The replica watch market is experiencing a rise in sophistication, and according to Watchfinder & Co’s CEO, approximately half of the market consists of Rolex replicas. In an interview with Bloomberg, CEO Arjen van de Vall revealed that up to 10% of the watches received from sellers in the previous year were found to be knockoffs, with Rolex replicas being the most commonly encountered. Watchfinder has been involved in the buying and selling of pre-owned watches since 2002.
Van de Vall highlighted Rolex as the most coveted luxury watch brand and therefore the most replicated. He noted that in the past, Watchfinder was able to identify around 80% of fake watches purely by sight. However, as replicas become increasingly convincing, the company’s ability to spot fakes has dwindled to just 20%.
It’s not only Rolex that is prevalent in the knockoff market, as van de Vall explained, “You see replica or clone watches – very, very high-quality watches – of virtually all of the big luxury brands. The whole gamut.” This indicates that counterfeit luxury watches are not exclusive to Rolex, but also encompass other renowned brands.
The luxury timepiece market as a whole has suffered a decline over the past year, a consequence of the global economic slowdown and affluent buyers tightening their belts. Bloomberg’s Subdial Watch Index, which tracks the 50 most traded pre-owned watches, has dropped by almost 20% since June of the previous year.
To illustrate the decline, the second-hand Audemars Piguet Royal Oak Jumbo Ultra Thin has experienced a depreciation of over 35% within the past year, and now has an average selling price of $71,692. This decline in prices reflects the decreasing demand for luxury watches in the current economic climate.
While President Joe Biden remains optimistic about the economy, stating that he does not anticipate a recession, Wall Street forecasters have a less certain outlook. JPMorgan strategists estimate a 23% chance that the US will avoid a downturn, while Bank of America’s top economist, Michael Gapen, predicts a recession to occur by the end of the year.
In conclusion, the replica watch market is becoming increasingly sophisticated, with a significant portion consisting of Rolex replicas. Watchfinder’s CEO highlights the high demand for Rolex replicas and the challenges faced by the company in identifying fakes. Furthermore, the luxury timepiece market has experienced a decline, with prices dropping and demand diminishing due to the global economic slowdown and cautious spending by wealthy consumers.
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