What does “Under Retail” mean?

'Under retail' means a watch is selling for less on the secondary market than its official new price. For most watches this is the normal situation: once a watch has been sold and worn, it usually changes hands below what the first owner paid in the shop. Even unworn pieces from brands with plenty of stock often sell under retail through grey dealers.

For buyers, under-retail models can be good value, especially lightly worn pieces with box and papers. For dealers, the risk is buying too high, because the resale ceiling is set by what similar pieces actually sell for, not by the price list. When a model moves from over retail to under retail, dealers holding stock can lose money quickly, which is why most keep an eye on recent sales rather than the official price.

Example: 'Like new, full set, well under retail. Great value for anyone who doesn't need it brand new.'