How To Get Into The Grey Market - A Conversation With Ian C

In the past ten years, the quest to buy or sell a luxury watch has been about as easy as wrestling a crocodile in a mud puddle.

That is to say, not easy at all.
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Picking your grail up at retail has become all but impossible, and the second hand market is full of creatures ready to take a bite out of even the most experienced watch collectors. Constant market fluctuations, shady characters and fakes linger in the shadows, ready to attack as you dip your toe into the horological waters. But if you play your cards right, stay clear of the reptiles and take your time, you just might be able to climb out with all of your limbs still attached.

I don’t pretend to be an expert on the grey market, far from it — I’m a total novice. I spent most of my early 20s sitting on a beach eating Gelato instead of buying up unwanted Rolex Daytonas. Disappointing, I know, but hindsight is 20-20.

Fully aware of my shortfalls, I want to fill in the knowledge gaps and grow as a watch enthusiast. The grey market is worth around 30 Billion USD as of 2025, and to ignore it would absolutely be a mistake, especially with big retailers and brands vying for a larger piece of the pre-owned pie.

To help, I spoke to someone who could hold my hand as I start to go further down the grey market rabbit hole. Ian C is an expert in buying and selling luxury watches and a pioneer in collection consulting. He heads up the Melbourne based pre-owned dealer Rexer, and most of all, is a great friend of mine. I picked his brain on a warm Melbourne afternoon and as always, the conversation flowed fast and easy…

How Do I Choose The Right Watch?

I started by asking Ian how he approaches choosing the right watch for himself, and for his clients. His insights were refreshing.

To truly get to the bottom of it — to understand the real reason someone wants a particular watch — you have to strip everything away. Forget the brand. Forget the hype. Forget the secondary market values. Push all that to the side and ask: Why do you want this specific watch? What does it actually do for you? Too often, in luxury sales, people are drawn to a piece because of how it makes them feel in a specific scenario. Maybe it’s the idea of showing up at a function, catching everyone’s attention, getting that “wow” moment from others. And sure, that emotional appeal is a part of it — we all want to feel something when we wear a watch. But you have to dig deeper.

I think this sentiment is critical when buying or selling a watch. Why are you doing it? For status, profit or social clout? Your motivations will guide your decision-making.

Once you remove all the noise, the question becomes more honest: If this is your only piece — your first or maybe second watch — are you going to wake up every day and still love wearing it? You might not have 20 watches to choose from. So that single piece has to feel right every day. And that’s where many people start to second-guess. Initially, they think they’ll be wearing the watch to parties, showing it off at work, impressing their boss. But then reality hits: “Actually, I won’t wear it at work… it might draw too much attention… it’s not really practical.”

So here’s the advice: strip everything away and think about the average day. Think about how you feel when you wake up. Think about your clothes, your mood, how you want to express yourself. That’s what your watch should reflect — because it’s part of your daily expression.

This is relevant, regardless of what your goals are when getting into luxury watches. Knowing your ‘why’ is the first step which will dictate your decision-making when it’s time to pull the rigger.

How Do I Find A Good Watch Dealer?

One word resonated with me while I was speaking with Ian, Trust. When you’re dealing with a situation where there is a lot of money on the table (literally), you have to trust who you’re dealing with.

One of the trickiest parts of this industry is that, at the end of the day, everything hinges on trust — trust between you and your watch dealer.

Sure, there’s a process you can go through to verify authenticity. You can meet at a trusted, certified watchmaker who will open the watch and check everything — the movement, the box, the papers, the warranty cards, all the peripherals. That process exists, and it’s valid. But let’s be honest — that’s not a great experience. You don’t want to take something as emotional and meaningful as buying a luxury watch, and reduce 90% of it to checking boxes and authenticating. That’s not why you’re buying the watch. You’re not just buying a product — you’re buying into the experience of ownership, the meaning behind the piece.

That’s why, when you’re looking for a dealer, you’re really looking for someone you trust, someone who understands what you’re after — not just the watch, but the story, the occasion, the feeling behind it. You’re after a luxury experience, and that starts with the person you’re buying from.

