Tax benefits turn luxury watches into investment asset as imports swell to £500m

Mark Incledon, Chief Executive Officer quoted in City A.M., 14th September 2021

The value of premium luxury watches – those containing precious metals – imported into the UK increased 43% in the last decade, with £488m worth of imports last year, compared to just £276m in 2010.

An example of a luxury watch that has seen a steep price increase is the Patek Philippe Nautilus 5711 (with the blue dial) which can go for as much as £100,000 on the used market – with it being extremely difficult to buy new. When the model was originally listed in 2006, it retailed at just £18,000, meaning most who purchase it today are doing so at 560% of its original listed value.

Mark Incledon says “The value of luxury watches performed remarkably well during the global financial crisis – quickly recovering from only minor dips in value. Similarly, luxury watches have continued to appreciate in value throughout the last year despite the global economic downturn.”

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