Watch sold, but the customer won over.

The Secret of CPO: Rolex, Bucherer, Audemars Piguet, and the Battle for Secondary Market Money

For many years, Swiss watch manufactures perfected the art of selling new watches. They built prestige, invested in advertising, brand ambassadors, and boutique networks, and controlled the distribution and availability of the most coveted models. All so that the client would decide to make a purchase.

After that, the watch would leave the showroom, and its subsequent fate—changes of ownership, successive transactions, appreciation or depreciation in value, and collector speculation—unfolded in a world over which the manufacturer had limited control.

Of course, a watch could return to an authorized service center, and the manufacturer could still profit from routine maintenance or repairs. However, trade in pre-owned pieces remained the domain of independent dealers, consignment shops, auction houses, and private collectors.

Yet a luxury watch possesses one particular quality that sets it apart from most consumer goods: it can, and indeed should, outlive its first owner. And its second. And its third.

A Rolex Submariner produced in the 1960s can still be an object of trade and collector interest. A Patek Philippe sold decades ago can command many times more today than on the day it left the boutique. A Royal Oak that was once simply a pre-owned watch can become a sought-after collector's piece.

For decades, a significant portion of the money circulating through this trade went to entities other than the manufacturer. Now, manufactures have apparently decided to prove that the saying "trees don't grow to the sky" does not apply to them. They have launched a battle for access to the secondary market and its associated profits.

Certified Pre-Owned programs, abbreviated as CPO, are presented in official communications as an answer to the needs of customers wary of counterfeits, non-original parts, and dishonest sellers. They can indeed mitigate these risks. But it is hard to escape the impression that it is primarily about what business is most often about: money.

Because when a manufacturer begins participating in the trade of its own pre-owned products, a question arises:

How many times can you profit from the same watch?

Rolex, or the Business You Supposedly Don't Profit From

In December 2022, Rolex launched its Certified Pre-Owned program. Initially, it covered watches at least three years old, sold through select authorized dealers. In 2025, the minimum age of a piece was reduced to two years.

The premise is simple. A customer buys a pre-owned Rolex through an official sales channel, receiving confirmation of authenticity and a two-year international warranty. It is an appealing proposition for someone who does not want to assess the movement's condition, the provenance of components, or the service history on their own. However, they pay a premium for that peace of mind.

According to analyses by WatchCharts, the price premium for Rolex CPO watches compared to comparable non-program pieces was around 23% in the third quarter of 2026, and it was even higher at the program's inception.

Thus, two nearly identical watches can have distinctly different prices simply because one is sold with the manufacturer's official certificate. A manufacturer that, after all, is not infallible either, as controversies surrounding certain historical pieces have shown.

The scale of the venture is already substantial. According to estimates by Morgan Stanley and WatchCharts, sales under the Rolex CPO program reached approximately $229 million in the third quarter of 2026, up 61% year-over-year. In the first nine months of the year, it was estimated at around $550 million. Meanwhile, EveryWatch estimated sales value for all of 2025 at nearly $594 million.

We are therefore talking about a market measured in hundreds of millions of dollars annually, which, if current growth rates persist, could approach one billion.

In this context, the statement made by Rémi Corpataux, head of Rolex Deutschland, sounds particularly intriguing. In an interview published on December 2, 2025, in the German daily "Die Welt," he explained that Rolex does not take a share of the margin generated from pre-owned watch sales. It sounds convincing. Provided we forget about a certain transaction.

Bucherer: The Overlooked Detail of This Story

In August 2023, Rolex announced the acquisition of Bucherer, one of the world's largest luxury watch retailers, operating in Europe and the United States, including via Tourneau. It retails watches from numerous brands, runs service centers, and trades in pre-owned pieces.

What is more, it was the inaugural partner of the Rolex Certified Pre-Owned program.

We therefore have a situation in which the manufacturer controls not only the brand and the certification system, but also one of the largest retailers selling its pre-owned products.

Imagine a simple transaction: Bucherer buys a pre-owned Rolex from a client for 9,000 Swiss francs. Following inspection and potential servicing, it lists it for 14,500 Swiss francs.

The difference is 5,500 francs. Of course, that is not net profit. One must deduct servicing costs, certification, inventory financing, warranty coverage, and other expenses.

However, if Bucherer generates a positive margin on the transaction, the economic benefit accrues to the group controlled by Rolex.

That is why the claim that Rolex does not participate in the retail margin requires significant qualification. It may hold true regarding independent dealers, but it does not tell the whole story.

Who Is Actually Making Money?

Independent dealership groups also participate in the Rolex CPO program, including Watches of Switzerland and The 1916 Company.

We do not know the complete financial arrangements between Rolex and the program participants. We do not know what fees are charged for individual certification procedures, how warranty costs are settled, etc.

Rolex is an unlisted enterprise controlled by the Hans Wilsdorf Foundation and does not disclose detailed financial results. Nor do we have access to a separate income statement for Bucherer's CPO business.

However, the absence of such data does not alter the fundamental fact: Rolex took control of one of the largest players in the secondary market for its own watches.

And the value of that control does not have to appear on the financial statement as a separate line item labeled "CPO profit."

Audemars Piguet: This Time, the Manufacture Issues the Invoice

On October 26, 2026, Audemars Piguet launched The Watch Keepers, its own platform for selling pre-owned watches.

Unlike Rolex, which bases its program on an authorized dealer network, AP decided to act directly as the intermediary between seller and buyer.

