Tariffs on Switzerland Add to Allure of Preowned Luxury Watches
(Bloomberg) — Luxury watch resellers say they’re seeing an uptick in interest in their products with the US poised to impose a 31% levy on Swiss exports to the US.
John Reardon, the founder and CEO of Collectability, an online platform for pre-owned and vintage watches made by Switzerland’s Patek Philippe, said he’s hearing from clients looking to make immediate purchases.
“Their logic is that a Patek Philippe is better than gold, better than bitcoin and certainly better than money in the bank,” Reardon said. The brand’s timepieces, which generally cost tens of thousands of dollars, are among the most sought-after in the world.
A spokeswoman for Patek Philippe declined to comment.
Reardon predicted “a sudden upward bump in demand for vintage and pre-owned watches” in the US. Some customers might even go directly to Geneva to purchase timepieces if watches in the US become more expensive, he added.
Sales of luxury goods may suffer if the US economy slows in the wake of the global trade war, as some economists forecast. But the preowned market could benefit from an increase in supply, said Eric Wind, founder and owner of Wind Vintage, which buys and sells vintage watches. Tougher economic times can encourage luxury watch owners to sell their timepieces to generate extra cash, he said.
Wind said clients have been peppering him with more purchase requests. He also sells directly to other dealers, who have been in a frenzy.
“Your average consumer hasn’t necessarily thought through how this will affect them,” Wind said of the tariffs. Dealers, preparing for a surge in interest once more consumers realize the potential impact of the new duties, are responding by “literally buying hundreds to secure inventory,” he said on Friday. “I’ve never seen anything like it.”
The US imposed high tariffs on Swiss watch imports in the 1950s, which initially helped to buoy the fortunes of American-made watches, according to Wind. But those watch companies weren’t innovative enough to compete with Swiss watchmakers when the tariffs were eventually lifted, he added.
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