Explore how WatchBox can help you buy or sell a pre-owned luxury watch confidently. We cover advantages, disadvantages, and FAQs in this Watchbox review, to help you make an informed decision.
Introduction
As we become modernized, the trend for luxury watches may have reduced. However, plenty of luxury watch enthusiasts still exist who never want to wave goodbye to their passion. They are always looking for good marketplaces for purchasing their favorite luxury watches. It is also true that due to a huge increase in the inflation rate in recent years, popular luxury watches have gone out of the budget range for most buyers. For this reason, people nowadays are more interested in purchasing pre-owned luxury watches.
Fortunately, we have plenty of credible luxury watch platforms that deal particularly with pre-owned watches, and Watch Box is one of them. This marketplace not only offers a wide variety of expensive watches from known brands but is also known for its competitive pricing. In this blog post, we will discuss the advantages and disadvantages of using the WatchBox and will also give you information about owners, locations, and shipping policies.
What is WatchBox?
WatchBox1 is one of the most famous luxury watch platforms that was founded in 2015 by Tay Liam Wee, Danny Govberg, and Justin Reis. The company has a global presence with offices locations in the United States, Dubai, Singapore, Switzerland, and Hong Kong, and plans to grow beyond. It is known for its unrivaled selection of certified pre-owned watches with an authenticity guarantee, giving customers worry-free wear.
Moreover, WatchBox also offers superior watch-making service handled by a team of highly trained swiss-watchmakers, technicians, and refinishers. This is the reason that this superior marketplace has been recognized by several media houses including Financial Times2, CNBC, and Hypebeast3, as well as watch publications such as WatchPro4.
WatchBox’s website layout is extremely user friendly making it easy for users to find their favorite watches, sell them, trade them, or even get a loan plan. Furthermore, the website offers a range of very helpful watch blogs, reviews5, and buying guides to help people make informed decisions when purchasing pre-owned luxury watches.
“As watch enthusiasts and experts ourselves, we are committed to the integrity and innovation of the luxury watch industry—which is why we invest in our processes, services, and team.”
thewatchbox.com/about-us/our-story1
Who owns WatchBox?
WatchBox is owned by Mr. Tay Liam Wee1, a dynamic entrepreneur who was awarded Singapore’s Young and Ernst Entrepreneur 2004. He co-founded WatchBox with Justin Reis and Danny Govberg, two other entrepreneurs who had extensive experience in the luxury watch industry. Together they raised about $1 billion to build the WatchBox platform. Their vision was to create a secure and reliable environment for buying and selling pre-owned luxury watches, as well as providing superior watchmaking service.
The platform has since grown to become the world’s leading platform for buying, trading, and selling pre-owned luxury watches.
Who started WatchBox?
Tay Liam Wee is the founder and Chairman of WatchBox. He started his career in the watch industry when he transformed his family-owned business, Sincere Watch6, into a pan-Asian luxury watch company that was publicly listed on the Singapore and Hong Kong Stock Exchanges.
Unfortunately, due to the global financial crisis, he had to sell the company in 2008. However, Liam Wee was determined to get back into the watch industry and bought back Sincere Watch in 2009, but re-existed in 20127. He then went on to found WatchBox in 2015 with co-founders Danny Govberg and Justin Reis, and the company has since grown to become the world’s leading watch retailer and technology platform for pre-owned watches.
Where is WatchBox based?
WatchBox is headquartered in Bala Cynwyd, Pennsylvania8, and has offices in the United States, Dubai, Singapore, Switzerland, and Hong Kong. It also plans to grow further beyond its current locations. The company has become a trusted destination for watch lovers who want to buy, sell and trade pre-owned elegant watches with confidence.
What kind of watches are available on WatchBox?
Watch enthusiasts can find many expensive and unique pre-owned luxury watches at the Watch Box from their favorite global brands. Some of these brands include Rolex and FP. Journe, Audemars Piguet, DE Bethune, Patek Philippe, H. Moser & Cie, Omega, and more. Watch Box gives the option to the buyers to filter1 their selection on the basis of gender, prices, models, brands, case size, case material, dial color, etc. These filters help the buyers quickly find their desired watch.
How does selling and trading work on WatchBox?
Selling and trading on WatchBox is easy, secure, and fast. To sell your watch1, you just need to visit the Sell Your Watch page, provide as much information about your watch as possible along with a few pictures and WatchBox will respond to you within 24 hours with a quote or some additional questions. Once you accept the offer, WatchBox will send you a pre-paid, fully insured shipping label, and their qualified watch experts will inspect the watch and send you payment within 72 hours – either by wire payment or a check.
When it comes to trading, WatchBox accepts trades of timepieces of greater, lesser, or equal value and they will either credit the difference or issue a payment. To trade your watch1, you just need to choose the one you want to trade on the Trade page and fill out a quick form. After that, one of the WatchBox experts will contact you and guide you through the process. Once you send in your watch, WatchBox’s watch experts will inspect, authenticate and appraise it before shipping you your new watch within 48 hours.
Advantages of using WatchBox?
WatchBox is a great option for watch enthusiasts who want to buy, sell and trade pre-owned luxury watches with confidence. Here are some of the advantages of using WatchBox:
● Comprehensive selection; offers a wide selection of pre-owned luxury watches from some of the top watchmakers in the world.
