eBay gets behind resurgent British watchmaking business

British Watchmakers’ Day, a first of its kind event in London, showcased the work of almost 50 watch brands operating in the UK today.

It was a day very much focused on the future of watchmaking from a broad sweep of independents ranging from microbrands to the handmade masterpieces of Roger Smith and everything in between.

Over the past decade, the once separated markets for new and pre-owned watches have been converging into a greatly more sophisticated ecosystem where novelties, second hand and vintage businesses complement each other.

eBay says it is delighted to see the British Watchmakers’ Day becoming so successful, because the creativity of young British independent brands is bringing more interest to the watch business, and that fuels growth across both the primary and secondary market.

“The UK horology scene continues to thrive in 2024, showcasing a remarkable spectrum of talent from micro-brands to established super-brands. The British Watchmakers Day serves as a testament to the cutting-edge expertise and craftsmanship inherent in modern British watchmaking,” says Keith Metcalfe, European Director of Luxury at eBay.

“What’s truly inspiring is the adventurous spirit and irrepressible sense of humour exhibited by these watchmakers, encapsulating the quintessential essence of British identity. Their ability to infuse their creations with this unique charm is something to be celebrated. Many new releases also make my wallet twitch,” he laughs.

The bigger and broader the watch-loving community becomes, the more watches will be bought, and possibly sold by consumers. That’s why Mr Metcalfe describes the British Watchmakers’ Day on March 9 as an unparalleled chance to acquire collectable models crafted right at home. “It’s a momentous occasion that underscores the enduring legacy and bright future of British horology,” he says, before adding: “I am professionally obliged to say that if consumers ultimately decide that a purchase they make isn’t set to be in their collection for the long term, eBay is the perfect place to safely sell the watch to another watch collector.”

One British brand, which despite not participating in the British Watchmaker’s Day, but instead focusing its energy on participating at Watches and Wonders in Geneva, is Bremont. The brand has a new CEO, Davide Cerrato, and his arrival appears to have sparked interest in the brand because, in 2023, eBay saw a 50% uplift in searches for Bremont from February to December.

There is plenty of choice on eBay for lovers of British watches. The company says there are currently over 500 live listings for watches from British brands including Bremont, Christopher Ward and Bamford London.

State of the secondary watch market

Endless column inches have been devoted to the rise and fall of the hottest watches on the secondary market in the years up to the spring of 2022 and the subsequent correction, but it is important to note that the spike in prices applied to comparatively few references: steel sports watches from Rolex, Patek Philippe and Audemars Piguet being the prime examples.

The overwhelming majority of watches experienced neither the vertiginous rise in prices nor the slump that followed. That meant that global marketplaces — with eBay being a key player — saw sales continue over recent years because so many people have developed a passion for watches during and since the pandemic and no traditional retailer can offer even a fraction of the choice that the secondary market can.

There is no doubt that demand for the hype watches has fallen, but interest is shifting to other models that have been more stable in price. For example, eBay noticed trends towards smaller watches last year and there was more interest in TAG Heuer Carreras — no doubt driven by the brand’s marketing around the Carrera’s 60th anniversary in 2023. Watches with dials in more unusual colours were trending, as were watches made in collaboration with celebrities, sports stars and artists.

Searches for ‘Oris Kermit’ were off the charts since the brand launched its green Pro Pilot at Watches and Wonders last year (hitting two trends in one). Searches for ‘Tag Heuer Carrera’ increased by over 25% and smaller watch interest rose with searches for ‘Rolex 36’ increasing by over 45% and ‘Cartier Tank’ up by more than 20%.

This breadth of demand kept eBay’s watch sales buoyant through 2023 and maintain confidence for the year ahead. “The secondary watch market has experienced remarkable growth in recent years. However, as with any market, it experiences fluctuations. I’m optimistic for 2024, as I’ve previously mentioned, I don’t believe last year was as bad as what the loudest voices expressed, and it certainly didn’t apply to our experience at eBay,” Mr Metcalfe says.

