R6 million luxury watch for sale in SA

The economic downturn ushered in by the Covid pandemic has led many to assume that consumers would spend less on fancy items like a luxury watch, however, data from luxury retailers tells a different story.

Just this year alone, Sandton City’s ‘Diamond Walk’ saw snaking queues outside stores like Jimmy Choo, Gucci, Dolce & Gabbana, McQueen, Armani, Cartier and Louis Vuitton, to name but a few.

According to a report published on News24, people shopped more in Sandton City under lockdown in 2020 than they did in 2019 and that’s just physical retail. Online sales for both first-hand and second-hand luxury items are on the rise and the luxury watch market is no different.

Speaking during a recent interview with 702’s Bruce Whitfield, chief executive officer at Luxe Holdings Duncan Crosson said that the demand for luxury watches and jewellery is increasing, despite the pandemic.

Crosson was speaking to Whitfield shortly after Luxe Holdings, which is a JSE-listed premium jewellery and watch retailer, released its results for the year ending on 28 February 2021 on Monday.

ALSO READ: The rise of luxury fashion brands during Covid-19 in SA

Business Insider reports that although online high-end watch sales are still low, primarily due to territorial sales agreements, the resale market is growing because it is not subject to the same restrictions.

The publication also cautions that a number of online luxury watch sales happen through unauthorised dealers and, therefore, manufacturer warranties often don’t apply.

Consumers would then only have the business’ in-house warranties to fall back on in the event that anything goes wrong.

The publication also mentions additional costs such as restocking fees which consumers should be aware of as these fees could run into the hundreds of thousands.

All this is over and above the risk of buying a counterfeit luxury watch.

However, if you’re willing and able to get past all that, here are a few luxury watch options that may set you back six figures as ranked by Business Insider:

10. Audemars Piguet Royal Oak Chronograph 41mm R1,975,900

9. Ulysse Nardin Freak Diavolo Tourbillon 7-Day R1,999,900

8. Patek Philippe Automatic Blue Dial R2,099,900

7. Patek Philippe Nautilus R2,368,658

6. Patek Philippe Nautilus R2,499,900

5. Audemars Piguet Royal Oak 41mm R2,749,900

4. Audemars Piguet Royal Oak Perpetual Calendar 41mm R3,999,900

3. Patek Philippe Nautilus White Gold R4,399,900

2. A. Lange & Söhne A Owl Series 950: R5,490,000

1. Audemars Piguet Royal Oak Perpetual Calendar R6,999,900

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