Another top player in the watch industry is staking its own claim on the secondary market.
, a European publication by Astrid Wendlandt covering the luxury industry, Audemars Piguet CEO François-Henry Bennahmias announced the initiative at a luxury recruitment conference in Paris last week. Indeed,spotted Yoni Ben-Yehuda, head of watches at Material Good, an authorized dealer of pre-owned Audemars Piguet watches, at the Hôtel des Horlogers in Le Locle, Switzerland last week where he was staying while visiting the adjacent AP manufacture.
And Audemars Piguet is apparently expecting the program to be a huge business—unsurprisingly, given the astronomical prices of its Royal Oak watches in the secondary market. “The CPO business is going to be bigger than the new business,” said Bennahmias at the conference, according to Miss Tweed. It will be good news for those with deep pockets who may have missed their opportunity to get a Royal Oak at retail.
Audemars Piguet, Rolex and Patek Philippe are said to make up more than half of the total market for pre-owned watches, which begs the question: Will Patek be next?
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