You’ve already told us about how Subdial started, Christy. Why do you think it worked?

CHRISTY: We’d seen that selling a watch was a pretty terrible experience. Buying’s not so bad because even if you overpay, you get a trusted retailer and a 24-month warranty or whatever. But selling? It was dodgy. Vague pricing, long forms, weird interactions. So we focused on that: building a great, clean, easy process for selling. Once we had the watches, especially early on, Rolex had already done the branding and marketing for us. If we had a good piece at a fair price, we could just stick it on eBay and people were interested. We didn’t fully understand why it was going so well at the time – we just leaned into it. That was six years ago, and since then it’s grown, and the customer base has shifted more toward collectors and enthusiasts – people who really care, who are part of a community, who go to events. If you treat them well, and you’re authentic, they’re incredibly loyal.

Are authenticity – and trust – still big issues in the space?

CHRISTY: There are still some risks – fakes, ‘frankenwatches’, shady sellers – but if you buy from reputable sources and do your homework, you can navigate these things pretty safely – and trust and transparency are improving all the time. We find people are often more nervous buying a £2,000 watch than a £100,000 one. I think that’s because you can build a reasonable knowledge and get comfortable with this stuff – and also because there are a lot fewer people faking a 2002 Cartier Tortue CPCP Monopoussoir than a Santos-Dumont or a Rolex Submariner No Date. 

ANDY: Always try to buy watches with their box and papers, especially the certificate of authenticity. It makes reselling much easier. Be careful buying without them, unless you’re in it just to wear the watch. Also, buy from reputable sources or private sellers who can show proof of purchase. There’s a risk around stolen watches – if you buy one and it’s flagged in Rolex’s system, it’s gone – so always get proof of purchase, especially with private sellers. When it comes to selling, I’d recommend going to established traders like Watchfinder or Trotters. They’re professional and pay fair prices. Selling to private buyers is riskier – too much emotion, negotiation and potential fraud.

How often do you buy and sell, Andy?

ANDY: I actually haven’t bought or sold since 2023. Between 2018 and 2023, I did maybe one a year. I’ve made good money, enough to start my current business, but it doesn’t fit my life full-time now. And if you do it too much, you risk being blacklisted by brands. Some, like Patek Philippe, even hold onto your paperwork for a year to discourage quick resales.

How do you decide when to sell?

ANDY: This is the hardest part. I’ve sold, and then watched prices continue to climb. As with any investment, timing is everything. Global events like Covid, the war in Ukraine, Israel – these spike demand for liquid, portable assets. People don’t trust banks during crises, so watches become more valuable. You can strap them on and go. After that, it’s trend-watching: what are rappers, footballers and F1 drivers wearing? That drives cultural demand.

Is that trend-led demand a new thing?

ANDY: The market has changed a lot. In my 20s, demand skyrocketed, mainly due to growing interest from Chinese and Arab buyers. At the same time, the major Swiss brands make watches by hand, so supply can’t scale. That genuine scarcity underpins the market’s strength. It’s not like trainers, where manufacturers can flood the market. These are handcrafted movements, often made at a pace of one or two per week. During Covid, when production was even scarcer, the Patek Philippe Nautilus – especially the solid gold 5980 – was going for £250,000. It retailed at around £60,000. That’s when I really saw how far prices could climb.

CHRISTY: Historically, watches were more about engineering — more about movement and technical skill. But now, there’s a convergence of design, culture and fashion. You’ve got celebrities and musicians setting the tone — it’s not just James Bond and Omega anymore. People are discovering watches through Instagram, through their favourite artists. There's less snobbery now, too. It’s less about knowing the movement, and more about having taste and a story to tell. That’s opened up the space to a much broader — and more interesting — audience. We’ve just started a YouTube interview series. Our first guest is Oliver Proudlock, who was first known from Made in Chelsea. He’s got a jewellery brand now and a few other ventures, but he has a fresh perspective on watches too. He’s super into the design – he knows about crafting different cases out of metals, the shapes, and the aesthetics. It’s less about horological depth, more about style. I think that’s pretty new – the idea that someone who is passionate but isn’t a technical expert can bring something meaningful to the conversation.