, reflecting its commitment to customer service and satisfaction.
Looking ahead, Watch Collecting aims to continue helping more customers buy and sell watches, leveraging its successful model and community focus.