Vacheron Constantin throws its hat into the certified pre-owned ring

Zach Blass

• Vacheron Constantin is the latest brand to unveil a CPO program, adding greater security and quality to secondary market purchases within it.
• The program has been launched worldwide in collaboration with prominent secondary market retailer Watchfinder – notably owned by Richemont.
• It will also be rolled out to other partners in the “very near future” and “offered in parallel to auction houses” as well.

Over the last five or so years, the sense of watches as investments has heightened, and the pre-owned watch market began to grow rapidly. A greater emphasis on value for money came to the forefront, the secondary market becoming a prime space to find depreciated watches at an attractive price and ‘unobtanium’ hot models before they theoretically continued to climb in value. In 2023, the Boston Consulting Group noted that while pre-owned watch sales in 2021, US$25B, accounted for one-third of the overall US$75B luxury watch market, “the segment is growing faster than the firsthand market, and that trend is likely to continue.” Therefore, it was no surprise that brands like Rolex decided they wanted their own slice of the pie – launching certified pre-owned programs that sought to offer higher quality and more secure purchases of its pre-owned watches. Vacheron Constantin now joins the ranks of watch manufactures with a certified pre-owned program, launched worldwide with respected secondary watch market vendor Watchfinder.

Watchfinder is a natural partner for Vacheron Constantin to roll out this program, as it is owned by Richemont – the parent company that owns brands such as Jaeger-LeCoultre, Cartier, Panerai, IWC, Piaget, and Vacheron Constantin.

The upside of a CPO program like this is that watches sold under the program are vetted, serviced, and backed by the brand directly. Vacheron Constantin explains that its certified and approved pre-owned watches come with three key elements. Firstly, a minimum 2-year international warranty whereby Vacheron Constantin will repair or replace any part found to be defective free of charge. Secondly,  a digital passport that leverages blockchain technology and holds key information of the timepiece such as its ownership history and technical user guide. Lastly, a CPO guarantee letter that leaves purchasers with a physical document that certifies that the watch has been functionally checked and serviced by Vacheron Constantin at its high standards.

Where Vacheron Constantin in particular has an advantage is that the Maison states it is able to restore any watch since its founding in 1755 to its original state, whereas other watch manufactures only keep service parts made within the last few decades. We have seen the brand’s mastery of restoration in its Les Collectionionneurs range, and, in a way, this new CPO program can be considered an extension or evolution of this existing service.

While buyers have never been more watch-educated, and there are certainly a sizeable number of respectable vendors, even the most expert watch collectors can be prone to malicious secondary market sellers – and certainly newcomers are the most vulnerable in a rapidly growing hobby. Even vendors with the most genuine and honest of intentions can be fooled by malicious consigners, as we have seen some of the most prestigious auction houses duped within the last few years. Vintage watches, in particular, have never been more of a minefield to navigate.

“The secondhand watch market once evoked images of back alley deals and discounts, with dubious authenticity and a high risk of fakes and fraud,” Boston Consulting Group wrote in its 2023 report. “Today’s market is transparent, fuelled by online information sharing, supported by authentication services, and composed of knowledgeable buyers and established sellers. The secondhand market is essential for collectors who seek rare and special watches, given that nearly 95% of watches are no longer in production.”

While the group’s statement was a bit on the optimistic side, the rising number of certified programs such as manufacture-driven certified pre-owned programs has further established a safer and higher quality avenue for securing pre-owned timepieces. The observed potential downside, as seen with the Rolex Certified Pre-Owned Program, is that watches listed under such programs are typically sold with higher price tags than vendors selling the same references outside of the CPO program. Then again, the premium can be justified by the notion that the quality of inventory within CPO programs is greater and that the work performed and overall inventory is backed by the manufacture itself.

But, speaking of auction house shenanigans, Vacheron Constantin also mentions in its press release that its CPO initiative will be rolled out by other vendors very soon and “the program will be offered in parallel to auction houses”, which means that consigners willing to invest in their heirlooms before parting with them stand to elevate their lots at auction and have a possible greater return on investment once the sale concludes. The question is: Do masterfully restored watches top, though worn and possibly not within collector-grade, watches in their original condition?