Posted on 08/12/2022 8:15:44 PM PDT by algore
The prices of second-hand luxury goods have fallen rapidly in China over recent months, as even the wealthy cut back on their discretionary spending and sell their Rolex watches and Hermès bags to raise cash.
More than a dozen popular brands of luxury watches and bags have lost between 20 per cent and 50 per cent of their value on the secondary market since Shanghai, China’s financial and commercial capital, imposed a strict lockdown in March to crush a Covid outbreak.
The restrictions in Shanghai and dozens of other regions have dealt a heavy blow to small business owners, many of whom accumulated large collections of luxury goods in better times. But the repeated lockdowns have damaged their cash flows.
Last week tens of thousands of tourists in Hainan, an island province billed as “China’s Hawaii”, were prevented from returning home to stem an outbreak there.
The government is promoting Hainan as a duty-free paradise where Chinese consumers can buy the same luxury goods they used to snap up in cities such as Paris, Rome and London before President Xi Jinping’s controversial zero-Covid policy made it practically impossible to travel abroad for short trips.
Watcheco, an industry portal for used luxury watches, reported that the price of second-hand Rolex Submariners — a model coveted by connoisseurs and collectors — had fallen 46 per cent since March
Luxury bag dealerships in Shanghai and Hangzhou have also cut prices of classics such as Hermès Birkin bags by up to a fifth over the same period.
Pawnshops and other luxury goods resellers said there had been a big increase in customers, led by cash-strapped business owners who were struggling to raise capital to pay down debt and keep their operations afloat.
“The boom time is over,” said James Wang, a seller of second-hand luxury watches in the eastern city of Nanjing. “We are entering a correction period that could last for a long time.”
Wang said he bought six Patek Philippe and 29 Rolex Submariner watches from distressed owners in July alone, compared with no Patek Philippes and five Rolex Submariners in the first quarter of this year.
“Patek Philippe says you never actually own its watch, but merely look after it for the next generation,” said Wang. “That’s not the case in a business crisis.”
F the illiterate turd world wannabes. They have a Long way to go before donning someone else’s creation.
My old Timex still works fine...
Tiny violin .gif, please.
LOL!
My first Timex, given to me by my grandfather, worked until I took a bath forgetting that it was on my wrist.
I’ve been smarter since then :-)
I didn’t think anyone still wore watches Just glancing around the room, I have about 10 devices that give me the time.
Put a lot of insurance on them and ship them anywhere, just so they go through LA.
And when the Chinese people figure out their Rolex is a Chinese knock-off?
Oh no nice watches are all the rage right now. There’s a 2 year waiting list for Rolexes that cost $20-$40k. And only Russian oligarchs and sheiks get them. Men in my town wear nice watches often. Several hundred dollars worth at least. And unfortunately there’s a new epidemic of LA gangs ripping them off wrists at gunpoint too.
Good - maybe stainless steel Rolex sports watches will finally be in stock at Rolex dealers. Lately they have nothing but exhibition watches only.
Went to store after checking website at mfg, 149 on sale 129, in store app 119, in store on shelf 79, rang up 69
Wearing a nice suit without a nice watch leaves you underdressed.
Don’t you like the butterfly themed gold Rolexes that the AD’s have on display? /sarc
Do you dive? If so have you ever watched any of the Adventures with Purpose on Utube? Anyhow they’re always trying to grow what they do—pretty interesting.
No matter how much you spend on your watch, it doesn’t guarantee you a better time.
I haven’t owned a watch since the mid 80s... Never saw the need.
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