Vintage Watch Market

The global vintage watch market is on an upsurge, posting a series of record sales in 2015. This is in stark contrast with Swiss watches figures, which continued on a downward spiral. The line recorded a 16.1 percent year-on-year revenue descent in March, according to the Federation of the Swiss Watch Industry.

Analysts estimate that the vintage watch market is worth $2 billion, with between $300 million and $350 million taken by the industry's big five, namely Christie's, Sotheby's, Phillips, Bonhams and Antiquorum. The first two sold $90 million and $79.8 million worth of vintage timepieces in last year, respectively.

Expectations are high for this year's vintage watch auctions, owning to the successes of recently held events.

According to a report from Business of Fashion, Phillips sold a Patek Philippe stainless steel monopusher chronograph for about $5 million against a low estimate of $1 million in May last year. This is the most expensive a stainless steel watch has ever sold. At the same time, a Rolex Daytona once owned by singer and songwriter Eric Clapton was auctioned for $1.4 million, a Rolex record.

In November, Sotheby's sold the Patek Philippe Henry Graves Supercomplication for $24 million. It is the most sophisticated pocket watch made without the use of a computer. The amount was also the highest ever paid for a watch at an auction and is $13 million more than it what sold for in 1999.

Experts believe that this rise can be attributed to the power of the Internet, particularly the watch blogs and social media. Eric Wind, vice president, senior specialist of watches for Christie's, said that the increase in the number of collectors on Instagram seeing the beauty of vintage watches has played a significant role. "Auction houses bring some incredible watches to market, they appear on blogs and Instagram and then people realize a vintage watch has a story, unlike a new watch. And that plays on the drive for individuality," he added.

Vintage watches also offer consumers more choices as brands tend to fill the market with new watches, leading retailers to discontinue selling older models. Those looking for older versions often turn to the preowned and vintage market. Its history, condition and rarity also add to a vintage watch's value.

It also helps that many buyers find the Internet as a trustworthy sales platform. In fact, 2015 online sales for Sotheby's exceeded $100 million, rising 18 percent from the previous year.

The Internet is helping attract female customers as well. With almost 95 percent of customers male, the vintage watch industry is seeing a small but growing interest from female buyers, many of whom prefer online over live auctions.

Experts, however, believe that the vintage watch industry is far from its peak.

Based on data gathered by Aurum Group, sales of preowned and vintage watches have doubled in the last four years. Brian Duffy, the company's CEO said that preowned and vintage watches will grow faster than the balance of the business. "It's underdeveloped at the moment, and there's great value and interest for the consumer," he added.