What Audemars Piguet’s New CPO Program, The Watch Keepers, Means for Buyers, Sellers, & Prices

In January 2018, Audemars Piguet’s then-CEO François-Henry Bennahmias told Reuters that second-hand was “the next big thing in the watch industry,” adding that it was “an aberration commercially speaking” because everyone but the brands was profiting from it. Audemars Piguet tested the idea in a single Geneva boutique and then quietly dropped it.

In 2023, Bennahmias tried again, predicting that “the CPO business is going to be bigger than the new business.” Three years and one CEO later, Ilaria Resta has made it happen.

How It Works

Rolling out first in Europe and Switzerland, Watch Keepers requires sellers to register and verify their watch’s serial number and proof of ownership; however, the watch must be at least two years past its first sale.

The watch will then go by insured courier to one of Audemars Piguet’s service centers, where watchmakers check it against the archive registers and grade the case, dial, and bracelet on a five-point scale. At this point, the seller chooses either a fixed price or a bidding format.

The watch stays the seller’s property, stored at Audemars Piguet, until it sells. Buyers get a certificate of authenticity, a two-year warranty, and a travel pouch. Audemars Piguet’s watchmakers also shoot high-resolution photos and write each listing, drawing on archive information no independent dealer can access.

The seller decides when the watch goes live, and the catalog covers all collections and eras. Audemars Piguet says this includes rare references that rarely reach the open market. Everything is run from Le Brassus together with regional service centers, and AP plans to expand worldwide after the European launch.

A Villa, Not a Webshop

Audemars Piguet hasn’t built a simple marketplace. The platform is set up as a virtual home, with color-themed rooms, a section called “The Villa,” and a welcome door at the entrance. Visitors are guided by “Expert Watch Keepers,” real Audemars Piguet staff recreated as digital avatars.

Next to the listings are editorial content and a community section; the Watch Keepers even has its own Instagram account. Anyone with an account can browse, but only verified users can buy or sell.

It’s an ambitious bet that people buying pre-owned want the same hospitality as boutique clients. Will a collector who knows exactly which 15202 they want put up with avatars and themed rooms to get to it? And can Audemars Piguet keep the virtual villa feeling lively with only about 100 watches on show?

Benefits

Audemars Piguet has confirmed to Watchonista that only sellers pay a commission. Buyers pay nothing on top of the sale price. A full service isn’t part of the deal. Watches are expected to arrive in good condition, and if the watchmakers find a problem, they recommend a service to the seller that will be billed separately. The seller doesn’t have to accept it, but in this case the watch will be returned.

The benefits for buyers are plain: factory authentication beats a forum thread. For Audemars Piguet, the benefits may be bigger. It gains detailed data on who sells which reference, how soon and for how much. The two-year rule also discourages buying a Royal Oak just to flip it.

Final Thoughts

There is a risk too: Whether the seller chooses to sell via a bidding format or set price, an auction run by Audemars Piguet produces a price set by the brand’s own system. So, if a reference sells below retail on Audemars Piguet’s own platform, AP won’t be able to blame the grey market.

Rolex has run its certified pre-owned program since December 2022 without that becoming a problem, but Rolex keeps its distance through authorized dealers. Audemars Piguet has put its own name on the price tag.

For more information, check out Audemars Piguet’s website.