So, what does the new normal look like for the secondary market? “Certain models, which had driven the hype in 2022, undoubtedly dropped from their peak prices. This was exacerbated for dealers by individuals still holding out for those top prices in either the hope that the peaks would continue or, more likely, not being as aware at the end of that peak. This year, I expect individuals will be more realistic in what they try to purchase and sell and that presents a healthy outlook for the secondary market,” Mr Metcalfe suggests.

The secondary market has become more sophisticated, making the buying and selling of watches far easier and more trustworthy, and consumers have not only discovered a love for watches, they have also picked up a passion for trading. After all, what could be more thrilling than buying a collectible handbag, watch or pair of trainers at one price, enjoying them for a few years, and then selling them for as much or even more than you paid for them?

eBay loves cross-category customers who might buy a watch online with the money they just made from selling a deck of trading cards. “As we step into the new year, our overarching objectives across luxury goods and collectables on eBay remain centred on driving growth, and early indications suggest that we’re on the right track,” Mr Metcalfe describes.

Right now, the standout category for eBay in the UK is Jewellery, Mr Metcalfe reveals. “We expanded our Authenticity Guarantee programme to encompass fine jewellery in collaboration with the GIA, late last year and we’re seeing the same momentum there that we’ve seen in watches since we launched Authenticity Guarantee in 2021,” he adds.

eBay’s Authenticity Guarantee is a process where eligible goods are physically inspected on their journey from a seller to a buyer, which ensures the authenticity of jewellery, handbags and sneakers sold on eBay UK, and also all the former and trading cards in the US. “Our Authenticity Guarantee programme, which has included watches alongside sneakers for nearly three years now, has played a pivotal role in fostering deeper trust and understanding within these categories. This heightened confidence is reflected in consumers’ willingness to invest more in these items, underscoring the programme’s effectiveness in enhancing the value proposition for both buyers and sellers alike,” Mr Metcalfe explains.

Trust is a priceless commodity on the secondary market, and eBay believes trading will never reach its full potential without removing customer doubt. Counterfeits, forgeries and stolen items being flushed out of the system. “Authentication is table stakes for success in the luxury secondary market, serving as the foundation for removing customer doubts and fostering trust,” says Mr Metcalfe.

“This trust directly correlates with increased customer transactions, both in terms of quantity and value. eBay’s implementation of its Authenticity Guarantee programme has led to significant growth in luxury categories worldwide. Our authentication programme distinguishes us by meeting the expectation for vetting and verification in high-value and high-passion categories. The expansion of this programme to include fine jewellery last November underscores our commitment to instilling confidence in online transactions of luxury goods,” he outlines.

eBay’s Authenticity Guarantee* provides important protection to both buyers and sellers. The business has seen a notable uptick in buyers purchasing watches from both private vendors and business sellers, coupled with increased confidence among sellers when they are listing luxury watches for sale. “This confidence is bolstered by the assurance of authenticity checks during the return process, further solidifying our reputation as a trusted marketplace for luxury items,” Mr Metcalfe concludes.

Following the success of Authenticity Guarantee in multiple markets, last year eBay launched Certified by Brand in the United States – an initiative that helps brands and their authorised dealers establish a presence on the platform via their own individual eBay storefronts. The likes of Zodiac, Citizen, Bulova and Luminox are already part of the programme, offering pre-owned and new products sold with certifications and warranties from the brands themselves.

The success of the American roll-out has seen the UK eBay team begin planning to bring Certified by Brand to the UK, says Mr Metcalfe. “Listings from brands joining the programme will state products are either being offered ‘Direct from Brand’ or ‘Brand Authorised Seller’, providing an extra stamp of credibility to browsers, while sellers will also have access to consumer insights from eBay’s global network of buyers. I’d encourage any brands interested in joining the programme to reach out”.