Bloombar‘s owner Eddie Bloom argues that cheapest is not always best and explains why some dealers charge more for a reason.
The pre-owned watch world remains totally unregulated and, after nearly 15 years in the industry, I have seen it change enormously from what was once a real gentleman’s business to something sometimes far murkier. With two very distinct sides to the watch industry, I ask the question: Is the cheapest example for sale necessarily the best example?
When I first started back in 2010, I was hugely assisted and taught the ways of the watch world by some seriously experienced people at Watchfinder & Co. and what is now WatchCentre.
I gravitated to them because they were the best at what they did and at the time there were very few companies doing online premium watch sales really well. The “old boys” of Burlington Arcade and the Strand were starting to seem dated in an ever evolving watch world where platforms such as Chrono24 were on the move and social media presence was becoming a must. It was an exciting time to be part of an old fashioned industry which was being modernised by the day.
It’s amazing to think just how much has changed in 14 years. When I started, I remember struggling to sell the latest green Submariner at RRP because no one really liked it. I was buying AP Royal Oaks from sellers on eBay at £6,000 and re-selling them for £6,500 after spending an entire evening taking new photos on my living room floor and writing new and improved sales descriptions. £500 in a couple of days; what a win!
Evenings were spent printing and hand-completing warranty cards and packaging sold watches; getting them ready for shipment in the morning. I responded to eBay feedback and got back to website enquiries with quotes for their watches as soon as possible to beat what competition there was. Afternoons were spent at the polishers in Hatton Garden and I spent what seemed like days on the road meeting, collecting and delivering to wherever a sale took me.
It was a constant grind even though I only had ten watches in stock back in the early days. Having put in those hard yards, and many more since, I feel that I, along with many professional traders in the industry, have earned the right to call out the best and worst practices I see around me.
Fast forward more than a decade and my operation has expanded and developed somewhat. We now sell over 2,000 units a year and export watches to at least 20 countries around the world. We have the most incredible and experienced team covering everything from sales and purchasing to exquisite photography, logistics and operations. And our watches are backed up by the support of accredited and highly trained watchmakers who are there to step in when there are problems to solve.
None of this comes cheap, so should our watches really be the cheapest on the market? Should we be competing with a trader selling luxury watches from his iPhone in his car or a one man band with a rented desk in a serviced office?
Admittedly the product is potentially the same product, but the photos of the watch tell a different story. One taken, watch in hand, in front of the steering wheel of a Lamborghini Urus, and the other taken by a professional photographer sitting behind £100,000 of equipment used to expose every perfection and imperfection of the timepiece that we are selling.
This “selling watches from your car” side to the watch industry just didn’t exist 15 years ago. It’s a new trend, driven by years of rapidly increasing watch values that have commoditised the product and facilitated the washing of questionable source funds through watches; a very tradeable and liquid commodity.
The big issue lies with the fact that both the car boot watch salesman and the Bond Street retailer can have the same watch for sale on the same online platforms but at wildly different prices.
This leads us to the question should one have to compete with the other on price?
It’s a question we’re asked frequently at Bloombar by potential purchasers. “Can’t you do anything on the price? Mr G Lux on Chrono24 has the same Submariner for £1,000 less than you guys”.
Our usual response is something along the lines of “Well Sir, Mr G Lux has been a member of Chrono24 for 3 months, he has four watches listed for sale and offers no warranty with his watches and may or may not have used photos pinched from the Rolex website or another dealer. Not to mention the watch visibly has two links missing in the Urus steering wheel photo and it has a fake box.”
Some watches are cheap for a reason.
This “other” side to the industry might be for some. However, for the majority of collectors, first time buyers or enthusiasts, it probably isn’t what they’re looking for.
The money and time most of us credible retailers spend ensuring the watches we sell are as complete and perfect as possible is vast.
Our operations team ensure every link is in every bracelet, every box is original and mechanical inspections and servicing is carried out on every single watch to ensure they run to manufacturer standards.
Watches are packaged and shipped using the most secure methods available and shipments are insured using the best, and most expensive, insurance.
There is someone to speak to if your watch is stuck in in transit, and someone else to speak to if worst comes to worse, your hand built timepiece were to stop working.
We are entrusted with over £15 million a year worth of exciting and rare watches through our consignment business, and with good reason. We have spent years building our reputation, technology and experience to ensure that whilst you may pay just a little more for the watch you’ve always wanted. It will be worth it, just in case.
