【INDUSTRY IN-DEPTH REVIEW】The CPO Gold Rush, Part One: The Luxury Watch Industry's New Obsession with Certified Pre-Owned
By Alfred LungOpinion
For decades, buying a pre-owned luxury watch meant navigating a fragmented world of independent dealers, auction houses and online marketplaces. Today, however, the brands themselves increasingly want to be part of that transaction.
Welcome to the era of Certified Pre-Owned, better known as CPO.
On paper, the concept is remarkably simple. A previously owned watch is inspected, authenticated and serviced by the manufacturer or an authorised partner before being offered for resale with a factory-backed warranty. Buyers gain greater confidence, brands maintain oversight of quality and provenance, and watches remain within a controlled ecosystem long after their original sale.
What began as a niche after-sales service has quickly evolved into one of the most significant developments in modern watchmaking.
Rolex formally launched its CPO programme in late 2022, but it is far from alone. Richard Mille, Vacheron Constantin, Cartier, MB&F and F.P. Journe have all entered the space with varying approaches. Even Audemars Piguet has repeatedly signalled its intention to establish a comprehensive programme of its own.
The question is no longer whether CPO matters. It is why so many luxury brands are embracing it at the same time.
Why Brands Are Getting Involved
The first reason is straightforward: trust.
The global secondary market for luxury watches has never been larger, but neither has the challenge of authentication. Counterfeit watches have become increasingly sophisticated, while so-called "Frankenwatches", assembled from a mixture of genuine and non-original parts, remain a concern for collectors.
A manufacturer-backed certification offers reassurance that few independent dealers can match.
The second reason is customer retention.
Luxury watch brands have traditionally lost visibility once a watch left the boutique. A CPO programme allows them to remain involved throughout the ownership journey. It also creates opportunities for trade-ins, upgrades and future purchases.
The third reason is sustainability.
As consumers become more conscious of product longevity and responsible consumption, pre-owned luxury has gained wider acceptance. Watches are particularly well positioned in this regard. A well-made mechanical timepiece can last generations, making certified resale a natural extension of luxury ownership.
Three Different Approaches
Although CPO is often discussed as if it were a single concept, brands are approaching it in very different ways.
Rolex: The Service Model
Rolex's programme is perhaps the best known.
Rather than directly buying and selling watches itself, Rolex allows authorised dealers to source inventory and submit watches for certification. Dealers bear the inventory risk, while Rolex provides authentication, servicing and an official warranty.
Much of the inventory consists of discontinued references, creating a bridge between historical models and contemporary ownership standards.
For collectors seeking a discontinued Submariner, GMT-Master II or Daytona, CPO provides an opportunity to acquire a coveted reference with factory-backed peace of mind.
Richard Mille: Protecting Exclusivity
Richard Mille's participation in the secondary market reflects the brand's broader emphasis on exclusivity and client experience.
With values for many Richard Mille models remaining remarkably resilient, official certification helps ensure authenticity while preserving the brand's image in a market where transaction values can be substantial.
For collectors spending six or seven figures on a timepiece, provenance can be every bit as important as the watch itself.
Richemont: Building an Ecosystem
Cartier and Vacheron Constantin, both part of the Richemont group, have taken a different route by leveraging Watchfinder, the pre-owned specialist acquired by Richemont.
This creates a vertically integrated ecosystem covering trade-ins, resale, servicing and certification.
For Richemont brands, the objective often extends beyond protecting values. It is equally about enhancing convenience and deepening relationships with existing customers.
What It Means for Collectors
For buyers, the benefits are easy to understand.
Authentication reduces risk. Factory servicing ensures quality. Official warranties provide additional confidence. Many collectors who might feel uncomfortable purchasing from an unfamiliar source are willing to pay a premium for those assurances.
Yet CPO is not necessarily the right solution for everyone.
Certified watches often command higher prices than comparable examples sold by independent dealers. Experienced collectors who are comfortable doing their own research may continue to find better value elsewhere.
Ultimately, the decision depends on what buyers value most: the lowest price or greater peace of mind.
The Future of Luxury Ownership
What is becoming increasingly clear is that CPO is no longer a side business.
For luxury watch brands, it represents a new way to engage collectors beyond the initial sale. For consumers, it offers a middle ground between buying new and navigating the traditional secondary market.
As more manufacturers enter the space, Certified Pre-Owned is likely to become a permanent fixture of the luxury watch landscape.
The modern watch journey no longer ends at the boutique. Increasingly, it is only the beginning.
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