The owner submits the watch, provides it for inspection, and can choose between a fixed-price sale or an auction format. The manufacture verifies authenticity, technical condition, and provenance, prepares documentation and the listing, and the buyer receives a certificate and a two-year warranty.

Yet AP does not need to purchase watches for its own inventory and tie up capital, as it instead charges a commission on the sale, much like the well-known platform Chrono24.

According to watch industry media, this commission stands at 20% on the first 25,000 francs, 15% on the next 25,000, and 10% on amounts exceeding 50,000 francs.

This means that on a watch sold for 25,000 francs, AP receives a 5,000-franc commission. At 50,000 francs, it amounts to 8,750 francs, and at 100,000 francs, as much as 13,750 francs.

Of course, commission revenue does not equate to pure profit, as the costs of platform operation, verification, transaction processing, logistics, and warranty coverage must be absorbed.

Yet the mechanics are exceptionally interesting: Audemars Piguet does not need to produce the watch again to profit from its next sale.

And the next one. And yet another, should the timepiece be resold through the platform again.

The Certificate: Who Determines a Watch's Value?

In the world of luxury watches, authenticity is one of the most critical components of value. Counterfeits are becoming increasingly difficult to spot, and manufacturer certification can mitigate purchase risk.

The manufacture possesses the archives, technical expertise, and inspection protocols. From the client's perspective, this is a genuine benefit, but simultaneously, a new hierarchy of value emerges. Imagine two watches of the same reference, produced in the same year, and preserved in comparable condition. One carries an official CPO certificate, while the other was authenticated by a reputable independent specialist.

The first may cost significantly more, but is it any better? In my view, not necessarily—so is it worth overpaying?

Servicing: The Other Side of the Same Coin

For decades, independent watchmakers were an essential part of the market. They repaired watches, fabricated parts, and brought pieces back to life when manufacturers no longer wished to service them or when authorized restoration was economically unfeasible.

The rise of CPO puts them in a new predicament.

If obtaining certification requires meeting the manufacturer's standards, prior repairs and replacement parts used can affect a watch's qualification—and can even pose a major hurdle to achieving it. We are effectively forcing the customer to have even out-of-warranty repairs and servicing performed at a higher cost, and not necessarily with superior quality.

For the owner of a modern reference, replacing a damaged dial with a brand-new factory dial might be an ordinary part of an overhaul. For a vintage collector, the original dial—even with patina or discoloration—is often one of the single most crucial elements of the watch's value.

A conflict thus arises between the manufacturer's current standards and the watch's historical authenticity.

And the decision to grant the official certificate rests solely with the former.

Audemars Piguet Wanted This Eight Years Ago

The story of manufactures entering the secondary market began neither with Rolex nor with The Watch Keepers.

Richard Mille was developing certified pre-owned sales long before the current boom. F.P. Journe launched the Patrimoine program in 2016, buying back selected watches of its own manufacture, restoring them, and reselling them.

Zenith created the Icons program, Jaeger-LeCoultre has been developing The Collectibles, and Vacheron Constantin has long offered curated vintage pieces.

Yet it is worth recalling January 2018. During SIHH, François-Henry Bennahmias, then-CEO of Audemars Piguet, spoke publicly about the brand's plans to enter the pre-owned market.

How Many Times Can You Profit from One Watch?

Imagine a watch sold for the first time in 2026. Eight years later, it changes hands. Seven years after that, it hits the market again, and later ends up with a collector who keeps it for over a decade.

Over forty years, several transactions, routine overhauls, and repairs can take place.

The initial sale generates revenue for the manufacturer. The next can yield a margin for the dealer or a commission for the CPO platform. Subsequent servicing produces further revenue, and the next resale may once again involve certification and commission.

The banking industry has long utilized the concept of Customer Lifetime Value—the total value of a client over the duration of the relationship. It is not merely about profiting from the initial product, but about the aggregate value a business can capture over the years and locking the customer into a single service provider as tightly as possible.

In this regard, luxury watchmaking possesses a unique advantage: a fine mechanical watch can function across multiple generations.

And thus, also generate revenue across multiple generations.

The Customer Who Never Existed Before

In the traditional retail model, the manufacturer primarily knew its authorized dealers. It was the dealer who knew the client, their purchase history, preferences, and spending capacity.

On the secondary market, things were even more convoluted. A watch could be sold in one country, resold in a second, auctioned off in a third, and, years later, arrive at a workshop in a fourth.

The manufacturer often had no idea who the current owner even was.

CPO offers a chance to change this paradigm.

The Audemars Piguet model is particularly intriguing, as today's buyer of a pre-owned Royal Oak may take an interest in a brand-new model tomorrow. The seller can reinvest the proceeds into another purchase, and a client utilizing service facilities can return to the boutique years later.

It is not just about the commission, then. It is also about the customer relationship, access to data, and the ability to take part in—and perhaps influence—their future purchasing decisions.

The Watch Is Sold, but the Relationship Has Only Just Begun

This is not solely about money from a single resale. It is about pricing power, authenticity, servicing, warranties, client acquisition, and the ability to participate in subsequent transactions.

Historically, a manufacturer sold a watch and could only hope that the customer would return for another. Today, it wants every subsequent owner of that same timepiece to become its client as well. It wants to partake in successive transactions, capture portions of the retail margin, manage information, and keep owners locked inside its proprietary ecosystem.

A watch can change hands across generations. The manufacturer would like to profit from every single transfer, keeping the client tethered to its transaction ecosystem—preferably in perpetuity.

And that is the real paradigm shift brought about by Certified Pre-Owned.