TIME ZONE
Collecting Watch 9 TIPS FOR THE NOVICE WATCH COLLECTOR 101
The watch collecting bug usually starts with the basics — a time-only mechanical watch at the entry level, perhaps received as a graduation gift or purchased to celebrate an important achievement. Then it progresses to ever more sophisticated pieces, including rare editions and simple complications, like annual calendars or chronographs. In no time at all, you are eyeing the rare masterpieces in the exotic realm of high complications. One of the best ways to start a watch collection or to choose your first meaningful timepiece is to buy a pre-owned watch. Every great collection consists of a combination of pre- owned and new timepieces. Is watch collecting an investment? Sure, it can be. If you were lucky enough to have acquired one of some 3,000 Rolex Daytonas made in the 1960s, you should go straight to an auction house now and cash in. Ditto if your family has a Patek Philippe Ref. 1518 in the safety deposit box. But watch collecting, at any level, is also a passion. The pleasure of wearing a timepiece that you love, or one that exudes style that’s akin to driving a great car — except that you can’t drive a car into a boardroom. Either way, here are a few tips for getting it right when collecting watches and a few caveats for making sure you’re not getting it wrong. 1. Visit the pre-owned watch department of a reputable retailer. These are the watch experts who have established relationships with the brands and/or with licensed watch repair centers and watchmakers on staff. They usually buy pre-owned watches from customers who are trading up by selling off other perfectly good timepieces from their collections. Buying from the pre-owned watch department of an established, brick-and mortar retailer is all about the importance of knowing your seller and being able to see a watch before you buy. If you do decide to buy online, take
a look at the “buyer beware” sections of web sites that sell pre-owned watches; collectors tend to warn each other about bad dealers. 2. Read the auction catalogs.
Major auction houses such as Phillips, Christie’s, and Sotheby’s have sold famous watches for record prices (like the $17.7-million Paul Newman Rolex Daytona, sold by Phillips in Association with Bacs & Russo). Auction catalogs are also a good way to track prices and values on the secondary market.
3. Go for a transitional piece. When a brand refreshes an iconic collection by tweaking the movement or upping the case size, for example, watches made in the last year before the new version comes out are considered “transitional.” Since they are, effectively, the last of their kind, it’s a good bet they will eventually become collector’s pieces. Do some research on transitional pieces from the top brands, and check the showcases of a store’s pre- owned watch department. You never know what treasures await you. 4. Maintain, but with caution. If you’re buying a vintage watch, make sure it’s in good shape — and if it’s not, find out whether it can be repaired or restored. And if you own a good watch, make sure it gets serviced every few years. 5. Forge a relationship with an authorized dealer. When your favorite brand releases an extremely limited edition piece and you want one, an authorized dealer can be your best friend. He can be an ongoing source of insider information about watches. 6. In-house movements matter. In-house movements are made by the brand name on the dial and are often developed specifically for the watches in which they
are cased. Some of these movements are entirely unique, with patented components and enhanced performance features, such as magnetic resistance. Some of the more complex movements are made in very limited numbers. Either way, an in-house movement generally translates into more value for your watch. 7. Safety first. Get insurance, or an in- home safe, for your watch collection. You will sleep better. 8. Don’t buy as an investment. You should have resale value in mind when you buy and maintain a timepiece, but value is hard to predict, and it shouldn’t be your only consideration. Some watches will retain or increase in value; many will not. Buy for passion and pleasure. If you love wearing and owning a watch, that is a reward in itself. 9. Quality, not quantity. Buy the best quality you can afford; otherwise it will be difficult to trade up for any real value. Remember that a collection of four exceptional watches is better than a collection of 10 mediocre ones. Buy what you love, not what you think others will love.
52 KORMAN MAGAZINE
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