All experts agree luxury watches are a safe and wise investment with value continuously growing since 1989. So what equipment is needed to venture into this expensive world?
Everything you need to know before investing in a high-end watch
High-end watches have become a new asset class. Extraordinary prices in auctions, such as Paul Newman’s Rolex Daytona hammered at $17 million, have made this tiny machine a symbol of wealth. “This is a low-risk investment,” said David Duggan, dealer for Burlington Arcade. A closer look at the Rolex Daytona, with the exception of a slight drop in 2008, has been consistently profitable for 33 years despite severe economic crises. We hardly find a stock as attractive as that.”
Everyone wants to own an Audemars Piguet Royal Oaks, Patek Philippe Nautiluses, or anything from Rolex. But today, demand outstripping supply for extremely intricately crafted mechanical masterpieces has made them even more scarce. It is worth mentioning that the watch tycoons also have no intention of increasing the number of sales because they cannot or want to limit the spread in the market. However, some experts still regularly remind us that the essence of a watch is still just an accessory, send money for them but also do not forget to enjoy them. If you’re eager to step into the world of luxury time machines, here are a few tips to keep in mind.
Rebecca Ross, the watch curator at Christie’s, encourages buyers to trust their hearts’ choices instead of focusing on potential profits. “High-end watches are works of art,” she says. “They can be a great investment, but also a way to preserve memories and can become heirlooms passed down from generation to generation. ”
The novices in this playground may receive countless tips that one color is better than the other, or that one color is more sought after than the other. But according to Phillips watch expert, Chris Youé: “Don’t let FOMO (fear of missing out) control buying psychology. Visit stores and try it on first, then come back in a few days to see if you really love it.”
According to Chris Youé, the reputation of a top brand should not only come from master craftsmanship but also must be judged by the quality of service. Wouldn’t you think high-end watches are expensive because they carry an immortal “operating system”? Take Patek Philippe as an example, prices can range from £109 (approximately VND 3 million) for a simple battery change. Because of its complicated structure, the maintenance fee usually falls in the 2,000 pounds (equivalent to 59 million VND) and even more depending on the level of meticulousness and elaborateness.
A report published by McKinsey and The Business of Fashion estimates that by 2019, the resale watch market is worth $18 billion, and by 2025, that number could grow to $32 billion. This is also a way to save time and hunt for rare watches that are now discontinued. For example, a new Rolex GMT Master II ‘Batman’ has an original price of £9,000 but needs to be reserved for about three years. In the secondary market, it is for sale for £17,000 (500 million VND), which is almost double but you will be able to own it and make an instant profit if you want.
If you have decided to buy secondhand, go to the wharf! The Society of Watch Enthusiasts has shown that classic designs that are 25 years old or more are becoming increasingly popular. The rise of the vintage trend has made them rare and a good investment option. Antiques, in this case, antique watches, can be likened to “witnesses” of time, they are almost immune to fluctuations from world situations and cannot fall in price. As David Silver of The Vintage Watch Company points out, “People will think long and hard before selling a vintage Rolex, because the chances of finding it again in the future are slim and the price will double. immediately after that.”
If buying from reputable collectors and stores, you should always have at least 12 months warranty and the golden rule is, if the seller smells “suspicious” and doesn’t honor that guarantee, keep it. money in the wallet.
The website every watch player should visit is thewatchregister.com. It is a unit that works closely with police forces around the world. They will allow you to search for your watch’s serial number and compare it to a database of 70,000 lost, stolen, and counterfeit watches. If there are no matches, the registry will issue a certificate showing that you have had the watch appraised prior to purchase.
Keep all sales and service receipts as well as anything related to the purchase and sale of the watch. If no documents were included with the purchase, seek out the watch brand’s authentication service. While not cheap, the service on the Omega Speedmaster will cost around £630, but this is a reasonable expense.
Authorized e-commerce platforms are also not a bad choice. For example, eBay now introduced an authentication service for watches over £2,000 last year, and since then, a luxury watch is “single pegged” on the platform every eight seconds. this.
The important thing to do after “buying” a satisfactory watch is to take a photo and record the serial number. No one knows when looters will “visit” you, and with accurate information and descriptions, you can take the steps recommended by the watch brand to ensure your item is returned to you. come back safely. This is because they may be subject to repair or maintenance in the future.
Also, notify thewatchregister.com. It will cost £15 plus VAT to report a stolen watch and add it to this database. If any “non-original” watch is taken to one of the in-network service centers, it will be confiscated and returned to the rightful owner.
Many people choose to insure a watch worth a fortune, and this is the right decision, but be aware of the “area” that is committed. You should absolutely buy insurance both inside and outside of the house to prevent unforeseen events.
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