The luxury watch world is littered with brands claiming to be the best on the market. Whether you are a fan of classic Rolex watches, iconic Omega timepieces, or innovative Norqain designs, you have dozens of ways to procure a watch that will catch the attention of everyone around you. There are also companies that have decided to capitalize on the luxury market, only on the resale side.
When a watch is $5,000 to $100,000 brand new, it is no surprise that consumers have turned to the resale market. Buying a luxury watch second hand is a way to save money and still get something lasting a lifetime. Or, more appropriately, multiple lifetimes. Family heirlooms are valuable commodities, and Bezel figured out a long time ago they can be the middle-man between original buyers and new consumers.
While they built themselves through the retail approach, they are now branching out to include another classic option for obtaining a luxury watch: auctions.
Bezel launches auction feature
Buying luxury watches at auction can save you money when looking for your favorite Rolex, IWC, Patek Philippe, or Bulova. However, it can also end up costing you a lot more if you are not paying attention. Auctions can cost a lot more money if you have someone illogically dedicated to procuring their favorite watch and overbidding in an attempt to drive up the price and eliminate competition. Auctions can also cost more when you are going through reputable auction houses due to inflated auction fees. Doing it this way can render the savings from buying second-hand moot, making people think it’s easier to just buy new.
Bezel is eliminating those concerns by adding the auction feature directly to the app that already sells your favorite luxury watches. Now you get the choice to buy them retail or engage in the age-old auction process without the multitude of concerns that come with the big auction houses.
How Bezel auctions work
There are three aspects to focus on when you are bidding in an auction: time, price, and security. Bezel approaches each one of these with ease and transparency.
Time
When it comes to time, it is fairly straightforward, as each auction lasts for seven days. Once you see your desired watch go live, you know you have a week to implement your bidding strategy. Whether you are a high bidder at the beginning to discourage others or a last-minute bidder to swoop in and steal it, you can plan accordingly.
Price
Price is the main driver of any purchase. Electing to buy your favorite watch model at auction instead of retail is meant specifically to get a deal on the purchase. However, big auction houses can charge up to 30% of buyers’ premiums and fees. Bezel avoids this by not only getting rid of the buyer’s premiums but also by covering secure shipping.
Security
Finally, security is one of the biggest concerns in the luxury watch world. Knockoffs and forgeries are a huge problem for all brands, but as Rolex sees a massive increase in fakes, buying one of these second-hand always carries the risk that you will end up with a fake. Bezel has in-house authenticators to ensure you get the best watch, whether retail or auction.
J. Balvin joins a long list of celebrity investors
Bezel is a destination for celebrity investors. Not only do they get to financially benefit from the company’s accessible business model of making luxury watches more available to Joe Normal, but they also get to feed their own watch obsessions as well. Latin musical sensation J. Balvin is the newest celebrity to invest his own money into the company. He also features in one of Bezel’s blog entries showcasing his own love of watches. He gets a chance to show off his extensive collection of “grail watches” from Rolex, Patek Philippe, Richard Mille, and more.
“Watches have always been a passion of mine,” the Grammy winner admits. “I’m excited to join Bezel in their efforts to create the new standard for luxury watch shopping.” Balvin joins other celebrities like actor/comedian Kevin Hart, fellow music legends John Legend and Steve Aoki, and sports personalities Emmanual Acho and Kyle Kuzma.
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