The biggest risk in buying a pre-owned high-end watch is not always price, but replaced parts, modified cases or outright fakes. AP's certified pre-owned (CPO) programme aims to bring the brand's authentication and after-sales system into the secondary market.

AP's interest is not new. In 2018, then-CEO François-Henry Bennahmias spoke publicly about the opportunity and piloted trade-ins and pre-owned sales in Geneva, Japan and the US. After Ilaria Resta became CEO in 2024, the brand brought in Marc Montagne, formerly of Vacheron Constantin, to lead the business.

Unlike Rolex, which largely runs CPO through authorised retailers, AP owns boutiques and AP Houses, giving it more scope to sell directly to consumers, possibly with an online component. Controlling sourcing, authentication, servicing, pricing and sales costs more, but it lets AP set quality and pricing standards.

For collectors, CPO means another purchase channel and potentially a change in how pre-owned watches are valued: factory warranty and authentication may lift prices for some references while squeezing unverified stock. Royal Oak, Offshore and CODE 11.59 pricing is likely to feel the effect.