From Your Closet to Your Wallet
There is nothing quite like a high-quality luxury item. A beautiful thing, crafted with thoughtfulness, care and expertise, is an almost indescribable pleasure to own. These are the things that last, holding their fascination — and their value — for generations. In a recent study from eBay in partnership with Business of Fashion, they found that 56% of surveyed luxury shoppers see luxury accessories as a form of currency with 80% considering the value of their luxury accessories to be less volatile or on par with other assets (like stocks).
Ross Povey, Revolution magazine’s resident vintage expert states, “The antiques and fine art industries, that have been around for centuries, are a result of this recycling of chattels. Over the past century, it’s been the same with watches. That has changed in the past decade, as the pre-owned watch market has bloomed. Not just a quiet growth, but a supersonic, explosive boom like we’ve never seen.”
eBay has introduced a new way to turn that value into currency with their limited time Luxury Exchange which was open to the public November 16 and 17th in the heart of NYC’s diamond district.
This concept is much like the barter system of old, allowing shoppers to bring in their own high-value luxury goods to use as merit toward items like jewelry, handbags and watches from the top brands.
Items were appraised on site and sellers were given a “closet credit” that could be used to purchase new-to-them items from the store’s inventory. There was also a convenient on-site photo studio ready to capture quality images for listing the item on the eBay site if there was nothing available that caught the shopper’s eye.
My Own Watch Exchange
While the Luxury Exchange was only open for a limited time, the shop illustrated in real life something that happens on eBay every day – an opportunity to appraise and sell valuable goods and add something new to your personal collections.
I was curious about how I could move couple of watches from my watch box to trade-up for a watch that will fit my collection and I would enjoy wearing. The first one is my Grand Seiko SBGX263 quartz since I have a Spring Drive in the collection, and the second is the Tudor Black Bay GMT since I have the Black Bay 58 in the collection. Even though both are high quality pieces, I wanted to trade up for Rolex Explorer 36mm (Ref. 114270) made in mid-2000s so it still a modern Rolex and can be had around $5,000. So, here was the equation that I worked out:
To me this trade makes sense. Even though Grand Seiko quartz can be an everyday watch, it is on the dressier side. The Tudor Black Bay GMT is also a great travel watch, but I could get a really good everyday GADA (Go Anywhere, Do Anything) piece with an Oyster bracelet and a 36mm case that suits my wrist well.
A Concept That Resonates
This unique shopping concept is not the only way eBay delivers peace of mind for luxury item collectors. Recently, they expanded their Authenticity Guarantee – launched for watches sold for $2,000+ in 2020 – to eligible jewelry sold for $500+. The service puts items for sale through a rigorous validation process to ensure that the buyer is getting exactly what they expect.
eBay’s innovative approach to creating a trusted market and confident environment for both sellers and buyers of luxury goods creates a platform that unearths unexpected and rare collectibles like never before.
“It’s never been easier for luxury enthusiasts to refine their collections in a trusted environment, and we wanted to create an IRL experience that reflects what’s happening on eBay every day,” said Tirath Kamdar, GM of Luxury at eBay. “The Luxury Exchange gives shoppers an opportunity to appraise and sell their valuable goods, and add something new to their personal collections – just in time for the holiday season.”
The energy and attention to detail that eBay has given to creating a confident collector’s market experience is a big part of their “Everyone Deserves Real” brand campaign. It’s refreshing, in a world full of cheap and disposable manufacturing, to see brands making an effort to see high quality, well-made items find their way to new owners with minimal stress and a friendly shopping experience.