Three stories defined the watch week: Audemars Piguet now resells its own pre-owned watches online, with a commission of up to 20%. Zenith is considering cutting nearly 200 jobs as it bets its future on haute horlogerie. And Rolex has, for the first time, published what its servicing costs — from £550 for a Datejust to £7,350 for a vintage chronograph.
Summary
Audemars Piguet becomes its own pre-owned dealer
On Monday 26 October, Audemars Piguet launched “The Watch Keepers”, its certified pre-owned programme — what the trade calls CPO. There is no boutique involved: everything happens online, on a marketplace run from the manufacture in Le Brassus.
The process is simple on paper. The seller proves ownership and ships the watch by insured carrier; it must be at least two years past its first sale. Audemars Piguet then authenticates it, grades its condition on a five-point scale, photographs it and lists it, either at a fixed price or at auction. Buyers get access to around a hundred watches, a certificate of authenticity and a two-year warranty. For now, the service covers Europe and Switzerland only.
The catch is the commission, which is tiered: 20% up to €25,000, 15% up to €50,000 and 10% above that. Sell a watch for €30,000 and you receive €24,250. Expensive, certainly — but the move is a signal. Rolex opened the way, and its own pre-owned programme is already said to be worth close to $600 million a year, according to Morgan Stanley. Brands clearly want to take back control of the secondary market.
Zenith weighs nearly 200 job cuts
In Le Locle, Zenith — the house of the El Primero chronograph — has opened a staff consultation. According to an internal source, around a hundred positions at the manufacture would be affected, out of 196 employees, plus roughly a hundred more in its distribution network abroad. Nothing is final: unions have until 12 November to submit their proposals.
The reasons cited are the strong Swiss franc, US tariffs and weaker demand in Asia and the Middle East. CEO Benoît de Clerck acknowledges recurring losses. According to Morgan Stanley estimates, sales would have fallen from CHF 138 million in 2023 to CHF 98 million in 2025.
The planned response is radical: most collections would be discontinued, while after-sales service and movement production for the LVMH group would be kept. The goal is a return to haute horlogerie by 2029, with the G.F.J. as the template — a gold three-hand watch priced at €54,000 and awarded at the GPHG. LVMH, for its part, denies any plan to sell the brand.
Rolex finally shows its service prices
Rolex has published the price of its servicing — a first for the brand. In the United Kingdom, servicing costs £550 for a Datejust or a recent Oyster Perpetual, £640 for a Submariner or a GMT, and £780 for a Daytona. At the top of the scale, a vintage chronograph can cost up to £7,350.
For owners, it is a welcome piece of transparency in an area where costs have long been discovered only at the service counter. It also gives a clearer picture of the true cost of ownership of a mechanical watch over the decades.
What links the three stories
Taken together, these announcements say a lot about the current state of the industry. The major brands want more control over the whole life of their watches, from resale to servicing. Meanwhile, houses under financial pressure, like Zenith, are reconsidering their positioning entirely. The 20% commission at Audemars Piguet will be the most debated figure: would you sell your watch on those terms?
Sources
- Audemars Piguet — The Watch Keepers programme
- Monochrome Watches
- WatchPro
- Morgan Stanley estimates, as reported by the press
- Federation of the Swiss Watch Industry (FH)
This story first aired in our 60-second Short, 60 Secondes Chrono.