I wanted to dive into this a little deeper because it’s easy to learn **who** you should look for, but a lot harder to actually find them.

The truth is, you have to make the effort. You need to go visit them. Yes, we get online enquiries all the time — “What’s the price?” “Do you have this in stock?” — and those questions are valid. But our first instinct is always to invite people in. Or at the very least, get on the phone. Because after nine years in the secondary watch market, I can tell you this: when you skip that first conversation, whether in person or over the phone, you miss the chance to really connect. Make time. Go meet the dealer. Even if they don’t have the exact watch you want, it’s worth getting to know them. See how they operate. Understand what they can source, how they do business, and whether you enjoy dealing with them.

When you visit someone in person, you see their space, their professionalism, their attention to detail. And usually, there’s a mutual connection — a referral, a friend, someone in the same circles — that helps build that trust. That’s why we always start by sharing who we are, where we come from in the industry, and how we got here. That’s the foundation of a strong client-dealer relationship.

So my advice is simple: don’t cut corners. Don’t just hit up random sellers online or on Facebook, wire money, and say, “Cool, I’ll pick it up next week.” That’s not the way to buy or sell something this important.

What If You Buy A Watch And It Decreases In Value?

The number one question I got when working in an Authorised Retailer was ‘Will this watch go up in value?’. And while I do think this is the wrong question to ask, I understand the concern. No one wants to lose money on something this valuable.

I’ll tell you how things are these days — most dealers aren’t getting caught out anymore. That’s the whole point I touched on earlier: everyone in the game is far more risk-averse now. Whether you’re buying or selling, you’re focused on making sure you’re entering at the right price. Because we’re in this trade day in and day out, we get a real-time sense of where the market is and what dealers are willing to pay. And honestly, in this global market, it often feels like you’re constantly being lowballed — even if you just picked up the watch brand new from a boutique. You could be ready to flip it immediately and still be taking a loss straight off retail. That’s the reality now. So, it’s become rare for dealers to be truly “caught out.”

But — if it does happen — say you’ve invested in a few pieces, and you start seeing a dip, the first thing you do is go searching for data points. You’re trying to understand what’s happening. Why is this watch going down? Is it the market sentiment? Is it being replaced? Has the brand changed direction? Is there any inside info circulating — like maybe they’ve overproduced this model and are pulling back next year? That kind of detail matters, and it helps you decide your next move.

It’s all about asking why. Why has this watch lost value, is it temporary, or do I need to make a tough decision and move it on? It’s also about your reasons for buying it in the first place, did you want to make a profit? Or is it a piece that you want to pass down to your kids one day? This dictates your perspective on market value.

How can I Get Started?

You know what it really comes down to? You’ve got to speak to someone like me — and look, I’m not saying I’m the best out there — but you need to talk to someone who’s genuinely passionate, someone who’s been in the industry a long time and actually cares. It’s also about relatability. Ideally, you find someone who understands you, someone you connect with. Luckily, I find I’m able to relate to most people. Of course, I’m not going to click with everyone, and that’s truly fine — but once you do find that one person you connect with, man, everything opens up.

Because once there’s trust, you unlock the entire watch community. But to find that kind of connection, you’ve got to invest the time. You need to go out, meet people, talk to dealers face to face. That’s how you know if someone’s really in it for you — not just trying to flip you a watch and move on.

At the end of the day, that’s what you want: someone who’s relatable, honest, and actually wants to understand your journey as a collector — not just make a sale.

At its core, the secondary watch market is about relationships and trust. As Ian said, you have to hit the pavement and get your face in front of the right people. Whether you intend to buy, sell or just get to know someone. Every interaction will teach you what you need to know to be successful.

The second hand luxury watch market is an intimidating place, especially when you’re just starting out, like me. But once you get beneath the surface, you realise that at its core, this is an industry based on trust and passion. It’s so important to realise that we aren’t actually talking about buying and selling watches here. We’re sharing experiences and passion with likeminded people.

If you dive in with that mindset, you’re well on your way. Just avoid the Crocodiles!

Learn more about Ian and Rexer HERE.

Cya in the next one. X