● Fast and secure; provides quick, easy, and secure transactions for buying, selling, and trading.
● Two-year warranty; all watches available on WatchBox are certified authentic and come with a two-year warranty.
● Extended Care Plan; you can also take advantage of WatchBox’s Extended Care Plan for additional coverage.
● Expert customer service; provides knowledgeable, personal, and friendly customer support to ensure that you have a smooth and pleasant experience.
● Global presence; has offices in the United States, Dubai, Singapore, Switzerland, and Hong Kong. It also plans to grow further beyond its current locations.
● Trustworthy; has become a reliable destination for watch lovers who want to buy, sell and trade pre-owned expensive watches with confidence.
● Competitive pricing; offers competitive prices for both buying and selling watches compared to its competitors.
● Easy and convenient; offers an easy and convenient user experience for both buyers and sellers.
Disadvantages of using WatchBox?
While WatchBox offers many advantages to watch enthusiasts, there are some disadvantages to consider as well. Here are some of the drawbacks:
● Restocking fee; sellers need to pay a restocking fee if WatchBox does not accept their watch.
● No store locations; since WatchBox is an online platform, it does not have any physical stores.
● High prices; some of the watches available on WatchBox can be quite expensive.
● Limited return policy; offers a seven-day return policy, but it does not accept returns after that period.
FAQs about Watchbox:
Where does Watchbox ship to?
WatchBox ships to all countries across the globe. International shipments, however, are subject to a $100 flat rate shipping fee and the buyer is responsible for any customs charges, associated import taxes, VAT, or duties that may be incurred during the shipment.
Is WatchBox safe and reliable?
Yes, WatchBox is a trusted destination for watch lovers who want to buy, sell and trade pre-owned luxury watches with confidence. All watches are inspected and authenticated by a team of experts before being listed, and the company provides a two-year warranty on all watches. WatchBox also has an Extended Care Plan1 for additional coverage. In addition, the company offers secure transactions, knowledgeable customer service, and a global presence in multiple countries.
How much is WatchBox worth?
The net worth of WatchBox is approximately around $1 billion. CNBC9 claimed that the company produced almost $300 million in the year 2021 showing their immense growth and success.
“WatchBox has an inventory valued at $150 million. Rather than serving as a marketplace for peer-to-peer transactions, the company buys and trades luxury watches from sellers. It then authenticates the products and resells them to collectors and other buyers, capturing transaction fees in the process.”
Jabari Young – cnbc.com/2021/11/23/mj-giannis-back-luxury-watch-start-up-watchbox9
Conclusion
To sum up, WatchBox is a great option for watch enthusiasts who want to buy, sell and trade pre-owned luxury watches confidently. It offers a comprehensive selection of luxury watches from some of the top watchmakers in the world, quick and secure transactions, a two-year warranty on all watches, an extended care plan for additional coverage, and customer service from experts.
While there are some drawbacks, such as no store locations and a restocking fee, the advantages of using WatchBox far outweigh the disadvantages. Ultimately, if you’re looking for a reliable way to buy or sell a good quality watch, WatchBox is a great option.
Have you ever used WatchBox to buy or sell a particular watch, or a pre owned watch? Let us know in the comments!
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Reference List:
- https://www.thewatchbox.com/
- ‘WatchBox lifts the lid on FP Journe and De Bethune in roadshow’, Ming Liu, Financial Times. Published: Nov 4, 2022. Accessed online at https://www.ft.com/content/32663888-9ed6-4973-b50f-490cd3af602b on Jan 30, 2023.
- ‘Pre-Owned Timepiece Marketplace WatchBox Raises $165 Million USD’, Jeff Yeung, Hypebeast. Published: Nov 24, 2021. Accessed online at https://hypebeast.com/2021/11/watchbox-funding-round-raises-165-million-usd on Jan 30, 2023.
- ‘WatchBox tackles two of the world’s top five watch markets with openings in China and the UK’, Rob Corder. Published: June 7, 2022. Accessed online at https://usa.watchpro.com/watchbox-tackles-two-of-the-worlds-top-five-watch-markets-with-openings-in-china-and-the-uk/ on Jan 30, 2023.
- ‘Watch Reviews’, Watchbox. Accessed online at https://www.thewatchbox.com/categories/watch-reviews/?srule=newest on Jan 30, 2023.
- https://sincere.com.sg/
- ‘Singapore retailer Sincere Watch to be sold to Hong Kong investor’, JX Su, Watches by SJX. Accessed online at https://watchesbysjx.com/2012/03/singapore-retailer-sincere-watch-to-be-sold-to-hong-kong-investor.html on Jan 30, 2023.
- ‘Watchbox’, CBInsights. Accessed online at https://www.cbinsights.com/company/the-watchbox on Jan 30, 2023.
- ‘Michael Jordan, Giannis Antetokounmpo lift luxury watch start-up WatchBox to valuation nearing $1 billion’, Jabari Young, CNBC. Published: Nov 23, 2021. Accessed online at https://www.cnbc.com/2021/11/23/mj-giannis-back-luxury-watch-start-up-watchbox-1-billion-valuation.html on Jan 30, 2023.
