The watch will be limited to 500 numbered timepieces that will sell on Shinola’s site and in its stores. However, five watches that will be unnumbered – it will feature the digits 000 – are the ones that will be hosted on the StockX site.
The StockX platform is known for real-time ask and bid market pricing. There’s also guaranteed authentication of product listings, as well as historical sales and volume metrics. Initially set up for sneakers in February 2016, the platform expanded this year to include high-end watches, handbags and streetwear.
Because it functions as an online “stock market of things,” the company has dubbed the Shinola watch launch as an initial product offering. That’s because the pieces, after completion of the initial purchase by a buyer, can then be resold on the platform.
The timepiece, celebrating the Great Lakes, is powered by an automatic movement, features 25 jewels and a 40-hour power reserve, in addition to being rated for depths up to 1,000 feet.
Josh Luber, a cofounder of StockX, said proceeds from the sale of the timepieces – they will also feature special packaging that includes a leather bag not available for the ones numbered 001 to 500 – will go to Detroit charities the Empowerment Plan and Detroit Children’s Fund, and Cleveland, Ohio-based Project ACT.
The Detroit charities are special to both StockX and Shinola – both are Detroit-based firms, and their offices are essentially down the block from each other. The Cleveland-based charity is a nod to one of StockX’s founding partners, Dan Gilbert, the majority owner of the Cleveland Cavaliers. The other founding partner is Greg Schwartz, and other investors include Eminem, Mark Wahlberg, Ted Leonsis, Tim Armstrong, Scooter Braun and Ron Conway.
Jacques Panis, president of Shinola, said, “As a company based in Detroit, it is so important to give back to our hometown. Shinola and StockX are both committed to partnering with organizations who are dedicated to the advancement of our city.”
Bidding for the unnumbered timepieces will open at 10 a.m. EST on Tuesday and end on Sunday, 10 p.m. EST.
Luber said the bidding will start at $2,250, the retail price for the numbered watches. Because of the transparency of the platform, bidders can see if they are outbid, and can choose to raise their offer.
As for how high the bidding could go, Luber said, “That is the fun part. The platform creates a true market value…. After the opening bid, the price will go for whatever the market [will allow]. Because the money goes to charity, we expect the bids to be high.”