Now There's Netflix for High-End Watches
Enter Eleven James -- a luxury watch rental membership program launched late last month.
"We've already had inquiries from every continent on the planet, so clearly there's an interest in this," says Eleven James founder and CEO Randy Brandoff, former chief marketing officer of the Berkshire Hathaway-owned NetJets jet ownership and rental business.
For the entry-level membership fee of $249 a month, Eleven James members get to wear watches worth an average $10,000 or more for two months at a time. The annual rental program allows members to experience three to six different watches per year, depending on the membership level bought.
If you're still scratching your head wondering why such a program is necessary, you're probably not among Eleven James' target audience.
True watch connoisseurs totally get it.
Eleven James attracts several different types of luxury watch lovers, Brandoff says.
There are those of ultra high net worth who already own so many luxury watches they're hesitant to buy another.
"At some point those individuals get fatigued from having more watches then they can possibly wear," Brandoff explains. "We allow them to reinvigorate their watch collection without overgrowing it."
On the other end of the spectrum is the watch connoisseur in his early 30s for whom membership buys exposure to a variety of luxury watches as something of a learning experience, before making such a substantial purchase.