With the Bucherer Watch Wallet, Bucherer presents a new app with which you can not only manage your watch collection including all documents, but also track the value of your watches on a daily basis and combine the sale and insurance of your own collection in one app. We tested the app and its most important functions for a few days, and have followed our self-experiment with a review.
The collection
The app smoothly navigates the user from the search function, to entering the key data of the watches purchased from Bucherer, to the finalised collection. To be able to use and enjoy all the functions of the app, you should have the serial number, purchase price, guarantee and date of purchase of your timepiece ready. Once the watches have been uploaded, you will find a detailed diagram with the estimated current market values of the watches under ‘Services’. According to Bucherer, the price estimate is calculated on the basis of market and internal data. In this section, you also have the option of taking out insurance and offering the watches to Bucherer for sale (see next section).
Selling
You can also easily sell your own collection in the app under ‘Services’. To do this, select a model that you have previously added to your collection and enter basic information about the watch and its history in the next step. After uploading pictures of the watch from various angles, Bucherer uses specially developed software to check whether the model meets all the requirements of the Bucherer Certified Pre-Owned product strategy. If this is the case, an employee will send you a non-binding offer by e-mail within 48 hours, which you can accept or reject in the app.
The amount of the offer depends not only on the demand in the market, but also on the condition of the watch. When choosing the price, it is also important to consider whether a watch is a ‘full set’. This means that a model comes with the original box and papers. If you finally decide to accept an offer from Bucherer, you have the option of collecting your watch by FedEx or alternatively handing it over in person at a Bucherer boutique.
Insurance
For the insurance, Bucherer has teamed up with property insurer Chubb and enables a fully digitalised application process. The insurance covers accidental damage, robbery, or loss of the watch through your own fault, to name but a few. Should an insurance case occur, you will receive a repair of the watch, an equivalent replacement, or a cash benefit up to the amount agreed in the insurance policy, up to a maximum of 150,000 euros for individual watches and 250,000 euros for collections of up to 25 watches. For all even higher values, Bucherer offers customised solutions with the insurance broker Howden.
Bucherer uses either the purchase price or the market value to calculate the annual premium. In the case of the Rolex Day-Date 40 we have used, this means an annual premium of 1,114.60 euros for a purchase price of 63,400 euros and an annual premium of 1,363.90 euros for a market value of 84,000 euros.
Our conclusion: A win-win-situation
For Bucherer, the app is a clever way to keep customers and watches in their cycle by allowing users to transfer their pre-owned watches to the Certified Pre-Owned offer, which Bucherer then certifies and resells for a surcharge, and by allowing users to insure their watches via the app. However, the integrated insurance also reveals the only minimal disadvantage of the app: only watches that have been purchased from Bucherer Online or in a Bucherer boutique in the last five years can be insured. This means that the insurance function can only be used if you are a Bucherer customer. This makes the app somewhat less user-friendly, as the function remains blocked for some users.
In general, the Bucherer Watch Wallet app offers the perfect opportunity to track the market value of their own collection, offer watches for sale and – if you are a Bucherer customer – have your watches or the entire collection insured. The user interface enables flawless and intuitive operation and during our own experiment, all processes were perfectly comprehensible, and we felt equally well advised by Bucherer customer support. The third section, ‘Things to know’, is also a great way to expand your knowledge of watches with the ‘Ask an expert’ video series.
There is nothing comparable to the Bucherer Watch Wallet app – at least in Europe – with such functional options. The app not only combines the expertise and knowledge of the world’s largest watch and jewellery retailer, but also presents a clear unique selling point with insurance via the app. As far as sales are concerned, many users are likely to enjoy the security of not selling their high-priced watches to a private individual, as is the case with other providers, but instead leaving them to Bucherer for collection or in a boutique through a smooth and simple process.
