Eleven James, a new timeshare, will allow customers to get a new luxury watch for an annual fee. The watches range in value from $7,000 to $50,000 or more.
Randy Brandoff, Eleven James' founder, said "Today's wealthy are smarter about their spending. They prefer to rent rather than own when possible. Private jets, vacation homes, classic cars, and many other historically prized possessions are accessible via various club and shared ownership models. I am simply following that trend"
Currently, three different Eleven James membership options are available.
- Aficionado: $249 per month (3 watches) or $449 (6 watches) is the simplest way to join Eleven James. Brands in this plan include Breitling, Omega, Paneria, and Rolex.
- Connoisseur: $459 per month (3 watches) or $829 (6 watches). Brands include Audemars Piguet, Hublot, Patek Philippe, and Vacheron Constantin- some of the biggest names in the industry.
- Virtuoso: $899 per month (3 watches) or $1,599 (6 months) The watches in this category are the most luxurious and range in value from $30,000-$50,000. Brand include the likes of Breguet and Ulysse Nardin.
Eleven James holds regular parties so customers can come and exchange their watches. Customers who just want to do their exchanges by mail can use FedEx.
Asked if his clients also include wannabes and pretenders who just want to look like they're rich, Brandoff said "All our members can afford the watch and already own them, but they want the variety at a fraction of the price."
Brandoff said that once Eleven James has 1,000 clients—and detailed data on their watch preferences—it will become an attractive partner for the watch companies. For now, Eleven James buys the watches itself.
"But we are getting good prices and terms because of our volume," Brandoff said.
Eleven James will soon offer a watch trade-in service. Its customers will be able to drop their old watches off on consignment. Some brands are interested in using Eleven James as a marketing exercise.
“The luxury market is evolving and we want to follow. Eleven James is not just another rental service”, Brandoff said.
edited from USA Today
