Hip-hop icon Jay-Z has recently joined the ranks of celebrity investors in the online watch market by acquiring an equity stake in the luxury trading platform Wristcheck.
Shawn ‘Jay-Z’ Carter renowned for his collection of exclusive and high-value timepieces from esteemed brands such as Patek Philippe, Audemars Piguet, and Richard Mille, has participated in the latest $5 million funding round for online watch resale platform, Wristcheck.
Wristcheck, established in 2020 by watch collector and Instagram influencer-turned-CEO Austen Chu, aims to cater to buyers and sellers of luxury watches in Asia. The platform also offers authentication services to ensure the genuineness of timepieces.
To date, the company has secured more than $13 million in funding, with contributions from notable investors including the Alibaba Entrepreneurs Fund, Gobi Partners GBA, and K3 Ventures. Wristcheck earns revenue by charging fees ranging from six to twelve percent on sales, depending on the transaction’s price and volume.
“The godfather of all celebrity watch collectors, Jay-Z has accumulated some of the rarest, most elusive timepieces throughout his career,” reads the Wristcheck website. The rapper has been an avid watch collector since the nineties. According to Wristcheck, Carter can be largely credited with bringing watches to the mainstream, “it’s suffice to say that he played a huge role in the shaping of watch culture as we know it today. His frequent public appearances sporting watches spurred a trend among hip-hop and pop artists worldwide, as watches became a staple in music videos, red carpets, and candid paparazzi shots.”
Alongside his investment, Wristcheck details some standouts in Carter’s collection including a Richard Mille RM001, an Audemars Piguet Royal Oak Offshore Chronograph Platinum “Jay-Z 10th Anniversary”, Rolex Day Date “Arabic” in Platinum with Ice Blue Dial, and Patek Philippe Nautilus “Tiffany & Co.”
The rap mogul’s investment adds him to a growing list of celebrity backers in the watch trading industry. Notable football star Cristiano Ronaldo, who has a personal watch collection worth around $6.5 million, and F1 driver Charles Leclerc have both invested in Chrono24, the largest online platform dedicated to watch trading. Meanwhile, Bezel, a major competitor in the U.S. market, counts celebrities like Kevin Hart, John Legend, and J Balvin among its supporters.
The secondary market for luxury watches had been experiencing robust growth, driven by high demand and the exclusivity maintained by brands like Rolex and Richard Mille. But Jay-Z’s investment comes during a turbulent phase for the pre-owned watch market, which has experienced a significant downturn in watch values since April 2022.
Last October, Leonardo DiCaprio invested in sustainable Swiss watchmaker ID Genève, known for its eco-friendly practices. This investment was part of a $2 million seed funding round aimed at promoting sustainability in the luxury watch industry. ID Genève has gained attention for using recycled materials and maintaining a low carbon footprint through innovative practices such as using solar-powered melting processes for their recycled steel watch cases and creating compostable watch straps from grape byproducts.
In 2021, former NBA star Michael Jordan invested in the unicorn luxury watch trading platform, WatchBox as part of a $165 million funding round. WatchBox, which enables users to buy, sell, and trade luxury watches, has garnered attention from other high-profile investors, including NBA stars Giannis Antetokounmpo, Chris Paul, and Devin Booker. The platform distinguishes itself by providing client advisors to help manage users’ watch portfolios, ensuring authenticity and building trust among collectors.
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